News Article: Devcore is willing

[BatherSeason]

You cant drag the NHL into a government bid and try to make NHL look like *******s for a city not reciving a brand new rink and a shiney new downtown. They are all going to be pissed right off.

What if Devcore builds the arena for EM, as he always wanted it for free, and EM pays the rent for 30yrs. Maybe part of the deal would include a portion of the profits from all the condos sold going forward as a result that he holds the paper for Lebreton? Therefore, he gets his new arena, gets some money in his pockets from all condos sold, NCC is happy and so is that goof Jim Watson. You never know, crazy stuff happens in high stakes of development all the time. This is all speculation on my part.

Imagine STILL supporting Melnyk after everything that has happened.

Imagine calling someone a goof, but never any harsh words for the man that has been holding this team and city hostage for years, just rainbows and unicorns for Mr Melnyk.

 

[bert]

I highly, highly doubt the NCC approved anything without at least some semblance of due diligence when it came to the financing of the project. They're morons but they're not that dumb.

Bingo, the financing portion of the offers/bid would have been a huge portion of determining who won it originally. Something has gone wrong since Rendesvous won.

This is great news overall happy to wake up to it on a gloomy Monday.

 

[bert]

Chaos is a ladder

So good!

 

[BatherSeason]

This is great news overall happy to wake up to it on a gloomy Monday.

I am sure that Eugene is going to react to this press release like a mature adult.

The timing was also fantastic with the BOGs meeting today.

 

[umma gumma]

How is this going to "force" a sale of the Franchise?

I'll tell you what it does do, and that's remove any talk or threat to relocate the team. We have a buyer waiting and willing.

 

[bert]

A non NHL owner using the NHL as leverage to land a city developmen project is going to fly with the NHL?

See your first issue is that you think the main focus of devcore is to aquire the hockey team. This is a real estate deal not a play for an NHL team. The NHL team is only a part of it because the current owner isnt commited or capable of owning a team. There was a reason in Devcores original proposal was to build the arena in the 2nd or 3rd phase. It was because the NCC wanted a plan for an arena. Id be willing to bet Devcore doesnt have any interest in buying the team until there is real development and infrastructure completed in the project so its a real destination.

 

[Tnuoc Alucard]

Cut the cord and sell Melnyk.

With the likely announcement of the Seattle being awarded an expansion franchise, as soon as tomorrow........ and a (close to) $21 Million payday close behind, I doubt EM cuts the cord anytime soon.

 

[BatherSeason]

With the likely announcement of the Seattle being awarded an expansion franchise, as soon as tomorrow........ and a (close to) $21 Million payday close behind, I doubt EM cuts the cord anytime soon.

Uh oh, he is going to purchase 21 million twitter bots isn't he??

 

[Tnuoc Alucard]

It means Melynk just lost 50% of the Lebreton revenues if Devcore takes over. The big baby should've played nice iwth Ruddy, now he's on the verge of watchign the Lebreton golden goose go to someone else.

OR, it forces Him and Ruddy to work out their issues, and not let the golden goose waddle over to Devcore ......... either way it looks like finally, somethings going to happen at Lebreton Flats, and that's a good thing.

 

[bert]

I'll tell you what it does do, and that's remove any talk or threat to relocate the team. We have a buyer waiting and willing.

Exactly. Period.

 

[IpsoPostFacto]

So good!

you have to try and type it with your best Irish accent.

 

[branch]

I love watching a fake, broke ass billionaire getting squeezed by a real conglomerate with real money to play with. Bend over Euge lmao.

 

[Gil Gunderson]

OR, it forces Him and Ruddy to work out their issues, and not let the golden goose waddle over to Devcore ......... either way it looks like finally, somethings going to happen at Lebreton Flats, and that's a good thing.

He’s suing Ruddy for $700 mil. I think any prospect of them collaborating on a project is pretty much out the window.

And so are Melnyk’s chances of finding a partner now.

 

[LuckyPierre]

My take:

• Eugene told the Board of Governers that he's in it for the long haul as team owner
• Eugene did not push through the critical city building arena project required to be in it for the long haul
• Eugene issues press releases for short term cash infusions to tell the world he's still alive for short term intervals

• Devcore group allegedly gave Eugene a take it or leave it offer, which was declined
• Devcore group indicates willingness to push through critical city building arena project after Rendezvous fails

• Bill Daly admitted to an offer being placed on the franchise this summer
• Gary Bettman indicated that the downtown arena project is important for the success and stability of the franchise

A sale is a matter of time, in my mind.

Bill Daly admitting to an initial offer is the biggest tip off - to acknowledge the Devcore group is almost to vet them. If they weren't a consideration, he wouldn't have commented. A previous poster indicated that Desmarais et al likely have more influence over the BOG than Eugene currently does - I'm on board with that idea given the influence of the family. In spite of saying take it or leave it with their offer this summer, they are back as of last night. Eugene, in game theory context, would never openly comment that he intends for anything else than to be the long term owner of the franchise. So everything he has messaged, although contradictory to the idea of a sale, is still rational (you know what I mean).

Never say never, but it looks to be happening.

 

[IpsoPostFacto]

With the likely announcement of the Seattle being awarded an expansion franchise, as soon as tomorrow........ and a (close to) $21 Million payday close behind, I doubt EM cuts the cord anytime soon.

