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Sale of Coyotes to Jamison in Question (UPD: deadline won't be extended)
Pretty much. Glendale's not going to drop any more money into it, I doubt that the NHL wants to keep holding on to a white elephant next season, and if the league couldn't find an owner with a massive public subsidy on the table, what chance is there for a deal now without all that assistance?
It won't be announced until after the Yotes are eliminated, and I'm sure that a few "interested buyers" will be trotted out now and then, but at this point.... yeah, the Yotes are effectively a dead team skating.
+1
They had 3 years to sell the team. They needed to throw 50m$ to let the NHL try to find a buyer and a 320m$ subsidy to sweeten the deal to said buyer. They couldn't make it. I don't see what could be done to change the situation.
Maybe they don't want to cut civil services to prop up a sports team that has never made money
I think he meant that if Jamison presented the council with some proof that he could close by next week, you'd at least have some hemming and hawing from the old guard that voted for the Jamison AMULA. That there's only been Weiers' line in the sand is telling as far as how far off Jamison is from purchase.
Veteran sports executive Greg Jamison failed to purchase the Phoenix Coyotes on Thursday, but he and other suitors will continue efforts to buy the National Hockey League team in coming weeks, according to multiple sources.
“We will not be able to complete our purchase of the Phoenix Coyotes today in time to meet our deadline with the city of Glendale,” Jamison said in a prepared statement released Thursday night.
“However, our journey to purchase the Coyotes will continue. We realize this will require additional conversations with the city of Glendale and the NHL. We still believe we can reach an agreement that satisfies everyone. We hope negotiations with the city proceed as smoothly as possible, as everyone involved wants the Coyotes to remain in Arizona.”
...
City Councilman Gary Sherwood told The Republic that he understood Jamison and NHL officials discussed several options to assemble an ownership group during just the past two weeks.
During that time, a major new investor emerged, but the new investor demanded a controlling interest, which Jamison was reluctant to cede. Jamison instead tried to press on with a larger collection of smaller investors, but the group failed to jell before the city’s deadline.
...
The councilman declined to identify the deep-pocketed investor, but said he expects the investor to move forward without Jamison in a separate attempt to buy the team.
“There is a suitor that’s been vetted through the National Hockey League, that’s been OK’d by the National Hockey League, that has money,” Sherwood said.
...
Glendale Mayor Jerry Weiers said NHL commissioner Gary Bettman assured him that if Jamison’s efforts fell short, the NHL was dedicated to keeping the team in Glendale.
I would like to see a picture of the shoes of this supposed investor
I would like to see a picture of the shoes of this supposed investor
Just kill it already!
Put out the new "FOR SALE" sign:
"Any and all serious offers welcome: those that want to keep Coyotes in Glendale, and those who want to move the Coyotes elsewhere - ANYWHERE! And we really, really, mean it this time."
Even if they find another moron to buy the franchise, how long before he declares bankruptcy and we're right back where we started? The Coyotes are a playoff team and are averaging 9000 fans during the week. It's pathetic, move this franchise already!
As someone who is totally new to this issue, can someone explain me the entire situation:
What is intention of city of Glendale? What is the current status of Phoenix Coyotes? Until how long (what year) are they guaranteed to be in current location? Who owns the arena? NHL or the city? Does city contribute to the running of team? Or is it actually hampering the prospects? Whats the problem with Jamison acquiring Coyotes?
Just kill it already. Put a new for sale sign. Try to find local investors, if not, hear offers from other cities. It's not right to hold the city of Glendale as hostage forcing them to pay for the survival of this franchise. I'm sure there are plenty of other cities who are willing to take an NHL franchise.
As someone who is totally new to this issue, can someone explain me the entire situation:
What is intention of city of Glendale? What is the current status of Phoenix Coyotes? Until how long (what year) are they guaranteed to be in current location? Who owns the arena? NHL or the city? Does city contribute to the running of team? Or is it actually hampering the prospects? Whats the problem with Jamison acquiring Coyotes?
I am completely lost.
oh bro... there's a sticky thread on top of this boards, it links to the previous threads on the Coyotes financial situations.... with like 5 years of discussions. lol.
