LEWISTON, Maine – The future of Lewiston’s historic Colisée, home to one of the most famous boxing matches in Maine history featuring Muhammad Ali, will be decided Tuesday evening as the Lewiston City Council considers a proposal to provide financial support to a private buyer seeking to acquire and operate the facility.
City councilors are scheduled to vote on an order approving a $250,000 loan to Mill Town Sports and Entertainment, LLC, the company advancing plans to purchase and operate the Colisée at 190 Birch Street as a regional hub for sports, entertainment, and community programming.
The decision follows earlier council action on March 17, when members tabled a $1.4 million municipal guarantee request tied to the same project. City officials now say a revised financing structure has eliminated the need for that larger guarantee.
According to documents prepared for Tuesday’s meeting, the city’s Economic and Community Development Department worked with Mill Town Sports and Entertainment to restructure the financing plan. As part of the revised deal, the city is now being asked to postpone indefinitely, effectively cancel the earlier guarantee proposal.
Under the new financing arrangement, the bulk of funding would come from private sources. T&M Investments has agreed to provide a $2.65 million loan, while seller financing from Dr. Darryl Antonacci would add an additional $2 million note secured by the property. City officials state that this structure is intended to limit municipal exposure while allowing the project to move forward.
The city’s proposed role would be limited to the $250,000 loan, structured with 0 percent interest over a 14-year term, funded through the city’s Economic Reserve Account. The loan would be used to support acquisition costs, facility upgrades, and operational readiness.
City officials say maintaining the Colisée is critical to preserving existing community uses, including parking for Lewiston Public Schools, access for local high school hockey programs, and required parking tied to the Tree Street development project. Officials also described the facility as a key piece of infrastructure supporting community functions and economic activity.
Loan documents indicate the funding would be secured through a security agreement tied to the property and other borrower assets. Borrowers would also be required to remain current on all city obligations, including taxes and utilities, before funds are issued.
An amortization schedule included in city materials projects repayment over 168 months, with monthly payments of approximately $1,488. City projections estimate that increased property value and tax revenue associated with the facility could result in a return on investment within approximately four years.
Supporters of the proposal argue that the Colisée represents an iconic landmark with deep ties to Lewiston’s history. The arena is best known nationally as the site of a 1965 heavyweight boxing match featuring Muhammad Ali, drawing national attention to the city and cementing the facility’s place in Maine sports history.
City staff and the Loan Qualification Committee have reviewed the project’s financial materials, including business plans, projected cash flow, and investment commitments. While staff noted strengths such as Mill Town Sports and Entertainment’s track record in the Boston market and investment commitments tied to nearby redevelopment, they also identified challenges, including reliance on projected, not historical, financial performance due to the start-up nature of operations at the Lewiston site.
The committee ultimately recommended approval of the loan, provided the borrower meets all outstanding financial obligations to the city before closing.
Tuesday evening’s vote is expected to be closely watched by residents, business leaders, and community groups who see the Colisée as both a cultural landmark and an economic driver for downtown Lewiston.
If approved, the loan would allow Mill Town Sports and Entertainment to proceed with acquiring and relaunching the facility, marking a significant step in determining the long-term future of one of Lewiston’s most recognizable venues.
