No but I plan on giving the COG 50% of my profits for every unit sold to a resident of Arizona and call it Glendale Corp (Don't forget to click the link)
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?
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?
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.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.
When I posted my thoughts after reviewing the lease I mentioned that if you're going to block this deal you would need to do focus on the Arena Management payment, not the parking.
You mean $15.81 per event. And that's assuming the Coyotes play 50 games a year. 2 pre-season, 41 regular season (no more Europe, no Saskatoon) and 7 playoff games. The long run avg home playoff games per team per year in a 30-team NHL is about 3. And of course there has to be a $0 cost to run the lots for COG, which is a bit of a problem. But that's splitting hairs.
Prices are outlined in the agreement as between $5 and $20 per space, correct?
Are lawyers allowed to use time value of money concept or does that have to be conveniently ignored for this goofy exercise? Even using a 3% discount rate, that $15.81 over 23 years no longer applies. It's $21.47 per space per event to equate to $100,000,000 today, which is of course more than they're actually allowed to charge.
Of course time value of money is irrelevant if the city can fund that $100,000,000 payment interest-free. What do you think the rate on the bonds will be? 5%? 6%? 7%? A 6% discount rate means they need to pull in $27.88 per space.
Choose to ignore time value of money if you wish. In theory they could have easily paid $100,000,000 to Hulsizer, who would agree to pay it back $1 a year for 100,000,000 years and voila, the city gets back what they invested. That would be a-okay with the gift clause too, correct?
Councilman Phil Lieberman blasted the deal as "ridiculous" Friday night. He said Glendale cannot afford the terms of the agreement.
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.
Oh no, Phil's confidence is fading! Quick, someone call Logan Wade!
Oh no, Phil's confidence is fading! Quick, someone call Logan Wade!
Most fans will not pay anywhere near 20 for parking,they barely pay that for their tickets.This will only hurt attendance not help it.
Would it put your mind at ease if I told you most Yotes fans don't care for Lieberman either?
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.
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".