Phoenix LXXII: Send in the Clowns
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02-19-2013, 08:48 PM
Join Date: Mar 2010
Location: Location, Location!
Originally Posted by
I certainly don't agree that the speculated $170M
price is asinine. The BoG is now likely as much as $230M into their BofA LoC after having purchased the team and financed both its operations/losses and its various legal wranglings these past 4 years - even after a few palettes of cash from the city. Even if the TNSE $60M relo fee were to be applied to Phoenix (which isn't a safe assumption, I think) an asking price of $170M would still be in order. Bottom line, we dont know what the asking price is to keep the team in town or to move it to another city.
And let's also not fool ourselves into thinking that the 29 leather seats around the BoG table are of one mind, either in their opinion for the situation in Phoenix or in their level of support for the commissioner himself.
This may be a late response, but your opinion is noted and rejected. The NHL decided to make the play of purchasing the team from BK and holding on as long as they have. To insinuate any "True Cost" since the BK is more folly than stating a 170 mil asking price.
If I buy a used truck for 20k, then subsequently put in another 5k in repairs does it matter if the actual market value is 15k? I consciously paid too much to begin with, then willingly added to my net cost with the repairs. Just because I really really really want to get out net neutral, doesn't change the fact I'm 10k over market value.
The only way this equation worked in the past was because the COG was willing to kick in for the negative equity. Since they are no longer a willing partner in this plan there is only one choice. Take the truck to a market that is willing to pay 25k.
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