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None of the reductions are in police or fire. Police lost >20 FTEs last year, including 10 vacant officer positions and a handful of crime prevention positions.
These reductions are mostly in parks & rec and in public works. Glendale Jazz & Blues Festival (400,000 annual attendance apparently) and downtown beautification positions eliminated. Preventative maintenance of HVAC systems eliminated.
So they cancel support for something that draws about as many fans as the Yotes but for a lot less money......
Quote:
Originally Posted by CREW99AW
Plenty's happened. Unfortunately, because of the lockout penalty clause, we are in a holding pattern. It makes little sense for Jamison to close the deal before Jan. 31, 2013.
http://www.mynhltraderumors.com/tag/phoenix-coyotes/
•David Pagnotta via twitter: Part of the Glendale City Council vote: “3. (My fav) The Arena Manager will pay the city $60,000 for every game not played during the season caused by a lock out or player’s strike.”
The lockout should hasten his purchasing of the team. If the season is lost, he pays about $2.7 mil to the city but gets to pocket a cool net of what, about $7 mil for doing nothing except buying the team.
Quote:
Originally Posted by GF
Nothing will happen. GJ doesn't have the cash. He would have bought them long ago if he did. Days not weeks, remember?
Exactly because if he did, he would buy it to make sure he gets the big payday from the city.
So they cancel support for something that draws about as many fans as the Yotes but for a lot less money......
The lockout should hasten his purchasing of the team. If the season is lost, he pays about $2.7 mil to the city but gets to pocket a cool net of what, about $7 mil for doing nothing except buying the team.
Exactly because if he did, he would buy it to make sure he gets the big payday from the city.
That's what I thought as well. 15 million per year to run the arena. If the Yotes miss an entire year he has to give back about 2.5 million. Giddyup what's the hold up?
So for 2.5 million per year he can forget about the Yotes entirely and just accept 12.5 million per year to manage the place. Again I couldn't sign fast enough. The paper might combust.
Last edited by Charon of Styx: 12-17-2012 at 04:36 PM.
The lockout should hasten his purchasing of the team. If the season is lost, he pays about $2.7 mil to the city but gets to pocket a cool net of what, about $7 mil for doing nothing except buying the team.
.
I haven't come across one article, that tells when the City would send Jamison his management check.
For all we know, he gets that check in April at the end of the regular season or after the SC playoffs.
What we do know, is that he loses $60,000 per home game during a lockout.
Unless an emergency meeting is called.... correct.
Nope workshop tomorrow and one meeting in January before the new council takes over. Not sure if Glendale council has the tradition for outgoing members to give a farewell speech I know Lieberman did one. I look forward to Clark's
The lockout should hasten his purchasing of the team. If the season is lost, he pays about $2.7 mil to the city but gets to pocket a cool net of what, about $7 mil for doing nothing except buying the team.
and his AC bill would be pennies, not needing to actually have ice in there. and think of all that free beer and snuggies he wouldn't have had to give away.
I haven't come across one article, that tells when the City would send Jamison his management check.
For all we know, he gets that check in April at the end of the regular season or after the SC playoffs.
What we do know, is that he loses $60,000 per home game during a lockout.
Lets do the math again....
He loses 60,000 a game from the 366,000 a game he gets. Yes I know he still has to manage the place with other things for that 366,000 a game but I didn't see any performance clause penalties other than the 60,000 a game. Maybe he could get away with no other bookings.
Who cares when they give it to him? and I'd have a hard time believing he had to start paying the city before they started paying him.
Last edited by Charon of Styx: 12-17-2012 at 05:17 PM.
Lets do the math again....
He loses 60,000 a game from the 366,000 a game he gets, yes I know he still has to manage the place with other things for that 366,000 a game but I didn't see any performance clause penalties other than the 60,000 a game. Maybe he could get away with no other bookings.
Who cares when they give it to him? and I'd have a hard time believing he had to start paying the city before they started paying him.
All I know is... if I was Jamison I would watch out when I go to cash that AMF cheque... the bounce just might take your head off.
and his AC bill would be pennies, not needing to actually have ice in there. and think of all that free beer and snuggies he wouldn't have had to give away.
See you have it backwards. You don't get free beer with you buy a ticket. You get a free ticket when you buy beer...
That's what I thought as well. 15 million per year to run the arena. If the Yotes miss an entire year he has to give back about 2.5 million. Giddyup what's the hold up?
