Markham City Council had previously approved a proposal would have required the City to take out $325 million in loans, half of which would have been repaid by development charges and half of the loan would have been repaid by private interests. However, the previous approval was based on the potential for a second NHL franchise in the GTA - but with the NHL appearing to covet expansion into Quebec City and Seattle over a second Toronto area franchise, support has soured. Citing the declining NHL interest and the need to avoid creating a situation in Markham similar to Hamilton's underused and aging Copps Coliseum, former supporter of the proposal and Markham Deputy Mayor Jack Heath had reportedly planned to bring forward notice of a motion to kill the previously approved framework as early as tonight's City Council meeting.

According to GTA Sports and Entertainment and its President former Bauer Chairman Graeme Roustan, the proposal will work even without an NHL team, but obviously they're still hoping to attract the league's interest - and that the new financing option will convince City Council and the Public to support their plan. Roustan's new financial partners may also believe that there's room for a second NHL Club in the GTA.

(Also, TSN coverage)