HFBoards

Go Back   HFBoards > General Hockey Discussion > The Business of Hockey
Mobile Hockey's Future Become a Sponsor Site Rules Support Forum vBookie Page 2
The Business of Hockey Discuss the financial and business aspects of the NHL. Topics may include the CBA, work stoppages, broadcast contracts, franchise sales, and NHL revenues.

Panthers seek $7.7M loan from Broward County for arena upgrades

Reply
 
Thread Tools
Old
11-06-2011, 11:05 AM
  #1
Hank Chinaski
Mod Supervisor
 
Hank Chinaski's Avatar
 
Join Date: May 2007
Location: Winnipeg
Country: Canada
Posts: 11,786
vCash: 500
Panthers seek $7.7M loan from Broward County for arena upgrades

http://articles.sun-sentinel.com/201...issioners-loan

Quote:
The company that operates Broward County’s hockey arena in Sunrise and owns the Florida Panthers who play there wants a $7.7 million loan from the county to renovate the facility.

In a letter from the company that owns the Florida Panthers, Sunrise Sports and Entertainment, President Michael Yormark told the county mayor and commissioners that he’d seek the loan to pay for improvements to the center ice seating section and the executive suites.

Hank Chinaski is offline   Reply With Quote
Old
11-06-2011, 11:13 AM
  #2
Mathradio
Go Roy Munson!
 
Mathradio's Avatar
 
Join Date: Oct 2010
Posts: 9,515
vCash: 500
Hopefully it will make the Panthers experience better, if that loan was granted.

Mathradio is offline   Reply With Quote
Old
11-06-2011, 11:54 AM
  #3
Offdapost*
Tetrodotoxin!
 
Join Date: Mar 2011
Country: United States
Posts: 7,812
vCash: 500
I think this is pretty much the funding for a new hd scoreboard, we have all ready added more ribbon boards, opened a duffys, and changed all the seat colors to red

Offdapost* is offline   Reply With Quote
Old
11-06-2011, 12:12 PM
  #4
Killion
Global Moderator
 
Killion's Avatar
 
Join Date: Feb 2010
Location: Casablanca
Country: Morocco
Posts: 22,472
vCash: 500
Quote:
Originally Posted by Offdapost View Post
I think this is pretty much the funding for a new hd scoreboard, we have all ready added more ribbon boards, opened a duffys, and changed all the seat colors to red
Ya, according to various reports & confirmed by Yormark in a tweet, it does indeed include a new scoreboard. Seems he ran out of space on the old one & was forced to cover the time readouts' having sold the space to IKEA. The rest of the money's for the new Red Zone seating sections & upgrades to the luxury suites. In other words, he's displaced existing STH's in trying to cater to the wealthy, and written a cheque with his mouth...



that his ass cant cash.

Killion is offline   Reply With Quote
Old
11-06-2011, 12:26 PM
  #5
Confucius
Registered User
 
Confucius's Avatar
 
Join Date: Feb 2009
Location: Toronto
Country: Canada
Posts: 9,636
vCash: 500
What a novel approach ask for a loan as opposed to a gift. Go Panthers.

Confucius is offline   Reply With Quote
Old
11-06-2011, 01:56 PM
  #6
Fehr Time*
The Don of Hockey
 
Join Date: Aug 2011
Posts: 1,789
vCash: 500
Why can't the Panthers take out a loan themselves intead of going to the county?

Fehr Time* is offline   Reply With Quote
Old
11-06-2011, 02:30 PM
  #7
headsigh
leave at once!
 
headsigh's Avatar
 
Join Date: Oct 2008
Location: Atlanta
Country: Isle of Man
Posts: 9,868
vCash: 500
Quote:
Originally Posted by Fehr Time View Post
Why can't the Panthers take out a loan themselves intead of going to the county?
They don't own the arena, Broward County does.

I'm guessing they'll try to get the arena expanded to 19,250 for hockey, they can do it but only in an alternate configuration.

Broward will agree to it because the Panthers are pretty much their only regular tenant. The second most common event at the arena is WWE RAW or Strikeforce MMA.

headsigh is offline   Reply With Quote
Old
11-06-2011, 02:36 PM
  #8
Killion
Global Moderator
 
Killion's Avatar
 
Join Date: Feb 2010
Location: Casablanca
Country: Morocco
Posts: 22,472
vCash: 500
Quote:
Originally Posted by Fehr Time View Post
Why can't the Panthers take out a loan themselves intead of going to the county?
Or ask Bank Atlantic, the title sponsor of the very building they play out of?. They still havent paid back the "loan" they received just last year from Broward County, and this particular application is to simply fulfill Yormarks' vision of creating a high-end seating section while up-dating & improving luxury suites; new scoreboard. Initially they were looking for $14M+ but shaved that in half (why I dont know). Needless to say, the request is going over very badly within the community.

