Phoenix LXVII; Route66 - Aftermath
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12-21-2012, 10:37 AM
Join Date: Feb 2010
Originally Posted by
We should have know long ago if there really was money and owners lined up behind Jamison to buy this team.
Yes, your absolutely correct. It really does defy logic, that someone somewhere wouldnt have dropped a hint either by accident or design. If even in the strictest of vacuums when dealing with non-disclosures, it would have been simple straightforward common sense, indeed, the City of Glendales most basic and primary responsibility in performing due diligence that they receive an answer to that $300M question.
Clearly Greg Jamison doesnt have $170M+ to buy the team. Access to at minimum and according to general NHL guidelines that a purchaser also have cash or credit facilities available of no less than 50% of the purchase price in order to cover losses & cash calls moving forward. Its the absolute height of irresponsibility & folly, be it government or business to simply award a contract of really any magnitude to a front man for some mysterious group of backers who surely by now wouldnt have had any problem whatsoever in stepping out from the shadows if they were indeed that close to a closing.
Jamisons' "hinted" that former players "might be involved", and if so, they wouldnt be in it for much in terms of actual money, minimum minority investments in order to live the dream of being able to say "hey, I own a piece of an NHL franchise"; along with possible paid positions as Community Ambassadors, Assistant GM's, Scouts or whatever. I mean, God Bless them, but it takes a rare kind of player to be able to transition from playing the game to sitting in the ownership suites, Lemieux the only one who's been able to pull that one off, and only because he was owed a Steamboat Packets' worth of Gold by previous Penguins ownership and had some sharp practising Lawyers looking out for his interests.
Its possible John Kaites & Michael (not Jerry, but Michael independently) Reinsdorf are involved at the Minority levels, along with Jerry Moye's & formerly Steve Ellmans Minority Partner John Breslow and perhaps one or two other locals have committed. Then theres Hulsizer & the Ice Edge Holding's crew. Possible Gary Bettman told him after rejecting his bid for the Blues that he's welcome to join the club, but that he has to apprentice as a Minority Partner, and preferably in Phoenix. And finally, the Tohono O'odham Indian Band. Extremely controversial. After spending tens of millions in fighting off their advances, how does Glendale live with the fact that their now pouring millions more into the Bands bank accounts through Jamisons front?
As discussed earlier, theres nothing stopping him from subbing out the Arena Management Contract to Global-Spectrum, AEG or whomever at market value rates, performance based, pocketing at minimum 50% or more of the annual fee's being paid to him by the COG. Using the remainder to cover losses, pay for advertising & promotion, player contracts, whatever. Another possibility is that he's managed to convince a private investment firm, a banker of dubious repute and at high interest rates to accept Glendales promise of $300M+ as collateral on a loan, providing a Line of Credit. This of course flys in the face of Arizonas' Gift Clause, whereby its against the law for a municipality to strike a deal with private interests that would enable them to directly or indirectly use its contracts in order to garner cash or credit from a 3rd party. Because they arent backing his possible lines of credit it falls' into various shades of grey, as Jamisons' skirted the provision as his LLC holds the Arena Management Contract, the issue never addressed in the lease agreement, nor apparently discussed, vocalised, as he's been playing a shell game ever since entering the scene. Refusing to even show anyone under which conch he initially placed the pea, no one even certain if it exists, that the entire purchase may well indeed predicated on the procurement & signing of the Lease itself combined with minimum Minority Investments before the spigots are even turned on.
Frankly, I believe this is a Dirty Deal, outright
, that the NHL itself is complicit, quite likely one or more members of the BOG's up to their eyeballs involved, direct beneficiaries of Glendales largesse. Jamison acting as the conduit visa-vie sub-leasing & concessions along with any other number of possible services, promises made. The City of Glendale & most certainly the fans deserve far better, much more, but this is how the league operates, their pride on the line, backed into a corner. The NHL's been badly damaged, embarrassed throughout this entire ordeal, compounded by the fact that had ASG not had a complete meltdown forcing yet another retreat from Atlanta & the loss of a huge market, the Coyotes destined to return to Winnipeg, those plans destroyed, the nuisance of the Goldwater Institute in shutting down Hulsizers play etc, the Coyotes deep playoff run that may have tanked a Relo last spring to Quebec followed by a Lockout that frankly looks to me like it could go the full 12 Rounds and into next summer if not longer. And yet still, this is far from over. The teams not going anywhere, and even if Jamison bows out, I fully expect another volume in this ongoing saga, another suitor, a new Mayor, Council & City Manager, new conditions pursuant to a CBA, new proposals, models that might make more sense. Needless to say, Im thoroughly disgusted with the league, the manner in which theyve handled this situation, and unfortunately, all too typical of how they operate.
Last edited by Killion: 12-21-2012 at
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