Well penalty Kill, heres a very breif synopsis of the 70 or so threads on this matter. The NHl continues to own the Coyotes, but jamison who was the public face of the latest attempt to buy the coyotes and keep them in Arizona, failed to meet the january 31st deadline to purchase the team in order for Glendale to Subsidize the team for the next 20 years. jamison would be paid roughly 15 milion a year to manage the arena and book events to generate revenue outside of coyotes home games. The nhl, to date has not done a good job at getting events into jobing. the outgoing council approved this subsidy but with the missed deadline the subsidy is off the table, and the new council if they approve a subsidy, would be far less favorable to jamison than the just expired offer. Phoenix has never made a profit and since they came out of bankruptcy the losses have been large, 30-40+ million a year. Glendale paid 25 million a year for two years to cover losses, but that money did not cover all losses incurred. without a subsidy the owners would have to pay for the losses, again 30-40 million a year, themselves. while a billionaire could absorb such losses, jamison did not have that kind of personal wealth.
As someone who is totally new to this issue, can someone explain me the entire situation:
What is intention of city of Glendale? What is the current status of Phoenix Coyotes? Until how long (what year) are they guaranteed to be in current location? Who owns the arena? NHL or the city? Does city contribute to the running of team? Or is it actually hampering the prospects? Whats the problem with Jamison acquiring Coyotes?
I am completely lost.
It will take you at least a year to get up to speed. Literally.
Because he could buy the team for about half of what the NHL believed that territory (greater TO) was worth.
If they expand to TO, the other 30 teams get to split the expansion fee, allegedly worth $400 MM+.
If someone buys an existing team, the owner of that team gets his money ($220 MM per JB's bid, iirc) and the rest of the teams split the relocation fee. At that time, I think a sports economist was saying the relo fee would be an additional ____ (less than $100 MM iirc).
A 400 million dollar expansion fee? You're off your rocker.
As someone who is totally new to this issue, can someone explain me the entire situation:
What is intention of city of Glendale? What is the current status of Phoenix Coyotes? Until how long (what year) are they guaranteed to be in current location? Who owns the arena? NHL or the city? Does city contribute to the running of team? Or is it actually hampering the prospects? Whats the problem with Jamison acquiring Coyotes?
I am completely lost.
you're basically asking us to tell you what's happened so far in a season of "24" so you can watch the last four episodes.
what you need to know right now:
The city owns the arena, and pays someone (either the NHL now or new owner) to manage it. They still have massive arena bonds to pay off from building the arena.
CoG negotiated a sweetheart lease with Jaimeson last year. The thought was that with a good lease Jaimeson could find the investors.
Elections happened and the new council/mayor are not in favor of that lease, which had a january 31st closing deadline.
Jaimeson did not get the investors.
going forward:
CoG still wants to keep the coyotes in glendale, but on a 'more fair' deal. How much less money that is we do not know.
Jaimeson is still attempting to find investors and negotiate a new lease.
A mysterious third party, possibly a calgary oil guy, has now entered discussions to get a lease deal and purchase the team.
The coyotes are tied to glendale only on a year to year basis at the moment. They can be moved at the end of the season if the NHL chooses.
A 400 million dollar expansion fee? You're off your rocker.
400 million sounds about right to me... a second TO team will be guaranteed top 5 in revenues. why do you think the NHL blocked Balsillie from trying to move a team to Hamilton ?
he told the judge "league opportunities"... read as follows...
- expansion fees are not part of HRR.. so don't need to split with PA
- every owner gets a cut of the pie, relocation not so
- TO2 expansion value is worth minimum twice any other city in NA.
400 million sounds about right to me... a second TO team will be guaranteed top 5 in revenues. why do you think the NHL blocked Balsillie from trying to move a team to Hamilton ?
he told the judge "league opportunities"... read as follows...
- expansion fees are not part of HRR.. so don't need to split with PA
- every owner gets a cut of the pie, relocation not so
- TO2 expansion value is worth minimum twice any other city in NA.
Double the Maple Leafs' revenue seems like a good number for a team with no players, no front office, and no employees? I can see 400 Mil (or so) total for the team:
100m expansion fee, 75m to the Leafs, 25m to the Sabres, 100 mil for the arena, and 100m for players/ employees.
Trying to keep this on topic, but... TO expansion fee of $400+mm would not include a separate territory indemnification charge to Toronto and/or Buffalo. (And not include the $170+mm cost to purchase the team.)
And having to build an arena in addition, it's approaching guesstimate of $1B (for team + arena + territory fees)
Trying to keep this on topic, but... TO expansion fee of $400+mm would not include a separate territory indemnification charge to Toronto and/or Buffalo. (And not include the $170+mm cost to purchase the team.)
And having to build an arena in addition, it's approaching guesstimate of $1B (for team + arena + territory fees)
Pretty much in line with what MLSE was sold for (granted you have the Raps, Toronto FC, the ACC itself ect added with it)-but I think Leafs team itself-was valued north of 500 million was it not?
