Fort Worth nonprofit looks to build $450M arena

A Fort Worth, Texas, billionaire is leading a nonprofit’s charge to build a $450 million arena in the cultural district of the city, according to the Star-Telegram.

Ed Bass – listed by Forbes magazine as having a net worth of $2.2 billion – is the chairman of nonprofit Event Facilities Fort Worth, which has committed to covering at least half the cost of the 14,000-seat arena. The assets of the nonprofit were listed on Guildestar.org at a little over $75 million, but the organization has capped the public contribution to the project at $225 million.

Fort Worth City Council is drafting an ordinance that would call for a vote to tax tickets sold at the arena to help pay the public portion of the development. The plans include demolishing the 44-year-old domed arena of the Fort Worth Convention Center.

Read more from the Star-Telegram.