Nationwide Arena/CBJ Finances Discussion II

[blahblah]

I'm still trying to figure out how this will resolve the underlying issue. I can subtract 9.5 million from 25 million and realize that we won't be able to keep pace with the rise in the cap. If we start to win and sell out the arena, it might be tolerable until the cap heads north of 70 million per year.

I don't think it can be fixed with this deal, but I think the NHL has to start looking heavy at their CBA again.

 

[NotWendell]

I'm still trying to figure out how this will resolve the underlying issue. I can subtract 9.5 million from 25 million and realize that we won't be able to keep pace with the rise in the cap. If we start to win and sell out the arena, it might be tolerable until the cap heads north of 70 million per year.

I don't think it can be fixed with this deal, but I think the NHL has to start looking heavy at their CBA again.

If the cap keeps rising at this pace, they'll only be 12 teams left. The players union doesn't want to see jobs get eliminated.

 

[joshjoshjosh]

Holding my 'WooHoo!' champagne in one hand, and my 'All Is Lost!' bottom-shelf whiskey in the other.

 

[Jackets16]

It's a shame that, in a democracy, those fools get the same number of votes as the people who've educated themselves on the issues.

I have always felt you should have to take a test on the issues before you are allowed to vote on them. You should never be allowed to vote for anything just because you are a citizen of the city/state/country.

 

[CBJWerenski8]

When is the voting?

 

[Jackets16]

I'm still trying to figure out how this will resolve the underlying issue. I can subtract 9.5 million from 25 million and realize that we won't be able to keep pace with the rise in the cap. If we start to win and sell out the arena, it might be tolerable until the cap heads north of 70 million per year.

I don't think it can be fixed with this deal, but I think the NHL has to start looking heavy at their CBA again.

This will cover most of their losses from the lease. The other losses will need to be solved in other ways. I am not sure what the losses are from, but I am guessing some of it is from lower attendance, etc.... Those are things the Blue Jackets need to solve and they shouldn't get any help from the public on (other than from going to more games, etc )

The Blue Jackets have said they are losing $10 million to $12 million per year on their lease deal with Nationwide. Rosenberger and others have been pursuing a public purchase of the arena so the lease can be changed. Blue Jackets majority owner John P. McConnell has said he will consider moving the team if the lease deal is not reworked. The Dispatch Printing Co., which publishes The Dispatch, is a minority investor in the team.

The deal is expected to save the team $9.5 million a year. The team would agree to remain in Columbus through at least 2039.

http://www.dispatch.com/content/sto...lue-Jackets-in-town-to-be-released-today.html

 

[Double-Shift Lasse]

When is the voting?

Article doesn't say. Agendas for upcoming meetings of those two bodies have not likely been set, so the answer to your question is - once the item gets on the agenda.

 

[Double-Shift Lasse]

Someone asked about the operating deal with OSU. I would guess the future of that depends on whether the County agency that will own the arena wants to "hire" OSU to keep doing that work. Of course, they could have the folks that book Vets, for example.

 

[KallioWeHardlyKnewYe]

This probably wouldn't have had to have been so drawn out if the city, CBJ, Nationwide and the Dispatch didn't fight so hard against a casino.

I wonder if one day the hypocrites will wish they allowed the casino in their already established "entertainment district" as opposed to the barren netherworld of West Broad Street.

I'm happy a deal is done. I'm still processing the details. I'm glad Nationwide (the great silent party in this whole ordeal) stepped up in some way.

But the casino hypocrisy still, and probably always will, grind my gears.

 

[Byrral]

It's about time. Does this mean we are a cap team now? Save that for another thread. It's about time.

 

[Fred Glover]

Of note is the 30% stake in the team by Nationwide. The question for future years is when will they up their stake in the team?

 

[SuperGenius]

Mike Priest statement, per Puck Rakers

“We are appreciative of the comprehensive work and due diligence delivered in this report. Mr. Dorrian, Bill Jennison and John Rosenberger each understand the issues and this report offers a solution that will provide a long term sustainable business model for the organization. We are encouraged by the report's findings.”

That doesn't sound like a done deal to me.

 

[CBJWerenski8]

Article doesn't say. Agendas for upcoming meetings of those two bodies have not likely been set, so the answer to your question is - once the item gets on the agenda.

Now its answered

Dispatch: Today's #CBJ proposal needs approval of 3 entities: city, county, county facilities board. Expected to be approved by Jan. 1, '12.

http://twitter.com/#!/Aportzline/status/114093742922805248

 

[Skraut]

Does anybody anybody else find the irony in that...

The Casino that Franklin County voted against, is going to save the Arena that Franklin County voted against, and let Franklin County keep the $2B Arena District.

