Comcast now owns 100% of Flyers & WFC

[Sawdalite]

http://www.phillymag.com/business/2016/09/22/comcast-flyers-center-ed-snider/


Just heard on CSN that this is a done deal... COMCAST now owns 100% of Flyers and WFC.


... Now what????


Thoughts.............................

Click to read more...

 

[Coffe]

It will be business as usual.

Nothing will change in practice. Comcast Spectacor is still the owner of the Flyers.

 

[Jack Straw]

Yeah, don't think this changes much as far as the Flyers specifically. It was Snider's intent. The loss of Snider's influence on the league might be a bigger effect.

 

[Sawdalite]

Yeah, don't think this changes much as far as the Flyers specifically. It was Snider's intent. The loss of Snider's influence on the league might be a bigger effect.

The loss of Snider's influence on the Flyers would certainly... over time... be tremendous, as I see it.

There may come a time when push comes to shove... and a critical juncture arises... where the strength and unending support and guidance will have to be replaced by a conglomerate mega-giant entity...

Will here there again be that force that will storm into the Officials Room and yell at them for their treatment of Flyers Players on the Ice?

Will there ever be that person who will step forward and risk their all to provide a new Arena while thumbing their nose at two Municipalities... as they see to it that the Flyers get what they need... on their own?

... Such questions go on and on.

My fear is that over time... and at critical moments... Comcast will not be able to step up as Mr. Snider did in a labor of love... In the short time I see a smooth transition... but over time, I fear a point where Comcast will make it apparent that the Flyers are now Corporately owned. While that has been the case for twenty years now, Mr. Snider has not allowed it to be the case... Mr. Snider can no longer control that -- At least not to my Earthly knowledge -- I can't imagine that over time thsi won't be a concern... and keep in mind that Comcast will have to change leadership at some point down the line... for some reason or another.

Anyway... I was wondering if anyone else on here shared my inner and deepest fears.

 

[Striiker]

Overreaction.

They've already been majority owners for a long time, nothing's changed.

 

[Jack Straw]

The loss of Snider's influence on the Flyers would certainly... over time... be tremendous, as I see it.

There may come a time when push comes to shove... and a critical juncture arises... where the strength and unending support and guidance will have to be replaced by a conglomerate mega-giant entity...

Will here there again be that force that will storm into the Officials Room and yell at them for their treatment of Flyers Players on the Ice?

Will there ever be that person who will step forward and risk their all to provide a new Arena while thumbing their nose at two Municipalities... as they see to it that the Flyers get what they need... on their own?

... Such questions go on and on.

My fear is that over time... and at critical moments... Comcast will not be able to step up as Mr. Snider did in a labor of love... In the short time I see a smooth transition... but over time, I fear a point where Comcast will make it apparent that the Flyers are now Corporately owned. While that has been the case for twenty years now, Mr. Snider has not allowed it to be the case... Mr. Snider can no longer control that -- At least not to my Earthly knowledge -- I can't imagine that over time thsi won't be a concern... and keep in mind that Comcast will have to change leadership at some point down the line... for some reason or another.

Anyway... I was wondering if anyone else on here shared my inner and deepest fears.

Like striiker says, this doesn't actually change much. Dave Scott, the new guy in charge, was hand-picked by Snider. And Snider was in ill health the last couple years and probably not that involved, and things are looking better than they have in quite while.

 

[Sawdalite]

I hope this is the case... but the one constant over the last fifty years of the Organization is no longer present.

... This is not a reaction by me of any sort... it is a fear of a possible situation down the road.

I agree that the current situation is good, but as I said, when the course of the Organization hits a rough spot... it will have to be met by a Corporation rather than a father-figure... Who knows, they may better handle it... time will tell.

It is good that no one else so far is concerned... I'm glad to hear that.

 

[Unstable]

Comcast now owns 100% of Comcast-Spectacor.

Comcast-Spectacor already owned 100% of the Flyers.

Comcast-Spectacor is a fairly large company, something we lose sight of because Comcast Corp. is a behemoth.

Comcast-Spectacor owns a number of facilities, manages hundreds of facilities, and owns both a subsidiary concessions company and a ticketing company.

