Yeah, but what you're missing is that the debt is in the price, or if it's extreme, the refinance is in the price. You pay it off and the original owner takes the bath on the debt.
What it is.... is a sunk cost. Why would you pay the sunk cost to move. It's stupid. You could buy something else with very little strings attached and very little value (debt value is still value even though it's -).
It would be like paying a ton of money to refinance the Stars and take off when let's say in theory, if a new arena plan doesn't work out, you could have the Islanders for far more limited obligations and a lower price?
And in that case you don't have to fight the league and the leaseholder (at least when it ends). A motivated leaseholder can keep a team around even when there's no sound logical reason for it... see: Phoenix.
A leaseholder that wants the team the hell out can cause a quick relocation... see: Atlanta.
Just to kill two birds with one stones, if it's true that the sale went through, it's hardly a long-term good development, they're in a world of ****. It's not a good thing when the value in a % sale is found in "being cleared of debt."
They'll end up like the Stars, probably not as belly up, but does it really matter. If they get through the next balloon without going bankrupt, I'd be utterly stunned. They need to make ALOT of changes in the way they do business after this year when money starts coming clear. And I don't just mean on ice.
They waste money like the world's coming to an end tomorrow. Maybe they know something we don't.