So for 2.5 million per year he can forget about the Yotes entirely and just accept 12.5 million per year to manage the place. Again I couldn't sign fast enough. The paper might combust.
You forgot one very important expense- cost of capital! The money needed to purchase the team costs a lot of money each year. Lets just say that it is junk bond quality so a cost of capital could well be 5-8%. At 5%, the cost of the money is ($170MM purchase price) is 8.5MM per year. The coaches and and a skeleton staff still cost $6MM++ so tell me where is GJ making money without his team playing? Real answer: he isn`t!!!
Top Glendale administrators, including interim City Manager Horatio Skeete, signed off on improper transfers from a city fund to help make ends meet, according to more than three years of records reviewed by The Arizona Republic.
The records, which include internal e-mails, provide insight on who was involved in the transfers. None of the e-mails about the transfers included now-retired City Manager Ed Beasley, but Skeete recently told the council final decisions always rested with Beasley.
Budget Director Sherry Schurhammer said she and Skeete had recommended providing the council with at least an estimate of the early-retirement penalty, but Beasley chose not to include it in his 2009-10 budget. Beasley could not be reached for comment.
The city auditor who reviewed the Risk Management Trust Fund this spring had raised concerns that Skeete was making it difficult to conduct the audit.
Asked whether he ever questioned or knew that the transfers were improper, Skeete said he relied on the risk manager and the HR head’s recommendation. “It probably should have been discussed more,” Skeete said.
Teflon Eduord. Skeete unknowingly set up to take the fall.
We're two weeks away from everything being finalized in two weeks.
This deal will NEVER go down, take that to the bank all day! BTW, GJ has no money of his own much less any investors with a pot to piss in! Lets watch this unfold and then laugh and weep at the same time. Why weep? The story that never stops giving will have an ending, calls for a sequel will echo through the canyons of AZ. to the frozen ponds of Manitoba, "HO-HO-HO as he sped out of sight, merry Christmas to all and to all a good night."
You forgot one very important expense- cost of capital! The money needed to purchase the team costs a lot of money each year. Lets just say that it is junk bond quality so a cost of capital could well be 5-8%. At 5%, the cost of the money is ($170MM purchase price) is 8.5MM per year. The coaches and and a skeleton staff still cost $6MM++ so tell me where is GJ making money without his team playing? Real answer: he isn`t!!!
Well if he has to borrow 100% of the purchase price the league will never sell him the team. If the other expenses are indeed 6 million this season, the league is really taking it. This Phoenix episode not costing them anything, would have to be a miracle
Last edited by Charon of Styx: 12-17-2012 at 06:13 PM.
You forgot one very important expense- cost of capital! The money needed to purchase the team costs a lot of money each year. Lets just say that it is junk bond quality so a cost of capital could well be 5-8%. At 5%, the cost of the money is ($170MM purchase price) is 8.5MM per year. The coaches and and a skeleton staff still cost $6MM++ so tell me where is GJ making money without his team playing? Real answer: he isn`t!!!
Well this is equity, so the cost of equity is higher than debt.
Still until we know who the investors are we don't know what their motives and investment objectives are.
BTW Isn't it time to start considering names for thread 67?
You forgot one very important expense- cost of capital! The money needed to purchase the team costs a lot of money each year. Lets just say that it is junk bond quality so a cost of capital could well be 5-8%. At 5%, the cost of the money is ($170MM purchase price) is 8.5MM per year. The coaches and and a skeleton staff still cost $6MM++ so tell me where is GJ making money without his team playing? Real answer: he isn`t!!!
Coaches and staff at $6 mil? Really? You must have missed where there is basically no one working there.
Also let's be more realistic about the numbers. The "cost of money" you disregard the capital contribution because those are a sunk contribution. The investors think they will get a return based upon the team profits, not a specific interest rate. higher risk but more theoretical upside. If the cost of borrowing is 7% on 100, mil, that is $7 mil per year. Lets say other expenses are $4 mil per year. That is $11 mil per year.
Based upon the contract, his buying the team now will result in a penalty for all games not played while he owns the team, not for the entire season. So let's say that is 30 total games at 60k per game. $1.8 mil. That is 12.8 mil. He gets what, 12 mil the first year? so he loses 800k but owns the team, gets the public in the area behind him, builds credibility, good will, relationships with the area, starts booking other acts that are profitable for the arena, etc. I fail to see the downside of purchasing the team immediately. Hence, no money.
Skeete unknowingly set up to take the fall.
