The following link gives mixed signals on just how serious the problem is. Those who have followed the story closely know that $10 million in private money had to be found to complete the deal. It hasn't been found yet.
Ballpark Digests Headline: New Reds training facility in some doubt
Synopis paragraph: The deal for a new $54-million Cincinnati Reds spring-training facility is in serious danger of collapsing, as Sarasota officials are having a hard time finding a private developer to contribute $10 million to the project. Sarasota and the Reds went ahead with the deal without a developer in place in order to qualify for $15 million in state funding for the project, which was preliminarily approved. A final agreement must be done by May to secure the state funds.
The article poses a troubling but not bleak picture.