News Article: [Update] ABOR approves updates for Coyotes to use ASU’s new arena next season.

[PainForShane]

Murelo is a billionaire not a multi-billionaire. I don't think he can sustain that kind of loss for four seasons.

He's supposedly worth $2B. That and it's all about the online betting. He'll be fine.

Edit: I don't think we'd be here if the gambling license wasn't attached to owning the team.

According to Forbes Meruelo isn't worth a Billion (you can search the list by name). I checked every year since he bought the team, he was never listed on the Forbes billionaire list. Maybe some of that is due to COVID and maybe not.

Forbes Billionaires 2021: The Richest People in the World

Meruelo claimed he's worth $2B (that's what he claimed before COVID) because of a bunch of private assets that no one's ever really valued, that number has been printed and re-reprinted in the press who knows how many times so now people assume it's true. Now he has a gambling license which is definitely worth something provided he can keep the team. Still, according to Forbes, Meruelo is not that rich. I tend to believe them, especially since Meruelo has been late on things like rent, player payments etc

 

[Kai Yo T]

According to Forbes Meruelo isn't worth a Billion (you can the list by name). I checked every year since he bought the team, he was never listed on the Forbes billionaire list.
Forbes Billionaires 2021: The Richest People in the World

Meruelo claimed he's worth $2B (that's what he claimed before COVID) from a bunch of assets that no one's ever really seen, that number has been printed and re-reprinted in the press who knows how many times so now people assume it's true. Now he has a gambling license which is definitely worth something provided he can keep the team. Still, according to Forbes, Meruelo is not that rich. I tend to believe them, especially since Meruelo has been late on things like rent, player payments etc

Yeah. I trust Forbes more than my online search where all I can do is avoid Wiki and use judgement and hope the info. is accurate lol.

 

[PainForShane]

Yeah. I trust Forbes more than my online search where all I can do is avoid Wiki and use judgement and hope the info. is accurate lol.

It's not your fault, that $2B number has been printed and re-printed everywhere. I'm not sure it was ever accurate though, and that was before COVID made a huge mess of everything. Hopefully I'm wrong tho (as is Forbes)

 

[Name Nameless]

What is the possibility Glendale don't hate the team so much they want it entirely gone from Arizona? Because this isn't going to go well with the league.

 

[Dirty Old Man]

Hahaha, we're gonna get the temp Tempe arena? That's awesome.

 

[TheLegend]

Just going to say this......

Forbes is NOT the pillar of financial knowledge it was once was.

Most (if not all) of Meruelo's holdings are private. Therefore his net worth is based upon a lot of cocktail napkin calculations during three martini lunches.

 

[GiveAFlyingPuck]

Hahaha, we're gonna get the temp Tempe arena? That's awesome.

Ryan Howard Arena

 

[Kai Yo T]

Just going to say this......

Forbes is NOT the pillar of financial knowledge it was once was.

Most (if not all) of Meruelo's holdings are private. Therefore his net worth is based upon a lot of cocktail napkin calculations during three martini lunches.

I think this is really about the gambling profits offsetting team losses anyways?

Edit: I just can't guess how much impact sports betting will have on AMs bottom line. It's gotta be huge tho, right?

 

[rt]

It seems to me that this is the perfect time to play in a 5000 arena. Given the team and the COVID attendance has been way down anyway, and around most of the league for sure. In 3 years things might be wide open again and right on time a 17,000 person arena is ready for the team.

True. Team is tanking on purpose and attendance is down league wide anyway.

 

[TheLegend]

I think this is really about the gambling profits offsetting team losses anyways?

Edit: I just can't guess how much impact sports betting will have on AMs bottom line. It's gotta be huge tho, right?

The gaming income won't be enough. But without the Coyotes he doesn't have it at all. Nor does he have an entertainment district.

What you have to keep asking yourself is, "what the long term goal?" And if all of this financial pain up front will pay off at the end?

 

[rt]

Listening to the Marek show. Friedman says that he’s been hearing for weeks that this is a 100% a done deal for next season … IF … BIG IF … the Tempe gets done.

 

[XX]

This will be a bloodbath revenue wise. Like it might set the team back 20 years. Poison pill worth of debt.

