The firm set to buy land adjacent to McClatchy Company’s Miami Herald has asked for another extension of the closing date.
Citisquare Group LLC had until the end of December to close the 10-acre deal, according to the Sacramento Business Journal, but asked to extend their time to January 19 in exchange for increasing the fee they’ll pay should the deal not go through. McClatchy could collect $7 million if the deal fails; the previous fail-tab was $6 million.
Citisquare could extend the closing deadline to the end of January 2011 for an additional $6 million nonrefundable deposit on or before January 19 of this year.
McClatchy has already banked a $10 million nonrefundable deposit that the company says it put toward debt.