Bottom line, the Flyers are a small part of Comcast-Spectacor's portfolio and Comcast-Spectacor is a microscopic part of Comcast Corp.'s portfolio. I see nothing to worry about.

On the contrary, corporate ownership has provided the Flyers with vast resources over the years, and with stability during Mr. Snider's illness and since his passing.

 

[Sawdalite]

Comcast now owns 100% of Comcast-Spectacor.

Comcast-Spectacor already owned 100% of the Flyers.

Comcast-Spectacor is a fairly large company, something we lose sight of because Comcast Corp. is a behemoth.

Comcast-Spectacor owns a number of facilities, manages hundreds of facilities, and owns both a subsidiary concessions company and a ticketing company.

Bottom line, the Flyers are a small part of Comcast-Spectacor's portfolio and Comcast-Spectacor is a microscopic part of Comcast Corp.'s portfolio. I see nothing to worry about.

On the contrary, corporate ownership has provided the Flyers with vast resources over the years, and with stability during Mr. Snider's illness and since his passing.

You fail to consider that Mr. Snider was overlooking the entire Flyers Organization... and people basically stepped aside and let that be the case -- besides the small blips by Pat Croce who tried to set himself up as a successor to Snider... and the Jay Snider years where Mr. Snider stepped aside until he could not take it any longer... but I digress -- The Flyers were Ed's baby and that was that... even on his deathbed I would bet the farm that he called the shots and everybody followed his wishes... Mr. Snider looked over the Flyers and dollars to donuts Comcast accepted that going in.

Mr. Snider is gone... and not too far down the Line all the Roberts will be also... How much longer will it run on the succession plan Mr. Snider set in motion? ... How long before a power hungry figure forges his or her way into the picture? ... How long before somebody decides to change the Flyers Culture and eliminate the needless 'Family' atmosphere or feel that there innerCity charity work takes away from the bottom dollar? ... and so on and so forth.

This is not like the Hawks Werth Family changover which was from a stubborn tyrant to a benevolent son who had the fans' interest at heart... This is a case where the Father of the Flyers passes and who knows what happens down the line... Make no mistake, even though Spectacor is indeed a corporate giant; the Flyers are no longer totally protected by Papa Snider... And even if Comcast is every bit as loving to the Flyers as Mr. Snider, will they always be the owners? Sports Franchises can go from hand to hand quite often, and rarely stay in one hand for decades... What if Comcast hits some rough regulatory water and must divest with the Flyers going first for the big bucks they will fetch? Who controls the FlyGuys then? Who will bleed the Orange blood Ed once did?

Maybe none of this happens... but since it is 100% in Corporate Control, it can. we are blessed that we never had to consider such before... and maybe caught yet in the security of living under the loving arms of Mr. Snider... I could be wrong... and hope I'm 100% off base... But can you at least see the possibility that down the line it now can happen?

#ChickenLittle
#TheSkyIsFalling
#BootedFromDaddysBasement
#NeverBeTheSameEverAgain

 

[Captain Dave Poulin]

Maybe none of this happens... but since it is 100% in Corporate Control, it can. we are blessed that we never had to consider such before... and maybe caught yet in the security of living under the loving arms of Mr. Snider... I could be wrong... and hope I'm 100% off base... But can you at least see the possibility that down the line it now can happen?

I think everything you are saying is reasonable and they are reasonable concerns. But I also think this is just the inevitability of life and death (RIP Mr. Snider). He took care of us and our team for a long time, but he couldn't do it forever. I don't like mega corporations any more than anyone else, but at least we have a solid backing and are in no real danger financially - quite the contrary. This is one of those things I think is best left "out of sight and out of mind" until we see some incontrovertible sign that something has gone wrong.

 

[Hiesenberg]

With there being a salary cap, I just don't see how anything will really be nuts, I can see if the Flyers spend $120MM on salary every year, sure, it may have been cut down, but it's not like the Flyers will become the Coyotes and try to have every player on a rookie contract or something.

 

[Striiker]

What kind of a panicky, exaggerated, and romanticized novel did I just read?

