Mine? Its a dumb one, I went to Northern Arizona University (NAU) and played rugby so instead of rugger, only rutger was available when I chose my user name on another site and its stuck. Looks funny to most people I am sure.
hahah regardless it's pretty interesting! just wanted to know because it came of pretty odd to me lol!
Any agreement past September 30 can only take place if the NHL extends Glendale's rights for another month. October 9? Humm, it will be about two weeks then.
Any agreement past September 30 can only take place if the NHL extends Glendale's rights for another month. October 9? Humm, it will be about two weeks then.
This Tuesday but the dynamics of if an extension is needed will be interesting to note. Heck even if a formal council vote is needed for any of the actions will be some entertainment.
Can confirm GJamison & ALeBlanc met with City Mgr last Tues. to map out new agreement that Glendale Council workshop will see Tues. -- John Shannon
It appears new agreement between Glendale and Jamison group reduces payment in first 5 years, but maintains total over the 20 year lease. -- John Shannon (@JSportsnet)
That could be a good move if for COG if Jamison eventually buys the arena. (Thought I'd read he would look into that. Could be wrong, though)
Why would Jamison even contemplate buying the arena? He has a deal that would pay him $325 million to manage the arena, and he still gets to keep virtually all of the revenue. You don't buy the dairy cow if you can get the milk for free, and you certainly don't buy the cow if you are being offered exorbitant amounts to milk someone else's cow, while keeping all the milk for yourself.
Why would Jamison even contemplate buying the arena? He has a deal that would pay him $325 million to manage the arena, and he still gets to keep virtually all of the revenue. You don't buy the dairy cow if you can get the milk for free, and you certainly don't buy the cow if you are being offered exorbitant amounts to milk someone else's cow, while keeping all the milk for yourself.
Because if the city does end up in a Chapter 9 BK he may not see all the $325 million.
Remember Whilleee... more everyone on the BOH board has been opining since the beginning that BKs will get you out of everything.
But owning the building on top of the team adds a ton of value.
A very biased article that makes GWI look like a hero or "ninjas" as they stated. Also multiple accounting issues; they used a $16.2M as an annual payment to Jamison and tried to use the very flawed "Coyotes would lose $9 million a year even if they went to the Finals" article.
However, I am starting to see were the Casino plays in. They want to take over Glendale and they are shelling out cash to anyone on their side. So for GWI to be pushing for a "solution" for Glendale to sell the arena to Tohono O’Odham is laughable; in other news, GWI just saw a spike in donations from a certain group new Tucson....
Overall, I have never heard of the "Phoenix Magazine" until today. Since its an uncredited piece, I will say its dribble IMHO.
A very biased article that makes GWI look like a hero or "ninjas" as they stated. Also multiple accounting issues; they used a $16.2M as an annual payment to Jamison and tried to use the very flawed "Coyotes would lose $9 million a year even if they went to the Finals" article.
However, I am starting to see were the Casino plays in. They want to take over Glendale and they are shelling out cash to anyone on their side. So for GWI to be pushing for a "solution" for Glendale to sell the arena to Tohono O’Odham is laughable; in other news, GWI just saw a spike in donations from a certain group new Tucson....
Overall, I have never heard of the "Phoenix Magazine" until today. Since its an uncredited piece, I will say its dribble IMHO.
Its right up there in crap along with the Phoenix New Times.
A very biased article that makes GWI look like a hero or "ninjas" as they stated. Also multiple accounting issues; they used a $16.2M as an annual payment to Jamison and tried to use the very flawed "Coyotes would lose $9 million a year even if they went to the Finals" article.
However, I am starting to see were the Casino plays in. They want to take over Glendale and they are shelling out cash to anyone on their side. So for GWI to be pushing for a "solution" for Glendale to sell the arena to Tohono O’Odham is laughable; in other news, GWI just saw a spike in donations from a certain group new Tucson....
Overall, I have never heard of the "Phoenix Magazine" until today. Since its an uncredited piece, I will say its dribble IMHO.
If you want to know where the "best" of anything is (food, drink, theater, concerts, doctors, hospitals...) in the Valley, Phoenix Mag is the place to go. They also write some really nice fluff pieces on local businesses to promote shopping locally, along with travel tips on best places to visit in the state. And IIRC they also load it up with photos of the movers-and-shakers (primarily in Scottsdale) attending formal fund-raising events.
It's in the Food or Travel sections of magazine aisles for a reason.
I'm guessing based on the timing of this that "hockey mogul" Darcy Olsen spoon-fed this to PM. Just a gut feeling.
Quote:
Darcy Olsen is a casual hockey fan at best. Mention the term “crease violation,” and she will think of poorly-ironed slacks, not an errant attacker who wanders too close to the goal. Blue lines? Laser skin therapy will take those out.
So how is it that was named the 64th most influential person in the sport by The Hockey News on the publication’s yearly power list? The answer: by slapping down the Coyotes’ best shot yet at finding an owner. As president of the Goldwater Institute, Olsen was instrumental in scuttling a Glendale-subsidized ownership deal between the NHL and Chicago businessman Matthew Hulsizer last summer. For her efforts, Olsen won the ire of Senator John McCain, NHL President Gary Bettman and any number of Arizona hockey fans. But the big-government watchdog is unapologetic, which is why she finds herself just behind future-Hall of Fame Detroit defenseman Nicklas Lidstrom on The Hockey News list.
