Phoenix XCI: Never Gonna Give You Up

[maruk14]

question though too little to late if this changes stuff?

Not sure - right now its a lot of PR and no details. The details are what really matter.

 

[DyerMaker66*]

John Shannon ‏@JSportsnet 2m
As a point of interest, Global-Spectacor is a big part of the proposed arena in Markham. Deep ties in sports and entertainment business

Hmmmmmmmmm can you say 5 year plan?

Global Spectrum also runs Copps Coliseum.

 

[ajmidd12]

It all depends on if this changes the finances or not. If the deal changes then its back to the table to negotiate a new management deal with these new partners. If nothing changes Glendale just keeps moving forward with the vote. They still need guarantees.

I think you're misunderstood.

Glendale is voting on their counter-offer that was proposed late Friday afternoon. Not the original deal that RSE tabled two weeks back.

RSE still hasn't approved said counter-offer (though I haven't been paying much attention this past long weekend).

In order for this to complete today, RSE has to approve Glendale's new terms (5 year out, couple other tweaks), and Glendale has to have a majority vote on the issue approving their counter offer.

I suspect the vote will go through as planned with 5-2 or 7-0 considering the CoG's Fridays revisions made it slightly better, but not by much, for them. Besides, there were comments made by the Councillors that they can back their revised deal, but not the original.

This will fall flat on it's face when RSE returns to Fortress expecting the financing with the new terms where they will say a blunt "No, we want the original deal, or no money". RSE won't be able to close and the NHL will once again be stuck with the team.

 

[JetSabre]

I don't know if you can hear this elsewhere, but that hollow sound is me banging my head against my desk.

This stuff drives me nuts, too.

Why does every NHL action seem to happen at the very last minute? I mean, a major arena management company suddenly shows up as RSE's "partner" on the morning on the day of the vote?

 

[cutchemist42]

I don't see how adding Global Spectrum makes the 15mil any easier to swallow?

 

[Yukon Joe]

Fugu, will you and the mods be providing any sort of counseling or 12 step program to deal with the post Coyotes threads depression? Assuming this ends tonight.

We don't need any injured members here

Who says this is going to be over tonight?

We've been here before. The COG had approved leases to Hulsizer and to Jamison.

A few weeks ago I predicted that RSE would work out a deal for a lease, it would get approved, but RSE would ultimately fail to close the deal.

So far that's on track to happen.

For tonight, the key to me is that Bettman and Daly are coming to the meeting. Bettman's a proud man - he's not going to show up to have the deal rejected. He knows the lease has the votes to pass.

 

[maruk14]

I think you're misunderstood.

Glendale is voting on their counter-offer that was proposed late Friday afternoon.

RSE still hasn't approved said offer (though I haven't been paying much attention this past long weekend).

In order for this to complete today, RSE has to approve Glendales terms (5 year out, couple other tweaks), and Glendale has to have a majority vote on the issue approving their counter offer.

I suspect the vote will go through as planned with 5-2 or 7-0 considering the CoG's Fridays revisions made it slightly better, but not by much, for them.

This will fall flat on it's face when RSE returns to Fortress with the new terms where they will say a blunt "No, we want the original deal, or no money".

Unless they table the vote as they negotiate revised terms. Are they really locked in on voting?

Like I said though - its great PR right now but Glendale needs RSE to change the financials of the deal and until that comes out we won't know anything.

 

[Donwood]

I don't see how adding Global Spectrum makes the 15mil any easier to swallow?

Because a professional manger makes the chances of RSE projections coming true much greater

 

[Free Edler]

Well, that was anticlimactic.

 

[Wheathead]

If I'm Glendale, I'm not looking at a 5 year plan. I'm looking at a plan to keep this team in Glendale for the long haul. What does 5 years get them in the end? Not much.

 

[ajmidd12]

Who says this is going to be over tonight?

We've been here before. The COG had approved leases to Hulsizer and to Jamison.

A few weeks ago I predicted that RSE would work out a deal for a lease, it would get approved, but RSE would ultimately fail to close the deal.

So far that's on track to happen.

For tonight, the key to me is that Bettman and Daly are coming to the meeting. Bettman's a proud man - he's not going to show up to have the deal rejected. He knows the lease has the votes to pass.

It won't be, hence the

Read my recent post on this page above.

Unless they table the vote as they negotiate revised terms. Are they really locked in on voting?

Like I said though - its great PR right now but Glendale needs RSE to change the financials of the deal and until that comes out we won't know anything.

Glendale will vote to approve the lease, with the modified terms they released Friday, yes they will vote.

Again, this is to put the ball back into RSE & the NHL's court. If the deal falls through from that end (which it likely will, Fortress wants more for their money), then the CoG will say, "we did all we could" which would be true.