Do you think Snider was standing at the doors of the arena in full knight armor, beating back hordes of monsters trying to destroy the building and team?

Him dying is sad and unfortunate, but it's not even close to as dramatic or impactful as you're thinking. Not to the day to day operations of the team or even their future. I get that some people are the type to pre-panic before there's a problem, but holy **** relax.

 

[Unstable]

You fail to consider that Mr. Snider was overlooking the entire Flyers Organization... and people basically stepped aside and let that be the case -- besides the small blips by Pat Croce who tried to set himself up as a successor to Snider... and the Jay Snider years where Mr. Snider stepped aside until he could not take it any longer... but I digress -- The Flyers were Ed's baby and that was that... even on his deathbed I would bet the farm that he called the shots and everybody followed his wishes... Mr. Snider looked over the Flyers and dollars to donuts Comcast accepted that going in.

Mr. Snider is gone... and not too far down the Line all the Roberts will be also... How much longer will it run on the succession plan Mr. Snider set in motion? ... How long before a power hungry figure forges his or her way into the picture? ... How long before somebody decides to change the Flyers Culture and eliminate the needless 'Family' atmosphere or feel that there innerCity charity work takes away from the bottom dollar? ... and so on and so forth.

This is not like the Hawks Werth Family changover which was from a stubborn tyrant to a benevolent son who had the fans' interest at heart... This is a case where the Father of the Flyers passes and who knows what happens down the line... Make no mistake, even though Spectacor is indeed a corporate giant; the Flyers are no longer totally protected by Papa Snider... And even if Comcast is every bit as loving to the Flyers as Mr. Snider, will they always be the owners? Sports Franchises can go from hand to hand quite often, and rarely stay in one hand for decades... What if Comcast hits some rough regulatory water and must divest with the Flyers going first for the big bucks they will fetch? Who controls the FlyGuys then? Who will bleed the Orange blood Ed once did?

Maybe none of this happens... but since it is 100% in Corporate Control, it can. we are blessed that we never had to consider such before... and maybe caught yet in the security of living under the loving arms of Mr. Snider... I could be wrong... and hope I'm 100% off base... But can you at least see the possibility that down the line it now can happen?

#ChickenLittle
#TheSkyIsFalling
#BootedFromDaddysBasement
#NeverBeTheSameEverAgain

You're describing losing Mr. Snider, what was certainly a tremendous loss, but is a predicate for, not a consequence of, the buy-out of his estate. I think that you're confusing grief over losing Mr. Snider with anxiety over Comcast Corp. acquiring the remaining 24% of Comcast-Spectacor.

I also think you are confusing ownership with management. In is a situation like this, where a corporation owns a corporation that owns a sports club, the parent corp controls the board of the subsidiary, but the board appoints the executives and controls the subsidiary on a day to day basis. So what we need is for the the president of Comcast-Spectacor (presently Dave Scott) to be someone who cares about the Flyers. If you want the president to be someone who cares about the Flyers as much as Mr. Snider did, that's clearly impossible.

 

[BringBackHakstol]

The fact that Mr. Snider's shares went to the corporation instead of some individual is a good thing, because there was always the potential that individual could be meddlesome and interfere with what's going on here. Right now we want the team to be run in autonomy by the hockey people and I think we will get that without a doubt

 

[DrinkFightFlyers]

I wonder if this was a pre-arranged deal or if there was some negotiating behind the scenes to avoid his shares going to someone else like his kids or something. Not that it matters, just curious.

 

[Hiesenberg]

I wonder if this was a pre-arranged deal or if there was some negotiating behind the scenes to avoid his shares going to someone else like his kids or something. Not that it matters, just curious.

I'd guess it was. This deal was done very quickly.

BTW, I never read how much it was for, anybody know how much 24% of Comcast-Spectacor was worth?

 

[Sawdalite]

What kind of a panicky, exaggerated, and romanticized novel did I just read?

Do you think Snider was standing at the doors of the arena in full knight armor, beating back hordes of monsters trying to destroy the building and team?