 

[cbjrocks]

Of note is the 30% stake in the team by Nationwide. The question for future years is when will they up their stake in the team?

In past posts, I've stated the only way this deal works long term is for Nationwide to own the team and run it as a loss leader in order to keep the $750m plus in real estate investments profitable. The 30% ownership is a first step in majority control.

The Jackets will be the milk in Natiowide's Giant Eagle.



http://hfboards.com/showthread.php?p=21974581#post21974581

 

[hossua34]

I am liking what I hear so far, but am now awaiting some ambitious commissioner or city counselman to lead a charge against the proposal for political purposes...

 

[jag72]

I would be very interested in how much money Nationwide Arena brings in on a yearly basis. The city and county are putting in $10 million in tax dollars but how much will they earn from the arena itself? Will the profits from the arena offset the $10 million of tax dollars that are being put in?

 

[Jackets16]

This probably wouldn't have had to have been so drawn out if the city, CBJ, Nationwide and the Dispatch didn't fight so hard against a casino.

I wonder if one day the hypocrites will wish they allowed the casino in their already established "entertainment district" as opposed to the barren netherworld of West Broad Street.

I'm happy a deal is done. I'm still processing the details. I'm glad Nationwide (the great silent party in this whole ordeal) stepped up in some way.

But the casino hypocrisy still, and probably always will, grind my gears.

I don't live in Columbus, but I still don't understand their thinking on not having it in the Arena District. I know I would be more likely to come up from Dayton and go to the Casino if it was in the Arena District. It would be nice to go gamble a little bit and then go to a game, go out to eat, etc....

 

[Jaxs]

I voted for the sales tax increase in '96 to fund an arena. To now have a possible resolution in sight is good for me because my team will be here, in Columbus theoretically, until 2039. Selfish? Maybe, but my hockey fix will be satisfied until I'm old.

 

[Fred Glover]

I voted for the sales tax increase in '96 to fund an arena. To now have a possible resolution in sight is good for me because my team will be here, in Columbus theoretically, until 2039. Selfish? Maybe, but my hockey fix will be satisfied until I'm old.

My hockey fix will be as well.

As I don't live in Columbus, I didn't get to vote any time for the arena. I get a kick out of people who say "It didn't pass, didn't they get the message?" What a hoot! With this reasoning, anything voted in or out in the 1980's should automatically be in place for time and eternity.

 

[Steeltown Jacket]

Reading the Dispatch and 10tv, people are complaining about the money from the casino that Franklin County didn't vote for and didn't want anyways, so what's the big deal?

I'm also perplexed as to why the casino is being built way out west. This was a perfect plan to build up the core of your city. Let's face it, downtown is struggling, Columbus Commons is lame, the Scioto is alright but feces filled. The Arena District/Short North is the place to be in the core of Columbus

 

[EpicDegree]

This is a great deal for the county and city. Do you realize they just purchased Nationwide arena, a state of the art facility, for less than they paid for Huntington Park ($56 million)? BTW, that was done without a vote as well. And I guarantee you NA brings in more money than Huntington Park.

The agreement to run the arena between OSU and the CBJ will continue for 15 years.

Also, Nationwide sold for 30% of what it cost them to build it. And $52 million investment, plus naming rights. They stepped up in my opinion.

I put together some numbers and comments based on some other info I found in my blog. Overall the government stood to lose more in tax revenue than they would gain by keeping the team here. At the very least it is a break even for them. http://cbuscheapseats.blogspot.com/2011/09/cbj-lease-proposal-announced.html

 

[MFRONE]

I don't live in Columbus, but I still don't understand their thinking on not having it in the Arena District. I know I would be more likely to come up from Dayton and go to the Casino if it was in the Arena District. It would be nice to go gamble a little bit and then go to a game, go out to eat, etc....

People didn't want the crowd associated with a casino (especially the crappy style they are proposing) hanging around the Arena District. Franklin County didn't even want the casino so the voters wanted it away from a place they wanted to hang out at.

 

[Xoggz22]

I would imagine there is some pretty strong conjecture that the votes will all be positive when the time comes. Granted there will be grandstanding and plenty of commentary from both sides of the ledger but I'm optimistic this goes through.

And one more thing..... It's not training camp yet so.....

HOLY CRAP WHAT AN OFF SEASON!

 

[Fred Glover]

I would imagine there is some pretty strong conjecture that the votes will all be positive when the time comes. Granted there will be grandstanding and plenty of commentary from both sides of the ledger but I'm optimistic this goes through.

And one more thing..... It's not training camp yet so.....

HOLY CRAP WHAT AN OFF SEASON!

It feels like we won the Cup, even though we didn't