I don't really think the 21 million plays into it in that direct a way. They aren't talking about some commodity where everyone knows the exact value. under the assumption he was to sell, the expansion fee will be part of both parties thinking, but at the end of the day you sell/buy for what it's all - team, ring, expansion fees - worth to you.

worst case of Euge, he makes a deal for the price of the team and then says, well, I was the owner on the day the expansion was approved, so you can cut me a cheque for 21m now or sign a note and forward the expansion fee to me when you get it from the league.

 

[BonkTastic]

Was a new public library also part of Devcore's initial project?

I'm pretty sure both the RVL and the Devcore bids had libraries in them.

The Devcore plan had the new library being directly connected to the LRT station somehow.

 

[TheNewEra]

i also realized something

besides this whole issue the bog is expected to approve seattle today

if that happens then the value of the expansion would get added to the sens today. That would mean that today would be the peak sales value for the sens

 

[Joeyjoejoe]

What if Devcore builds the arena for EM, as he always wanted it for free, and EM pays the rent for 30yrs. Maybe part of the deal would include a portion of the profits from all the condos sold going forward as a result that he holds the paper for Lebreton? Therefore, he gets his new arena, gets some money in his pockets from all condos sold, NCC is happy and so is that goof Jim Watson. You never know, crazy stuff happens in high stakes of development all the time. This is all speculation on my part.

This has been speculation on your part for 6 months now.

 

[Joeyjoejoe]

i also realized something

besides this whole issue the bog is expected to approve seattle today

if that happens then the value of the expansion would get added to the sens today. That would mean that today would be the peak sales value for the sens

Extra 21$M for Eugene's pockets. He's gonna need it when Ruddy counter sues on the basis that he botched this entire deal and cost him millions. Going to be fun.

 

[GCK]

People think the other owners don't like Melnyk? the last thing they want is 'big shots' using or making reference to the NHL as a reason to get a development contract when they do not represent the NHL. Never mind trying to muscle in on a current owner.

Stupid statement for them to make on every level.

You are making the assumption that nobody from the NHL has spoken to Devcore quietly and encouraged this statement.

 

[Tnuoc Alucard]

He’s suing Ruddy for $700 mil. I think any prospect of them collborating in a project is pretty much out the window.

Do you really think that both Melnyk and Ruddy want to walk away from the millions they've already spent on the bidding process, over the past few years ........... AND the millions they would receive over the next two decades with Lebreton?

Sometimes a little pressure, like the deadline in January and now the re-newed interest from the runner up, is just what is needed to get both these multi millionaires to focus on the end game.


In the end I don't care who starts the re-development of Lebreton Flats, this bungled NCC file has been around for my entire time as an Ottawa resident ........ and would have be happy no matter won won the bidding process ........ and yes, the Senators will eventually end up in Lebreton, sooner of later.

 

[TheNewEra]

Extra 21$M for Eugene's pockets. He's gonna need it when Ruddy counter sues on the basis that he botched this entire deal and cost him millions. Going to be fun.

that would be fun to watch but thats almost a secondary point

eugene can say he met his goal and survived until expansion, get a higher amount for a sale

like there is no future franchise value bump coming, if anything there are risks for it going lower (devcore getting the bid officially, stone leaving, duchene leaving etc)

he literally has nothing else to hang on for

 

[GCK]

oh im sure it will be an issue however there are a couple of things to note

1. Balsillie was looking to move the franchise, that isnt the case here
2. even objectively speaking the owner of the sens right now is costing them money now and in the future. Say for arguments sake we call all fans entitled and its the fans fault we are in this mess (i know that statement just made a few twitter bots happy), melnyk is still the pretty big part of why the sens are losing out on a downtown arena that was handed to them on a silver platter
3. Because sens are losing money this year (more so then previous years based off early projections) sens are going to require more revenue sharing/potentially a cash infusion from the nhl. I am sure the owners are going to be thrilled to be bailing out eugene...again

so while the old boys club will hate this move, devcore did the process the right way the first time with the rumored offer and now are looking to kick the door in by waving a sign that says we have money and are willing to spend it. Imo it comes down to the devil you know vs the one you dont and in this case the old boys club might just end up going with the one they dont know since that devil has money

That revenue sharing statement is a red herring. Top 10 revenue teams contribute to revenue sharing pool along with 30% of playoff gate revenue up to 234M (old number). This pool is split by some calculation between the lowest revenue teams. Ottawa moving out of revenue receiving only affects the team that would begin receiving revenue sharing. It's a set amount not fluctuating based on how much certain teams lose or make.

 

[TheNewEra]

Do you really think that both Melnyk and Ruddy want to walk away from the millions they've already spent on the bidding process, over the past few years ........... AND the millions they would receive over the next two decades with Lebreton?

Sometimes a little pressure, like the deadline in January and now the re-newed interest from the runner up, is just what is needed to get both these multi millionaires to focus on the end game.


In the end I don't care who starts the re-development of Lebreton Flats, this bungled NCC file has been around for my entire time as an Ottawa resident ........ and would have be happy no matter won won the bidding process ........ and yes, the Senators will eventually end up in Lebreton, sooner of later.

honestly it was one thing when they were given the january deadline, i would have agreed with you if that was the only thing

the lawsuit and counter lawsuit basically throw it out the window unless both parties agree to simultaneously drop their lawsuits....and its not like eugene to be reasonable or stable or level headed

 

[GCK]

There is land next to Hurdman station that he could build on. Little room for anything else though.

No development opportunities to fund arena build.