Him dying is sad and unfortunate, but it's not even close to as dramatic or impactful as you're thinking. Not to the day to day operations of the team or even their future. I get that some people are the type to pre-panic before there's a problem, but holy **** relax.

Confrontation is your middle name.


Chill, dude... I'm just trying to get a little dialog going with some questions coming off of five decades of comfort under arguably the NHL's best Owner... no need to get all confrontational about this.

I'm not getting into another give and take go-around with you... so please don't bother responding... you and I are done on this one... Meanwhile, I'm open to any and all constructive thoughts on the Topic from other people who care to share them. ... Capiche????

 

[Striiker]

Yup guys just trying to get a little dialog going. And by dialog I mean pretty much everyone agreeing that there's no reason to panic and then I list 10 imaginary reasons to panic.

 

[Sawdalite]

The fact that Mr. Snider's shares went to the corporation instead of some individual is a good thing, because there was always the potential that individual could be meddlesome and interfere with what's going on here. Right now we want the team to be run in autonomy by the hockey people and I think we will get that without a doubt

... Until it falls into the hands of someone who has a skewed view on it... or is broken off and falls into the hands of a pure money-making operation.

Let's not confuse twenty years of Comcast allowing the minority partner to rule with Comcast being in control... The Flyers were always Mr. Snider's baby... Comcast was just along fro the ride... Now Comcast is in the driver's seat... until the next Owner(s) comes along.

Keep in mind that the Eagles were almost allowed to be shipped off to Phoenix in literally the dead of night due to it's then Owner's gambling and drinking habits... We were fortunate to have dodged that bullet; I'm not saying that that will ever happen to the Flyers... but I'm also not saying that something bad will not ever happen when the Ownership is not signed on for life. We have a Corporate Ownership whose focus is not entirely centered on the Flyers... who's to say what is off the table down the road?

 

[Hiesenberg]

And the Flyers make a ton of money, where are they going to be moved too? Quebec?

 

[Sawdalite]

And the Flyers make a ton of money, where are they going to be moved too? Quebec?

You miss my point... The Eagles were not in financial trouble; Tose was... There may come a time where Comcast may want to move their toy and it will surely go to the highest bidder... Comcast is not in the Sports managing business, and they don't need one single Sports Franchise to keep their business afloat... a Deal with a League, yes... but in all reality, there may at some point be a conflict of interest when somebody who is promoting an entire League has ownership one one of the Franchises.

The point is that I don't trust Comcast to be heart and soul into owning the Flyers long-term... ask the Sixers about that.

 

[BillDineen]

I agree that it is relatively minor, but I wonder if Mr. Snider did have this agreement in place years ago ... let me have more control until I pass away and then it is all yours.

For all we know, he could have paid a larger share of the Bryz buyout personally or saved Homer from being fired. I think he had influence and that is gone, but it still should be relatively unchanged going forward. Flyers will continue to be a top franchise.

 

[Hiesenberg]

You miss my point... The Eagles were not in financial trouble; Tose was... There may come a time where Comcast may want to move their toy and it will surely go to the highest bidder... Comcast is not in the Sports managing business, and they don't need one single Sports Franchise to keep their business afloat... a Deal with a League, yes... but in all reality, there may at some point be a conflict of interest when somebody who is promoting an entire League has ownership one one of the Franchises.

The point is that I don't trust Comcast to be heart and soul into owning the Flyers long-term... ask the Sixers about that.

They could've sold their 76% of ownership at any time if Snider was still around. Yes, they could be sold, but I'm not foreseeing any financial hardships from them.

and for everybody asking, in Bill Meltzers article, he said this deal was drawn up years ago by Snider. http://www.hockeybuzz.com/blog.php?blogger_id=45

The announcement is not a surprise. The plan was in place for many years before Mr. Snider passed. Not much is likely to change from a macro managerial decision-making standpoint because Comcast already owned more than three-quarters of the team.

 

[Jack Straw]

I wonder if this was a pre-arranged deal or if there was some negotiating behind the scenes to avoid his shares going to someone else like his kids or something. Not that it matters, just curious.

