Canes in the money

Bobby Orr

Guest
via Kukla/TN&O:

RALEIGH - In each of the past 12 years, Peter Karmanos would sit down at the end of the hockey season with his checkbook open. The Carolina Hurricanes owner would make out a check to cover the annual cash shortfall of his National Hockey League team, often a figure that reached into eight digits.

Winning the Stanley Cup last June didn't just put a smile on Karmanos' face. It put money in his pocket. After losses exceeding $145 million since he moved the team here from Hartford, Conn., in 1997, the Hurricanes turned a profit of about $10 million last season.


http://www.newsobserver.com/796/story/506256.html
 

Tekneek

Registered User
Nov 28, 2004
4,395
39
Being in the black is a good thing, but that is a shameful way of doing business. $145 million flushed down the toilet and you have to win the Cup to post a $10 million profit on a season? Think of the run they would have to go on to make back that other $135 million. Of course, they were helped a lot by the new CBA, I suppose. ;)
 

Hawker14

Registered User
Oct 27, 2004
3,084
0
good to hear the canes made a profit. with the doom and gloom attendance figures of some other franchises this is good news for the nhl.
 

puckhead103*

Guest
i wonder if karmonos would make a profit if he relocated to winnipeg with a 15,000 seat with 60 luxury boxes?
 

Northern Dancer

The future ain't what it used to be.
Mar 2, 2002
15,199
13
5 K from the ACC
And that is the problem (or irony) with the NHL, most teams have to make it to the final four to show a profit. The new CBA has created cost certainity but it has also resulted in revenue uncertainity. There is a lot of teams flirting with the cap (44 million), that pre the new CBA had pay-rolls of 35 million. The need to make the play-offs is greater now than before. (that is not necessarily a bad thing) however some of the weaker sisters in the NHL are in for a shock going forward.
 

mr gib

Registered User
Sep 19, 2004
5,853
0
vancouver
www.bigtopkarma.com
Being in the black is a good thing, but that is a shameful way of doing business. $145 million flushed down the toilet and you have to win the Cup to post a $10 million profit on a season? Think of the run they would have to go on to make back that other $135 million. Of course, they were helped a lot by the new CBA, I suppose. ;)
boo hoo -

google karmanos - jacobs - and wirtz
 

Northern Dancer

The future ain't what it used to be.
Mar 2, 2002
15,199
13
5 K from the ACC
boo hoo -

google karmanos - jacobs - and wirtz

And that is the problem with the economics of the NHL, if you do not have an owner with very deep pockets you will eventually go broke. And the trouble with a lot of franchises is that they are lacking deep pockets.
 

mr gib

Registered User
Sep 19, 2004
5,853
0
vancouver
www.bigtopkarma.com
And that is the problem with the economics of the NHL, if you do not have an owner with very deep pockets you will eventually go broke. And the trouble with a lot of franchises is that they are lacking deep pockets.
or new money like cuban -

i was just boo hooing karmanos's losses - i bet if you dug around you find the figure's in the park but somehow skewed - remember he got the arena in carolina for free -

jacob's and wirtz have colourful background's as well
 

Northern Dancer

The future ain't what it used to be.
Mar 2, 2002
15,199
13
5 K from the ACC
or new money like cuban -

i was just boo hooing karmanos's losses - i bet if you dug around you find the figure's in the park but somehow skewed - remember he got the arena in carolina for free -

jacob's and wirtz have colourful background's as well

I hear ya, thank God our contribution to insane owners harold ballard (he does not deserve caps) is long gone however if you believe in recarnation he may now be Mr. Wang on Long Island !!!
 

tacoma

Registered User
Aug 2, 2006
847
0
Hamburg
Wow, all the Hurricanes need to to is win the next 13 Stanley Cups and Karmanos will break even. What a great investment!
 

Street Hawk

Registered User
Feb 18, 2003
5,348
19
Visit site
So..

via Kukla/TN&O:

RALEIGH - In each of the past 12 years, Peter Karmanos would sit down at the end of the hockey season with his checkbook open. The Carolina Hurricanes owner would make out a check to cover the annual cash shortfall of his National Hockey League team, often a figure that reached into eight digits.

Winning the Stanley Cup last June didn't just put a smile on Karmanos' face. It put money in his pocket. After losses exceeding $145 million since he moved the team here from Hartford, Conn., in 1997, the Hurricanes turned a profit of about $10 million last season.


http://www.newsobserver.com/796/story/506256.html

Can't feel sorry for a guy since, it was his decision to break the lease with Hartford, which cost him well into the 8 figures, not to mention selecting Greensboro as the team's temporary home for 2 years, where his team played before crowds of 4 figures most nights.

He got a new arena in Raleigh, but still, even getting to the finals in 2002, crowds were still subpar.
 