 

[Prarievarg]

I'm so happy I made that thing. haha

I did one too. Though it was mine that was floating around, but maybe not haha

 

[Kai Yo T]

The gaming income won't be enough. But without the Coyotes he doesn't have it at all. Nor does he have an entertainment district.

What you have to keep asking yourself is, "what the long term goal?" And if all of this financial pain up front will pay off at the end?

Yeah, that's how I see it. The motivation is definitely there for the long term gain. I'm not as skeptical of his capability to do it as some are either.

 

[TheLegend]

Yeah, that's how I see it. The motivation is definitely there for the long term gain. I'm not as skeptical of his capability to do it as some are either.

Well his not paying bills to Glendale on time certainly gives anyone reason to think that.

But if this does happen, and Meruelo follows up with investing millions to get the temporary situation with ASU done. What would you think then??

 

[AZviaNJ]

Advantages to playing at ASU.

- Moves the team to Tempe where they want to end up.
- Partnering with ASU could bring some influence with the Tempe city council. (IF.... Meruelo puts up a lot of his own finances in getting it done. Shows his commitment.)
- Infuriating BOH main board posters.

Downside.

- A ton of moving pieces still.
- Huge timeline/logistics issues.

 

[TheLegend]

Listening to the Marek show. Friedman says that he’s been hearing for weeks that this is a 100% a done deal for next season … IF … BIG IF … the Tempe gets done.

You got two people on the Tempe council who are supposedly leaning "no" and you need one of them to flip. How do you convince them you're not the guy who Glendale portrays you as??

 

[awfulwaffle]

You got two people on the Tempe council who are supposedly leaning "no" and you need one of them to flip. How do you convince them you're not the guy who Glendale portrays you as??

Working with ASU on this and holding up your end of the bargain for costs associated with making ASU work.

 

[rt]

This will be a bloodbath revenue wise. Like it might set the team back 20 years. Poison pill worth of debt.

What’s the alternative (apart from out of market)?

 

[Jakey53]

Murelo is a billionaire not a multi-billionaire. I don't think he can sustain that kind of loss for four seasons.

Murelo is no dummie, he knows what he can and can not afford, and has looked at all scenarios and will pick the best one for him.

 

[PainForShane]

Just going to say this......

Forbes is NOT the pillar of financial knowledge it was once was.

Most (if not all) of Meruelo's holdings are private. Therefore his net worth is based upon a lot of cocktail napkin calculations during three martini lunches.

Exactly. Fairly easy for Meruelo to inflate these numbers himself especially after kicking back a few.

You can believe who you want to, I just find it more credible to believe an independent publication (with no real incentive either way) than a guy who obviously would want people to think he's rich (so that he can continue to get loans as needed / own a hockey team etc).

 

[Kai Yo T]

Well his not paying bills to Glendale on time certainly gives anyone reason to think that.

But if this does happen, and Meruelo follows up with investing millions to get the temporary situation with ASU done. What would you think then??

I think you may have misread what I said? "I'm not as skeptical of his capability to do it as some are either." I feel pretty good about this news. For now lol.

 

[XX]

What’s the alternative (apart from out of market)?

Preferably not f*** up the relationship with Glendale to begin with. But considering they're looking at $50m in improvements, surely there is a short term deal to be had. They aren't fanatics. And I'm positive paying ~$5m a year for 4 years will cost less than the ASU temporary home. The Coyotes paid f*** all for rent, relatively speaking, for GRA.

This is the exact scenario where the league should use their general fund to ease the pain. If they truly don't like Glendale and the Coyotes can be given a real bridge to Tempe, the league should help out financially.

ASU should be plan B. It's good to have an actual option, as expensive as it may be. It just shouldn't be the first option if Tempe goes through.

 

[Nowotny]

What will annual losses be in a 5 ,000 seat arena

If this COVID nightmare continues they will have bigger attendance than Leafs

 

[TheLegend]

Exactly. Fairly easy for Meruelo to inflate these numbers himself especially after kicking back a few.

You can believe who you want to, I just find it more credible to believe an independent publication (with no real incentive either way) than a guy who obviously would want people to think he's rich (so that he can continue to get loans as needed / own a hockey team etc).

Easy for Forbes to deflate things too.

You understand many of Forbes writers actually PAY them for the space? They don't work for Forbes. They are independent bloggers who pay to have the Forbes name attached to them.