This was Snider's plan all along:

According to Roberts, Snider planned for Comcast Corp. to purchase his family's shares in the event of his death.

"Ed had put these wheels in motion years ago," Roberts said. ". . . He wanted to provide for his family in other ways - and this does that for him."

Comcast Corp. purchased a majority of the Flyers in 1996. The agreement, called a "put and a call," stated that after the first year of the sale, Comcast Corp. could purchase - or Snider could sell - the rest of Snider's shares at any point, Roberts said.

"One of the things I was very proud of was that Ed said to me toward the end, 'All my friends told me to be ready, that I would no longer be an owner of the Flyers one year after this partnership was formed,' " Roberts said. "And at his funeral - or celebration of his life - I said that the only thing that separated us as partners was his passing away. But he structured the deal. He could get out at any time because he was not used to being a minority partner. And we structured it so that if we wanted to own 100 percent, we could after the first year.

http://www.philly.com/philly/sports/flyers/20160923_Comcast_buying_remaining_Flyers_shares_from_Snider_s_estate.html

I don't want to speak ill of the man in any way shape or form. I had the pleasure of meeting him and shaking his hand back in the '70s. But despite a lot of wins, this team has not won a Cup since 1975. And some of that is no doubt due to Snider, his desire to be competitive every year with high priced veteran signings and such. The last few years he has pulled back and let Hextall do it the right way.

The city and fans of the team owe him a great debt of gratitude for bringing a team to Philadelphia, and making it one of the league's most visible teams. That does not mean that he always ran the team in the "right" way. The people who are in charge now are the people that he wanted in charge after him.

 

[Sawdalite]

This was Snider's plan all along:

According to Roberts, Snider planned for Comcast Corp. to purchase his family's shares in the event of his death.

"Ed had put these wheels in motion years ago," Roberts said. ". . . He wanted to provide for his family in other ways - and this does that for him."

Comcast Corp. purchased a majority of the Flyers in 1996. The agreement, called a "put and a call," stated that after the first year of the sale, Comcast Corp. could purchase - or Snider could sell - the rest of Snider's shares at any point, Roberts said.

"One of the things I was very proud of was that Ed said to me toward the end, 'All my friends told me to be ready, that I would no longer be an owner of the Flyers one year after this partnership was formed,' " Roberts said. "And at his funeral - or celebration of his life - I said that the only thing that separated us as partners was his passing away. But he structured the deal. He could get out at any time because he was not used to being a minority partner. And we structured it so that if we wanted to own 100 percent, we could after the first year.

http://www.philly.com/philly/sports/flyers/20160923_Comcast_buying_remaining_Flyers_shares_from_Snider_s_estate.html

I don't want to speak ill of the man in any way shape or form. I had the pleasure of meeting him and shaking his hand back in the '70s. But despite a lot of wins, this team has not won a Cup since 1975. And some of that is no doubt due to Snider, his desire to be competitive every year with high priced veteran signings and such. The last few years he has pulled back and let Hextall do it the right way.

The city and fans of the team owe him a great debt of gratitude for bringing a team to Philadelphia, and making it one of the league's most visible teams. That does not mean that he always ran the team in the "right" way. The people who are in charge now are the people that he wanted in charge after him.

Thanks for this information... and for your thoughts... This is exactly what I was going for when I created the Thraed.


With that said:

I have lived through two Cups and eight Finals... Mr. Snider did not do everything correctly -- nobody short of God has ever done that -- but I must say that over the last five decades that I have been a Flyers fan, I can say that it has been a wonderful ride... and when all is said and done, I can say that I will have enjoyed being a Flyers fan... and that is largely due to the workings of Mr. Snider. I'd bet that I have enjoy the ride more than many fans of teams that have won more than two Cups... In the end it is not about reaching your destination as much as it is in the Journey you have taken. Mr. Snider took an fantastic journey, and had many people accompany him along the way... Vince Lombardi was a great Coach, but I must disagree with his icon quote about winning. It is not the ONLY thing.


In any case... what Roberts said is totally believable... and understandable. I pray Mr. Roberts has a long and wonderful life... and looks after passing the torch as well as Mr. Snider did.