Part XV: Phoenix - the battle of evermore (UPD #443ff 14-Dec agenda/lease links)
- Thread starter LadyStanley
- Start date
- Status
David_99
Registered User
Let's say worst, worst case scenario. 5 years from now, the attendance hasn't changed and the stock markets plummet again. MH can't afford to buy the arena. The Yotes still aren't breaking even and MH can no longer afford to put money into the team and is forced to sell. Neither he or the NHL can find a local buyer. He either files for Bankruptcy or the NHL is reluctantly forced to relocate. Glendale just paid over 200+ million to this guy and he walks. Again, worst case scenario.
To those who've read through it, what in the agreement prevents a Glendale Apocalypse?
To those who've read through it, what in the agreement prevents a Glendale Apocalypse?
Tom ServoMST3K
In search of a Steinbach Hero
This is honestly pretty sad...funny but sad. This multi million dollar....umm...business I suppose I can call it has simply become a joke for everyone. Regardless of the side you're on this has become a joke and I'll be honest it's pretty entertaining to read. This is supposed to be some masterful plan that CoG has come up with to save the Coyotes...well you know what people thought of the deal...they thought it was a very very bad joke. The punch line however hasn't been told. The punch line comes when the team goes bankrupt again after all these subsidies...I mean umm great business ideas that are in no way breaking the gift clause run out. So yea this is quite hilarious...unless of course you're the poor bugger who can't make ends meet and only finds out about this deal when the parking bonds aren't sold and you realize your taxes are going up. Then again maybe after all these years of failure something has changed, perhaps Christmas time has brought out the kindness in peoples hearts and they go and pay for parking and tickets so their old pals on the city council don't get in trouble.....do you believe in Christmas miracles...well I do but even this is pushing it.
OthmarAmmann
Omnishambles
cbcwpg
Registered User
I would give odds that this is exactly what might happen. As someone mentioned pages back, this is no different than a gambler who keeps betting on the longshot and loses all the time, but they keep betting because they see it as the only way to recoup thier losses. Las Vegas was founded on these people. Glendale is putting a $197M on a horse called Hulsizer in the last race of the day and hoping for the best.
Just for the record, Detroit fans are relocationists (former Victoria Cougars), Chicago fans (formerly Portland Rosebuds), even Toronto (Leafs franchise can arguably have their roots traced to Ambroise O'Brien's "Renfrew Millionaires" major pro NHA franchise). Hope that makes everyone feel warm & fuzzy now.
Those of us in the sunbelt don't need that kind of news to stay warm & fuzzy. It looks like we're keeping our teams and we have nice weather. Win/win. Must be why there are so many Canadians down here right now. I'd be willing to give you guys one American franchise if you'd take all the people from Jersey with you.
I know this is getting OT-ish, so I have to give everyone else one free pass in the next half hour......
The weather there in the summer is not nice. Yes, I did live there for a couple of years, and from May to Sep/October, it's kind of miserable to be outside actually. I don't especially like the weather out right now, but I couldn't see myself living there year-round. Now San Diego? They have nice weather.
Counting the money now pledged to Hulsizer, Glendale's debt on sports-related venues with interest tops $1 billion.
Read more: http://www.azcentral.com/sports/coy...nix-coyotes-glendale-lease.html#ixzz182uCvglr
Ron Maclean called the new lease extortion on HNIC Friday night.Gary Bitemen is not going to like that.
Read more: http://www.azcentral.com/sports/coy...nix-coyotes-glendale-lease.html#ixzz182uCvglr
Ron Maclean called the new lease extortion on HNIC Friday night.Gary Bitemen is not going to like that.
I agree,this is a lot worse than the parking IMO.17.5 million more than triple what it should be.This is COG biggest proble here.
smokes
Registered User
- May 26, 2009
- 206
- 0
The latest from Shoalts (cringe at the sound of the name for some here...). Not much new, but thought I should post it...
http://www.theglobeandmail.com/spor...e-vote-could-end-coyotes-saga/article1836409/
The chief executive officer of True North Sports & Entertainment Ltd., who wants to bring an NHL team back to Winnipeg, realizes the Coyotes ship has sailed. A spokesman for Chipman said he will not be watching the proceedings in Glendale.
Several NHL sources say the Atlanta Thrashers are the next candidate for a move to Winnipeg, although Chipman declined to comment through his spokesman.
...
There is a chance the Goldwater Institute, a public watchdog, will take Glendale to court for violating Arizona laws against excessive public subsidies for private enterprises. But by the time any legal proceedings start, Hulsizer will be ensconced as the owner of the team. He already has preliminary approval from the executive committee of the NHL’s governors.
Carrie Ann Sitren, the Goldwater lawyer in charge of the Glendale matter, did not respond to a request for comment.
http://www.theglobeandmail.com/spor...e-vote-could-end-coyotes-saga/article1836409/
The chief executive officer of True North Sports & Entertainment Ltd., who wants to bring an NHL team back to Winnipeg, realizes the Coyotes ship has sailed. A spokesman for Chipman said he will not be watching the proceedings in Glendale.
Several NHL sources say the Atlanta Thrashers are the next candidate for a move to Winnipeg, although Chipman declined to comment through his spokesman.
...
There is a chance the Goldwater Institute, a public watchdog, will take Glendale to court for violating Arizona laws against excessive public subsidies for private enterprises. But by the time any legal proceedings start, Hulsizer will be ensconced as the owner of the team. He already has preliminary approval from the executive committee of the NHL’s governors.
