They have both voted no in the past because COG was handing out money. If the deal is structure where COG is not incurring any new cash outlays, I cannot see them voting against.
They have both voted no in the past because COG was handing out money. If the deal is structure where COG is not incurring any new cash outlays, I cannot see them voting against.
And no matter how many times staff rationalizes the deal to Alverez she votes no because she is more concerned about opening to pools & library's. Sometimes you can't rationalize with people that have a myopic view of government. In her mind she see's money going out the door toward the Coyotes and not towards recreation et al things that's she is passionate about. What's fascinating is you have a political divide here with ironic common ground. Alverez will take a farther left stance (no money for private enterprises as that takes money away from community amenities) and Leiberman's new found Jesus (Tea Party) on the far right (no tax payer dollars for bailouts).
They have both voted no in the past because COG was handing out money. If the deal is structure where COG is not incurring any new cash outlays, I cannot see them voting against.
Crazy Phil voted Yea for the first $25 million. Of course, that was just an "insurance policy."
So you actually believe it costs that much to manage an arena and that this figure isn't inflated in any way to cover up the possibility that this is actually a subsidy?
So you actually believe it costs that much to manage an arena and that this figure isn't inflated in any way to cover up the possibility that this is actually a subsidy?
I believe that it is a number that they have made public, and that the truth won't be revealed until nobody cares anymore.
Yes, but now they'll have to pay for the arena PLUS a $ 20 M yearly fee. Considering they can't currently afford the full $ 25 M payment to the league, I don't see how they could put up $ 20 M every year for the next 5 years.
I'm not trying to be a jerk here, I just honestly don't understand how this can work.
maybe its 20 million for the first few years so glendale can pay there debt off to the NHL? instead of there one 25 million payment now?
I'm pretty certain that the budget was prepared independently of any potential deal, since there is no deal that's final and $20 million was pretty much a penciled in number to reflect what they thought it might cost to operate the arena. If you recall, they haven't actually looked into that because it would harm negotiations with potential purchasers (which is complete BS - the potential owners wouldn't even know that consultants had been retained and it could all be discussed during executive session. Who knows, maybe that study has been done and they're suppressing it from council or the public).
As Legend notes, nothing about any potential deal with GJ can be confirmed. As it stands, $20 million is just a number in the budget.
Crazy Phil voted Yea for the first $25 million. Of course, that was just an "insurance policy."
Yes, I was at the COG meeting when I believe Beasley himself told the council that a deal was close and they likely would not have to spend any of the $25mm. It's exactly why I have little faith in COG in closing this deal. Jamison seems like a perfect fit. Savvy businessman and experience running an NHL team. But we're still at the mercy of a bunch local yocals who are in over their head.
The cost of the arena is included in the $20 million. The costs are absorbed by the operator.
The rumored number is "only" $16 million however.
According to Scruggs, PHX pays at least $14mm in mgt fees for USAC. If that is accurate and the rumored $16mm for Jobing.com is accurate, it doesn't seem that out of line to me. GWI has previously complained about any mgt fee numbers saying there needs to be a bidding process. I would expect them to maintain that argument if/when any Jamison deal becomes public.
If any of what we are hearing is true, then it sounds like the NHL only has respect for the law only when the law benefits them. Then again, the same can be said about any business.
If any of what we are hearing is true, then it sounds like the NHL only has respect for the law only when the law benefits them. Then again, the same can be said about any business.
You could take that one step further. The NHL only respects that which benefits them.
Yes, but now they'll have to pay for the arena PLUS a $ 20 M yearly fee. Considering they can't currently afford the full $ 25 M payment to the league, I don't see how they could put up $ 20 M every year for the next 5 years.
I'm not trying to be a jerk here, I just honestly don't understand how this can work.
From what i understand right now he is currently asking for a 40 millions loan from the city of Glendale and almost 20 millions a year to manage the arena.
Like you said if city cannot afford 25 millions a year how can they afford that?
From what i understand right now he is currently asking for a 40 millions loan from the city of Glendale and almost 20 millions a year to manage the arena.
Like you said if city cannot afford 25 millions a year how can they afford that?
Leverage my good man, leverage!!... the same
accounting creativity that has brought entire nations to their knees...
... and completely painless right up to the day of reckoning.
If this mess straightens out it will be a modern day miracle rivaling mid east peace.
Honestly with the inflated purchase price, a stagnant economy, the normal distractions of an election year and possible shortened season it will take a lot more than just honest creativity to get by three seasons of mine fields laid in every direction.. and that's not to mention the politics of the issue.
In a normal political environment once GWI showed it's intentions the investor's focus should have been in getting some leverage on players like Darcy etc. to convince them to look the other way.
In a state that is rife with political scoundrels like Arizona that shouldn't have been too difficult..
The league let a minor problem grow into a keystone sized monster.
The League should have gotten serious and on this immediately once it was apparent the owner was a trickster instead of allowing it to bloat to asking price- they have some culpability..
So....who actually knows what back door deals are being made if any at all? but as it stands today it looks as though to me it will take a certain degree of intentional duplicity to accomplish the transfer.
In actuality we may never actually see what the deal takes until it is a done deal- if ever..
The management fee is fine. It's the interest free loan that is a problem. Again we arrive around the $100 million mark, which is what every prospective owner has valued this team at. If the league loves Phoenix so much, why not take a cut on the price and structure the deal so that Jamison can pay the NHL back interest free, rather than up front with borrowed municipal money?
Answer: because the NHL isn't a charity and the BATNA is Quebec.
The management fee is fine. It's the interest free loan that is a problem. Again we arrive around the $100 million mark, which is what every prospective owner has valued this team at. If the league loves Phoenix so much, why not take a cut on the price and structure the deal so that Jamison can pay the NHL back interest free, rather than up front with borrowed municipal money?
Answer: because the NHL isn't a charity and the BATNA is Quebec.
Quebec is willing to pay 170 millions for the team + 60 millions for relocation fees.
I had a change of heart.
