The Day - TicketNetwork withdraws from Connecticut loan program

Home
News
Business
Sports
- Columnists
- Local
- High School
  - Saturday Showdown
- UConn
- CT Sun
- CT Tigers
- Colleges
- Professional
  - Auto Racing
  - Baseball
  - Basketball
  - Football
  - Golf
  - Hockey
  - Tennis
Opinion
- Cartoons
- Columnists
- Editorials
- Guest Opinions
- Letters
- Op-Ed
Entertainment
- Advice Columns
- Books
- Celebrities
- Columnists
- Events
- Exhibits
- Food & Dining
  - Restaurant Reviews
- Games
  - Sudoku
  - Crossword
  - Jigsaw
  - More Puzzles
- Horoscopes
- Movies
  - Movie Times
- Music
- Nobody Cartoon
- Stage
- TV
  - TV Listings
Multimedia
classifieds
- Place an Ad
- View Ads
- Cars
- Real Estate
- Jobs
- Pets
deals
coupons
jobs
real estate
business directory
obituaries

TicketNetwork withdraws from Connecticut loan program

Associated Press

Publication: theday.com

Published 02/29/2012 12:00 AM

Updated 02/29/2012 03:31 PM

HARTFORD, Conn. (AP) — TicketNetwork Inc. says it's withdrawing from a Connecticut state economic development program because of the arrest of the company's chief executive in an alleged hate crime.

The online ticket exchange company announced Wednesday that it was withdrawing from the "First Five" program in an effort to preserve a future relationship with the state.

TicketNetwork and the state announced a $7.75 million loan package for the company last year under the program, which gives businesses financial incentives in exchange for job creation.

TicketNetwork CEO Donald Vaccaro was arrested early Monday on allegations he made a racial insult at an Oscar party in Hartford.

Vaccaro announced Tuesday that he was taking an indefinite leave of absence, after Gov. Dannel P. Malloy said the state is examining the loan deal with TicketNetwork.