Andrew Barroway to buy 51% of the Coyotes (Done, Pending BOG Approval)
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Wow. Shocking.
The last paragraph is mindboggling:
Barroway bought in to the tune of $155 million. Pretty shameful that the clowns IceEdge actually got a payday out of this.
You also have to think that Barroway may not be buying at that price for Phoenix (a team the NHL had to beg people to invest in). That 5-year out clause is looming large in this deal.
The last paragraph is mindboggling:
Barroway bought in to the tune of $155 million. Pretty shameful that the clowns IceEdge actually got a payday out of this.
You also have to think that Barroway may not be buying at that price for Phoenix (a team the NHL had to beg people to invest in). That 5-year out clause is looming large in this deal.
Lobstertainment
Oh no, my brains.
Mightygoose
Registered User
Wow indeed if true. We'll jus wait for a denial in the meantime.
Still not sure if this is good news or not for the franchise.
Still not sure if this is good news or not for the franchise.
WinterEmpire
Unregistered User
Does this mean the Coyotes will be using less public money or....is Ice Edge just trying to find a way to abandon ship early?
cutchemist42
Registered User
A $305 million valuation is only possible if the 5-year out-clause had a good chance of being enacted. Also looking at the early season numbers for the Arizona Coyotes, it looks like it will a lot like last season with slight improvement. As bad as the Coyotes numbers look, the numbers for the Florida Panthers look 10x worse. There is definitely something going on behind the scenes.
OMG...let's count how quickly this thread can fill up with the feeding frenzy.
A couple of observations. The price can't be right. If one fact is suspect, the whole article must be questioned.
It does make sense for IA to sell equity to take out the lender and help the balance sheet.
Losing $24M when the Coyotes had their best revenue year ever, had full revenue sharing, received $15M from the CoG, and ran a team with an actual payroll slightly above the floor, seems hard to believe. The Coyotes have to produce their P/L's by the end of October for the CoG to audit. I guess we will see what the real loss number is in...wait for it....two weeks
A couple of observations. The price can't be right. If one fact is suspect, the whole article must be questioned.
It does make sense for IA to sell equity to take out the lender and help the balance sheet.
Losing $24M when the Coyotes had their best revenue year ever, had full revenue sharing, received $15M from the CoG, and ran a team with an actual payroll slightly above the floor, seems hard to believe. The Coyotes have to produce their P/L's by the end of October for the CoG to audit. I guess we will see what the real loss number is in...wait for it....two weeks
Shocking...
http://hfboards.mandatory.com/showpost.php?p=70162059&postcount=441
Sorry Othmar, they went with Gila on the arena name.
http://hfboards.mandatory.com/showpost.php?p=70162059&postcount=441
Sorry Othmar, they went with Gila on the arena name.
TheLegend
Megathread Gadfly
Since this story came from the NY Post, I'll file it under the same "non starter" heading as the Quebec minister who said the province could help finance the effort to get an NHL franchise in Quebec City.
MaskedSonja
Registered User
No frenzy on my end or anything, but wow-if indeed there is smoke and fire here and not just a red herring.
I think it is a fair question to ask are the upgrades and this new buy-in related? I wouldn't think so because it takes a lot of time to set up stuff to purchase and do the renovations.
Be interesting to see where this goes, and how the arrangement with IA works out.
300 Million valuation? Wow-I'm assuming that's with the arena?
Again, would like to see more confirmation before going further...
I think it is a fair question to ask are the upgrades and this new buy-in related? I wouldn't think so because it takes a lot of time to set up stuff to purchase and do the renovations.
Be interesting to see where this goes, and how the arrangement with IA works out.
300 Million valuation? Wow-I'm assuming that's with the arena?
Again, would like to see more confirmation before going further...
A stunning turn, but not a shocking move... IA is not a rich group and I could see Bettman facilitating this deal to make his legal action against Wang go away.
For his part, Barroway probably sees the Coyotes as a moveable asset in a few years time thus worth paying for
For his part, Barroway probably sees the Coyotes as a moveable asset in a few years time thus worth paying for
If it was with the arena, then I'm pretty sure they wouldn't be doing this deal in order to relocate the team. If the price is that high, the valuation is only justified because the team most certainly will relocate in 4 more years.
Since this story came from the NY Post, I'll file it under the same "non starter" heading as the Quebec minister who said the province could help finance the effort to get an NHL franchise in Quebec City.
the post might not be great but werent they the ones who first ferreted out the wang sale non sale/re-sale ?
the article by brooks seems ( and I agree this is the operative word) to have a lot more meat in it than a lot of the random speculation ive seen.
why does the nhl care that barroway is suing wang ? I though that when it was brought out that Bill Daly said " that's between them, they can fight it out without us".
If there wasn't a lease in the way preventing the team from moving the team probably would been relocated.
That's the value of an average NHL team making no loss or no profit. They've lost between $10M-$25 million last season, with many more losses to be expected in the future. If the the loss is as high as reported, they might be doing this deal just to stay liquid. If the Arizona Coyotes don't win the cup within 2 years, they are gone.
The value of the team represents a franchise that is expected to be portable and relocate to a favorable city, or for the Arizona Coyotes to be profit neutral from today on. They couldn't even manage to get around 10k in the seats for their most recent pre-season game. Things look bad for hockey in Arizona, which is a shame because it could work under better circumstances.
But the nhl wasn't part of that negotiation, their laundry wouldn't be aired unless the nhl convinced or pressured Wang to stiff barroway.
Tom ServoMST3K
In search of a Steinbach Hero
Wonder IF he buys, will he be obligated by the same opt-out clauses, or will he get to negotiate new terms.
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