MoMiester

Registered User
Oct 26, 2006
90
0
i wonder if karmonos would make a profit if he relocated to winnipeg with a 15,000 seat with 60 luxury boxes?


Why would they do that ? Have over 68 boxes in the RBC, the corpoate community to back it up at over $150K a box, a corporate Championship Box (which the Peg will never have) that draws in over $2M in tickets into the Canes not including sponsorship), have 18,730 seats and way above the corporate sponsorship that the Peg could ever hope to offer.

No way.
 

bleedgreen

Registered User
Dec 8, 2003
23,740
38,206
colorado
Visit site
Can't feel sorry for a guy since, it was his decision to break the lease with Hartford, which cost him well into the 8 figures, not to mention selecting Greensboro as the team's temporary home for 2 years, where his team played before crowds of 4 figures most nights.

He got a new arena in Raleigh, but still, even getting to the finals in 2002, crowds were still subpar.

dont recall that being the case at all. if memory serves, thats a lie. the crowds were huge for the canes during that run, and their season tickets blew up because of it.

the rest of it, of course, is dead on.
 

MoMiester

Registered User
Oct 26, 2006
90
0
Being in the black is a good thing, but that is a shameful way of doing business. $145 million flushed down the toilet and you have to win the Cup to post a $10 million profit on a season? Think of the run they would have to go on to make back that other $135 million. Of course, they were helped a lot by the new CBA, I suppose. ;)


Remember, some of those losses are in Hartford and others are to put in money toward the building of the RBC. But the biggest is that I do not think thes numbers include the other company he owns that runs the arena which is a seperate company. I do not thing that all the money they make off the arena is covered in the Carolina Hurricanes numbers like concessions, parking, ads in the arena, etc. I think if Karmonos was writing a check to the Canes, he was writing it out of the account that he owns that runs the arena into the Carolina Hurricanes account.

Besides, it is all political. He will never say he makes great money due to all the anti-taxers in Raleigh. They are against the hotel amd meals tax that built the arena and the minute the Canes do well, they will want to raise the rent, keep upgrades to the RBC at a minimal, etc, etc.
 

MoMiester

Registered User
Oct 26, 2006
90
0
Wow, all the Hurricanes need to to is win the next 13 Stanley Cups and Karmanos will break even. What a great investment!


All they have to do is sell beer, parking, ads, etc....and maintain the arena operations as half of the revenues are not in this number. Not to mention the losses he would have suffered had he stayed in Hartford where they would never reach the attendence numbers they have reached in Raleigh.
 

Northern Dancer

The future ain't what it used to be.
Mar 2, 2002
15,199
13
5 K from the ACC
Remember, some of those losses are in Hartford and others are to put in money toward the building of the RBC. But the biggest is that I do not think thes numbers include the other company he owns that runs the arena which is a seperate company. I do not thing that all the money they make off the arena is covered in the Carolina Hurricanes numbers like concessions, parking, ads in the arena, etc. I think if Karmonos was writing a check to the Canes, he was writing it out of the account that he owns that runs the arena into the Carolina Hurricanes account.

Besides, it is all political. He will never say he makes great money due to all the anti-taxers in Raleigh. They are against the hotel amd meals tax that built the arena and the minute the Canes do well, they will want to raise the rent, keep upgrades to the RBC at a minimal, etc, etc.

Aw the ol' three card monte, let's hide the massive profits, the owners are liars, etc, etc, story rears it's very ugly head again !!!!

It really makes me laugh when I see this nonsense. Do you really think the 30 NHL owners locked out the players for a YEAR because they were all secretly making all sorts of money with creative accounting ??? What would be the point of that ?????
:banghead: :banghead: :banghead:
 

jamiebez

Registered User
Apr 5, 2005
4,025
327
Ottawa
Why would they do that ? Have over 68 boxes in the RBC, the corpoate community to back it up at over $150K a box, a corporate Championship Box (which the Peg will never have) that draws in over $2M in tickets into the Canes not including sponsorship), have 18,730 seats and way above the corporate sponsorship that the Peg could ever hope to offer.

No way.
Assume sarcasm on the part of original poster.
 

mr gib

Registered User
Sep 19, 2004
5,853
0
vancouver
www.bigtopkarma.com
Aw the ol' three card monte, let's hide the massive profits, the owners are liars, etc, etc, story rears it's very ugly head again !!!!

It really makes me laugh when I see this nonsense. Do you really think the 30 NHL owners locked out the players for a YEAR because they were all secretly making all sorts of money with creative accounting ??? What would be the point of that ?????
:banghead: :banghead: :banghead:
not all of them - just a few -
 

Ad

Upcoming events

Ad

Ad

-->