Schilling will move his game co. to Rhode Island

By Hiawatha Bray, Globe Staff

Former Red Sox pitcher Curt Schilling is moving his videogame company 38 Studios, based in Maynard, from Massachusetts to Rhode Island. The deal will bring Schilling's company a $75 million loan guarantee backed by that state.

“I’ve invested a significant amount of my life’s earnings in 38 Studios," said Schilling, "and I will protect the loan guarantee that’s been given by the state with the same passion and interest that I’m protecting my own investment in this company.”

Rhode Island's Economic Development Corporation today approved a $75 million loan guarantee to Schilling's company.

The EDC board approved the offer after concluding that the company offered growth opportunity and could help drive the state's economy.

The offer represents 60 percent of the maximum $125 million loan guarantee allowed under state law.

The company said it could bring 450 direct jobs to the state by the end of 2012 and would pay a penalty if it falls short. But some are concerned by the size of the loan guarantee and that the company doesn't have a proven track record.

Earlier this month, Massachusetts officials said they don't have a program to offer the same guarantees as Rhode Island. Kofi Jones, spokeswoman for the state's secretary of housing and economic development, Gregory Bialecki, said at the time that they had been proactive, talking to the company "and asking them what their needs are, as far as staying here and growing here in the state."

Jones did not immediately return a call for comment today.

At the Comic-Con entertainment convention in San Diego last week, Schilling showed video and images from the company's first release, a game titled Kingdoms of Amalur: Reckoning. The fantasy game, based on a story by best-selling fantasy novelist R.A. Salvatore and featuring designs developed by comic book artist Todd McFarlane, will be a single-player game. 38 Studios is still working to develop an online, multiplayer fantasy game along the lines of the hugely popular World of Warcraft.

Material from Associated Press was used in this report.