The deal still sucks though, ponying up $15M annually when you have no guaranteed sources of the $9M shortfall revenue. Good luck to Glendale if RSE miraculously closes.

 

[barneyg]

In order for this to complete today, RSE has to approve Glendales terms (5 year out, couple other tweaks), and Glendale has to have a majority vote on the issue approving their counter offer.

I suspect the vote will go through as planned with 5-2 or 7-0 considering the CoG's Fridays revisions made it slightly better, but not by much, for them.

This will fall flat on it's face when RSE returns to Fortress with the new terms where they will say a blunt "No, we want the original deal, or no money".

...unless the deal that's voted on is palatable to RSE i.e. without the city out clause or with an out clause that's very unlikely to be triggered.

 

[Brodie]

I think you're misunderstood.

Glendale is voting on their counter-offer that was proposed late Friday afternoon. Not the original deal that RSE tabled two weeks back.

RSE still hasn't approved said counter-offer (though I haven't been paying much attention this past long weekend).

In order for this to complete today, RSE has to approve Glendale's new terms (5 year out, couple other tweaks), and Glendale has to have a majority vote on the issue approving their counter offer.

I suspect the vote will go through as planned with 5-2 or 7-0 considering the CoG's Fridays revisions made it slightly better, but not by much, for them. Besides, there were comments made by the Councillors that they can back their revised deal, but not the original.

This will fall flat on it's face when RSE returns to Fortress expecting the financing with the new terms where they will say a blunt "No, we want the original deal, or no money". RSE won't be able to close and the NHL will once again be stuck with the team.

Glendale can just amend the deal in session tonight to remove that out.

 

[BnGBear1970]

I don't see how adding Global Spectrum makes the 15mil any easier to swallow?

It doesn't, but a bunch of us suspect that this will make some of the councilmembers say "well, it still a turd wrapped in used tin foil, but it's a Dolce & Gabbana! We have to have it!"

 

[maruk14]

Because a professional manger makes the chances of RSE projections coming true much greater

RSE projections are irrelevant (unless I am misunderstanding something) because even with those projections the city still punted back to them with an out clause and updated financials.

Unless the financials change (and they very well could) this new news won't matter if the CoG stays true to the course they set out on last Friday.

 

[Brodie]

For tonight, the key to me is that Bettman and Daly are coming to the meeting. Bettman's a proud man - he's not going to show up to have the deal rejected. He knows the lease has the votes to pass.

I think this angle is overstated... they're there to negotiate. if negotiations don't go their way, I don't think they stay to attend the meeting

 

[gstommylee]

Glendale can just amend the deal in session tonight to remove that out.

but what about the 24 hour notice.

 

[Evil Doctor]

John Shannon ‏@JSportsnet 2m
As a point of interest, Global-Spectacor is a big part of the proposed arena in Markham. Deep ties in sports and entertainment business

Hmmmmmmmmm can you say 5 year plan?

Shannon seems a little behind. I'm beginning to wonder if he can even read...

(For the record Global Spectrum is also the brand new manager of Copps Coliseum in Hamilton, and actual arena unlike the gingerbread arena in Markham....)

 

[Donwood]

http://www.azcentral.com/opinions/articles/20130701council-should-stand-firm.html

 

[superdeluxe]

Glendale can just amend the deal in session tonight to remove that out.

I don't think they can, based on the language stating it can't put the CoG in any financial harm/risk to do so.

I don't have a link to the actual passage.

 

[ajmidd12]

Glendale can just amend the deal in session tonight to remove that out.

You may be right, I'm not 100% sure on Arizona Public Law.

I assumed, though, that any major modifications such as removing protection clauses, need to be tabled for 72 hours for public review prior to a council vote. No?

 

[Brodie]

but what about the 24 hour notice.

there was never a 24 hour notice. Sherwood said that, but he also said they'd give the public a week to vote on any final deal... if they want to change the deal, they will.

 

[NYNordsFan]

Help me Rick Astley, you're my only hope

my nomination would have been for "The Royal Scam"

See the glory
of The Royal Scam....
http://www.youtube.com/watch?v=F9D6TkKZW7Q

 

[gstommylee]

there was never a 24 hour notice. Sherwood said that, but he also said they'd give the public a week to vote on any final deal... if they want to change the deal, they will.

So they can make any changes they want with out letting the public look at it. That is illegal.

 

[mouser]

Yes since Arizona doesn't observe daylight savings for the majority of the year (early March-early Nov) they are actually on PST. 3 hours behind EST.

Actually Arizona is on MST, not PST. The west coast isn't on PST at the moment either, they're currently on PDT.