Carrie Ann Sitren, the Goldwater lawyer in charge of the Glendale matter, did not respond to a request for comment.
Last edited by a moderator:
peter sullivan
Winnipeg
- Apr 9, 2010
- 2,356
- 4
upon first reading i thought matty was nuts to sign this agreement because after 5 years he will be sitting there with no more money tree and 30% of the cost of attending every game will be going directly to glendale and not the team....that model seemed to be crippling.
then i reconsidered this paragraph in the above AZ central article.
- After 5 1/2 years, Glendale could sell the arena to Hulsizer for no more than $130 million. If he isn't interested, the city could sell the arena to another buyer or renegotiate payments to Hulsizer to continue to operate the arena. The Coyotes would remain at the arena, even if the arena were sold.
why on earth would he buy the arena?....this $17m a year payment from glendale will go on in perpetuity.....do they think that in 5 years they will be able to say, 'ok we all know the arena management is only worth $5m'?.....the renegotiated management fee will not go down....if they are pretending that it is a legitimate value right now, what argument will they be able to make in 5 years that it should decrease substantially?....glendale is currently selling the fact that the fee is totally reasonable, thereby eliminating any leverage they will have to step back from that in the future.
glendale is basically signing on to a minimum $17m annual payment for the next 23 years....makes the first $125m seem like pittance.
then i reconsidered this paragraph in the above AZ central article.
- After 5 1/2 years, Glendale could sell the arena to Hulsizer for no more than $130 million. If he isn't interested, the city could sell the arena to another buyer or renegotiate payments to Hulsizer to continue to operate the arena. The Coyotes would remain at the arena, even if the arena were sold.
why on earth would he buy the arena?....this $17m a year payment from glendale will go on in perpetuity.....do they think that in 5 years they will be able to say, 'ok we all know the arena management is only worth $5m'?.....the renegotiated management fee will not go down....if they are pretending that it is a legitimate value right now, what argument will they be able to make in 5 years that it should decrease substantially?....glendale is currently selling the fact that the fee is totally reasonable, thereby eliminating any leverage they will have to step back from that in the future.
glendale is basically signing on to a minimum $17m annual payment for the next 23 years....makes the first $125m seem like pittance.
Last edited:
TheLegend
Megathread Gadfly
>CRINGE<
Looks like nothing that we all didn't know about already.... with the usual Shoalts spin attached of course.
TheLegend
Megathread Gadfly
Would it put your mind at ease if I told you most Yotes fans don't care for Lieberman either?
Tom ServoMST3K
In search of a Steinbach Hero
TheLegend
Megathread Gadfly
I would imagine that's why the variable parking rates.
I was going to go back to KDB's post where he said no one currently owns the parking rights, but I'll address it here.
They were charging $10 to park in what was the STH lot for most if not all of last year.
So where'd the money go??
Would it put your mind at ease if I told you most Yotes fans don't care for Lieberman either?
Lieberman is the only guy who has had the courage to oppose this Pejorative Slured idea.
"We're going to be a billion dollars in debt!"
"Yeah, but sports!"
I predict that this deal will be long remembered for how one-sided it is. Hulsizer's name will become synonymous with this sort of fleecing of the public in support of his private professional sports team.
Businessmen will nod in quiet admiration and awe and wish that they had the audacity to have pulled off a similar deal. They will whisper to themselves, "I wonder if we can pull of a 'Hulsizer' on this deal".
Public servants and politicians will cringe and hope they never get caught up in such a deal. They will say "I sure hope we don't get 'Hulsizered' on this deal".
Businessmen will nod in quiet admiration and awe and wish that they had the audacity to have pulled off a similar deal. They will whisper to themselves, "I wonder if we can pull of a 'Hulsizer' on this deal".
Public servants and politicians will cringe and hope they never get caught up in such a deal. They will say "I sure hope we don't get 'Hulsizered' on this deal".
Well the Glendale residents who complained that the owner was to blame for a bad hockey team can now look in the mirror when the team sucks.
When the ticket prices go up and parking fees rise no complaining.
When the ticket prices go up and parking fees rise no complaining.
Well the Glendale residents who complained that the owner was to blame for a bad hockey team can now look in the mirror when the team sucks.
When the ticket prices go up and parking fees rise no complaining.
People from Glendale can't hate the new owner. Self-hatred isn't healthy.
I predict that this deal will be long remembered for how one-sided it is. Hulsizer's name will become synonymous with this sort of fleecing of the public in support of his private professional sports team.
Businessmen will nod in quiet admiration and awe and wish that they had the audacity to have pulled off a similar deal. They will whisper to themselves, "I wonder if we can pull of a 'Hulsizer' on this deal".
Public servants and politicians will cringe and hope they never get caught up in such a deal. They will say "I sure hope we don't get 'Hulsizered' on this deal".
I was thinking about this in a similar vein, the sheer audacity of it. There's something distasteful about it from a purely PR perspective. In some way I feel that if this is the best the NHL can do, if this is what it takes to keep a team in a location, it's really not very assuring at all.
- Status
Ad
Latest posts
-
Post-Game Talk: ECSF GAME 3 - Sunrise 6 BRUINS 2 - Florida leads series 2-1- Latest: Ozzy Osbourne
-
-
