http://www.theglobeandmail.com/news...eshore-arena-runs-out-of-cash/article2058581/
Would be nice for the Leafs to cover the costs, but I guess that would be too difficult for one of the most wealthy hockey franchises on the planet.
Last edited:
Owners of Leafs practice facility run out of money
- Thread starter htpwn
- Start date
http://www.theglobeandmail.com/news...eshore-arena-runs-out-of-cash/article2058581/
Would be nice for the Leafs to cover the costs, but I guess that would be too difficult for one of the most wealthy hockey franchises on the planet.
shakes
Pep City
Why should the Leafs do that? I need some money too, but I don't expect the Leafs to pay my bills. They are a only a tenant of the building.
Is this a joke? It's not the Leafs fault that the owners planned and ran the facility poorly. I'm sure rental payments were all made on time.
No Fun Shogun
34-38-61-10-13-15
http://www.theglobeandmail.com/news...eshore-arena-runs-out-of-cash/article2058581/
Would be nice for the Leafs to cover the costs, but I guess that would be too difficult for one of the most wealthy hockey franchises on the planet.
Wait, what? It makes zero sense to expect any organization to pay more money than they have to for something. Just because the Leafs have money to spend doesn't mean they should be expected to foot other peoples' bills.
hatterson
Registered User
They have a long term commitment and have invested a decent chunk of money in upgrading the building for their needs.
It's not their fault that the managers of the building can't run their own finances.
The city will cover the debt payments this summer, get a new management team in there and the rink will be back on it's feet by this time next year.
hatterson
Registered User
The article stated that it was built entirely from borrowed money. That's never a good option unless you have significant other capital to cover for payments should interest rates rise (which is what doomed this building)
They were also one of the main forces to get the arena built, along with one of the main benefactors. The fact that Toronto, a city that is saddled with a large debt load and struggles to run surpluses, needs to subsidize their practice arena is pathetic.
The Leafs have no reason to foot the bill.
Why doesn't anyone mention that the Leafs undertake quite a few arena revitalization projects with their own money to improve the arenas in the city? They do more than their fair share in helping out.
Why doesn't anyone mention that the Leafs undertake quite a few arena revitalization projects with their own money to improve the arenas in the city? They do more than their fair share in helping out.
KevFu
Registered User
hatterson
Registered User
I know this is hard for people to understand, but the Maple Leafs are a business. There are zero good reasons for them to spend more money than they need to on a practice rink.
They get the same facilities at this place as they would at their own one and it's millions of dollars cheaper for them.
Stephen
Moderator
- Feb 28, 2002
- 78,700
- 53,206
It's a not for profit rink for the community the Leafs rent out to make economically feasible. I'm pretty sure they didn't built it for the Leafs...
Maybe they had the plan to build the facility all along and asked MLSE to join.
Somethings wrong when it was the first ice arena built in Toronto since the '80's and they can't make a go of it. Mismanagement, most likely.
http://www.theglobeandmail.com/news...eshore-arena-runs-out-of-cash/article2058581/
Would be nice for the Leafs to cover the costs, but I guess that would be too difficult for one of the most wealthy hockey franchises on the planet.
The Pension Puppets? Nah.
hatterson
Registered User
It was built on 100% borrowed money with about half of that at a floating rate. Even with higher than expected revenue, they couldn't keep up with rising interest rates.
Classic over commitment. Seeing a market with high demand and figuring that it means you can over-extend yourself to reach it.
DopeyFish
Mitchy McDangles
- Nov 17, 2009
- 6,629
- 4,729
what makes this funny is the old leafs practice facility was on... birmingham street... they moved one block north
now in regards to the initial funding... it was originally going to be lakeshore lions arena, they were desperately trying to build it based on their own money and money from the community. Afterwards.. the Leafs decided to take over the money problems and the name of the building was going to be Leafs Nation Hockey Headquarters. I think somewhere in the whole struggle to purchase/swap the land with the TDSB ended up dooming the Leafs desire to fund it... because the Lions eventually got back control, did their gold/silver puck fundraiser (with Griffin? it's been awhile) and eventually sold the naming rights to MasterCard.
the whole ordeal is quite funny, because the old lakeshore lions arena was supposed to be LCIs hockey rink, then it was supposed to become a community center. Now it's part of Humber Lakeshore Campus. oops. Anyways as the article notes they were pushing for a restaurant... the Lions guy was so amped because he was sure Boston Pizza was going to be it... would have worked so well for them because of the high school next door and the fact that there is no boston pizza restaurants even remotely close by. It's just been one disaster of a project behind the scenes.
saskganesh
Registered User
It's the Lions, who are an old school community service frat. Peeps in charge are essentially volunteers. Results vary, and much demands on the commitment and skill of a greying membership.
Something similar is happening in Casa Loma, which is run by the Kiwanis.