The Goldwater Institute is the conservative think tank created in his memory and his honor, and for mainstream conservatives, it’s the voice of reason and sanity. (OK, the right wing thinks it’s too liberal and the left wing thinks it’s too conservative, but for thinking people of all parties, this is an entity that actually does research and reasoning and doesn’t just mouth off without backing up what it’s saying.)
I hope no one is reading this Coyotes piece as anything more than the pathetically transparent and one-sided press release that it is
Because if the city does end up in a Chapter 9 BK he may not see all the $325 million.
Remember Whilleee... more everyone on the BOH board has been opining since the beginning that BKs will get you out of everything.
But owning the building on top of the team adds a ton of value.
I just can't see any way that in the event of a Glendale bankruptcy Jamison would see his best option being shelling out to purchase the arena and then carrying the freight for the arena, arena management and the Coyotes. Based on all of the negotiations thus far, it seems that none of the prospective owners, including Jamison, have an interest in a lease without a substantial AMF to subsidize the Coyotes operations. Consider, for example, whether you think Jamison would be willing to take the Jobing.com arena (for free) instead of the $325 million in AMF. He already in effect will own all of the value of the arena because he gets almost all of its revenues, so he would basically be foregoing $325 million in revenue without anything of additional value in return.
No, I think that if Glendale defaults on the AMULA and stops the AMF payments, Jamison's move will be to either sell the team for a profit or break-even price, or have the right to relocate to a lucrative market. I expect that he will have sought some assurances from the NHL that he will have those options open to him if Glendale crashes and defaults.
Based on all of the negotiations thus far, it seems that none of the prospective owners, including Jamison, have an interest in a lease without a substantial AMF to subsidize the Coyotes operations.
I may be wrong here but I believe a lot of it has to do with buying what has to be considered a distressed asset. While it wouldn't make sense now, purchasing the arena in the future could make a lot of sense in the event that Jamison is able to successfully turn the franchise around.
I may be wrong here but I believe a lot of it has to do with buying what has to be considered a distressed asset. While it wouldn't make sense now, purchasing the arena in the future could make a lot of sense in the event that Jamison is able to successfully turn the franchise around.
What would he have to gain though? The other 15% of the naming rights? Is that really worth shelling out whatever they would charge for the building plus years of maintenance plus years of property tax minus the other 15 years of the remaining 250M the city would have paid him? For him to say "I may buy it in the future" makes the the whole agreement seem easier to swallow for the city while costs him nothing. Why wouldn't he say it? It makes him look better.
I may be wrong here but I believe a lot of it has to do with buying what has to be considered a distressed asset. While it wouldn't make sense now, purchasing the arena in the future could make a lot of sense in the event that Jamison is able to successfully turn the franchise around.
As the arena manager, Jamison would already be extracting almost all of the revenue potential of the arena, without having to purchase the building. In addition, as arena manager, he will receive about $325 million in arena management fees, which he would not receive if he purchased the building. Why would he pay money to purchase the Jobing.com arena if it doesn't provide him any substantial revenue and it causes him to forego $325 million in fees?
It would be a dream scenario for Glendale to sell the arena to Jamison. But I doubt that they would be able to give it away to Jamison when he has the current lease deal on the table.
Frankly, I'm not sure why this option keeps on being raised. My guess is that it is so that some city council members can suggest it as a potential benefit to the city, even though it is completely unrealistic.
Well in Hamlet, Horatio served two purposes (as some argue).
1. Horatio is the "harbinger" of truth (telling COG about budget needs).
2. To be Hamlet's one true confidant (replace with Jamison's name and hope for a happier ending).
Glendale council meets to discuss Phoenix Coyotes deal
Quote:
The payment was $17 million this fiscal year.
Two months later, the council asked interim City Manager Horatio Skeete to renegotiate with Jamison to lower the payments in the early years.
The proposed changes would lower those numbers to $13 million in year one, $14 million in years two and three, $15 million in year four and $16 million in year five.
Well in Hamlet, Horatio served two purposes (as some argue).
1. Horatio is the "harbinger" of truth (telling COG about budget needs).
2. To be Hamlet's one true confidant (replace with Jamison's name and hope for a happier ending).
So the fun is starting. Changes include adding a 5 year option at the end of the deal with a requirement to have 40 hockey events a year with 30 non-hockey events; a $30K deduction would occur for each event under the 30 requirement.
With $500,000 each year for capital improvements. Overall life of the deal lowered to $320M. Lockout penalty=$60,000 per each game missed. A bonus of $600,000 will be given for every additional 20 events over the 30 non-hockey events.
Joyce comments that she met with the current owners of Westgate who said they have tenants willing to move in after the Coyotes agreement.
Last edited by naurutger: 10-02-2012 at 04:39 PM.
Reason: Updates
So the fun is starting. Changes include adding a 5 year option at the end of the deal with a requirement to have 40 hockey events a year with 30 non-hockey events; a $30K deduction would occur for each event under the 30 requirement.
With $500,000 each year for capital improvements. Overall life of the deal lowered to $320M. Lockout penalty=$60,000 per each game missed. A bonus of $600,000 will be given for every additional 20 events over the 30 non-hockey events.
Joyce comments that she met with the current owners of Westgate who said they have tenants willing to move in after the Coyotes agreement.
This is also including games missed this year. Gives the city a little extra incentive to get this done quickly because it is looking more and more likely that games are going to be cancelled pretty soon.