Whats also curious is Sunrise Sports & Entertainment's retained Lobbyists who make these kinds of applications/presentations to municipalities, state & federal bodies. In this case, one of the lead advocates with the firm is one Kristin Jacobs. Last time I checked, Centerplate held the concessions to BankAtlantic Center in Sunrise, however, there is an earlier connection to Jeremy Jacobs & a sub-division of his catering firm, Delaware North. Mr. Jacobs resides in South Florida for much of the year (Miami) and is obviously well connected to the business/politico classes throughout the state. In Broward, why go to a bank when the muni's usually an easy touch. Any relation or relationship is simply coincidence?. After all, Jacobs is a fairly common name yes?.

Killion is offline   Reply With Quote
Old
11-06-2011, 02:50 PM
  #9
Fehr Time*
The Don of Hockey
 
Join Date: Aug 2011
Posts: 1,789
vCash: 500
^^^

Yeah, that is what popped in to my head when they referred to this as a 'loan' request. Likely more of a free handout by another name.

Fehr Time* is offline   Reply With Quote
Old
11-08-2011, 12:51 AM
  #10
Major4Boarding
Global Moderator
Private Equity
 
Major4Boarding's Avatar
 
Join Date: Jan 2009
Location: South of Heaven
Country: Scotland
Posts: 1,876
vCash: 500
Link to the 10am meeting agenda (Item #31 - 3/4's of the way down).

http://205.166.161.204/agenda_publis...=274#ReturnTo0

Complete with financials, AOC Pro-Forma, impact forecast, letter from Yormark, a letter from Bettman asking for the Commission's full endorsement, and opposition letters from the Hospitality industry (See attachments and exhibits).

Enjoy

Major4Boarding is offline   Reply With Quote
Old
11-08-2011, 01:12 AM
  #11
Major4Boarding
Global Moderator
Private Equity
 
Major4Boarding's Avatar
 
Join Date: Jan 2009
Location: South of Heaven
Country: Scotland
Posts: 1,876
vCash: 500
Quote:
Originally Posted by Killion View Post
Or ask Bank Atlantic, the title sponsor of the very building they play out of?. They still havent paid back the "loan" they received just last year from Broward County, and this particular application is to simply fulfill Yormarks' vision of creating a high-end seating section while up-dating & improving luxury suites; new scoreboard. Initially they were looking for $14M+ but shaved that in half (why I dont know). Needless to say, the request is going over very badly within the community.

Whats also curious is Sunrise Sports & Entertainment's retained Lobbyists who make these kinds of applications/presentations to municipalities, state & federal bodies. In this case, one of the lead advocates with the firm is one Kristin Jacobs. Last time I checked, Centerplate held the concessions to BankAtlantic Center in Sunrise, however, there is an earlier connection to Jeremy Jacobs & a sub-division of his catering firm, Delaware North. Mr. Jacobs resides in South Florida for much of the year (Miami) and is obviously well connected to the business/politico classes throughout the state. In Broward, why go to a bank when the muni's usually an easy touch. Any relation or relationship is simply coincidence?. After all, Jacobs is a fairly common name yes?.
And for the record, this post is so full of win. Not even the tip of the iceburg, Killion. Not even the tip.

Wonder how long for the name change from BankAtlantic to the BB&T Center is going to take... if the deal below even closes at all.

http://finance.yahoo.com/news/BBT-bu...08124.html?x=0

Major4Boarding is offline   Reply With Quote
Old
11-08-2011, 06:39 AM
  #12
SFTC Addict
Not Here To Be Liked
 
SFTC Addict's Avatar
 
Join Date: Sep 2010
Location: Middle of nowhere
Posts: 10,197
vCash: 500
I hope the County doesn't grant them the money, they could spend $7.7M in so many better ways. Also, from what i've heard from people who have visited the place for concerts and what not is that it's already a state of the art facility.

SFTC Addict is offline   Reply With Quote
Old
11-08-2011, 07:09 AM
  #13
jol
Registered User
 
jol's Avatar
 
Join Date: Jan 2003
Location: Miami Beach, Florida
Posts: 1,588
vCash: 500
Quote:
Originally Posted by Killion View Post
Or ask Bank Atlantic, the title sponsor of the very building they play out of?. They still havent paid back the "loan" they received just last year from Broward County, and this particular application is to simply fulfill Yormarks' vision of creating a high-end seating section while up-dating & improving luxury suites; new scoreboard. Initially they were looking for $14M+ but shaved that in half (why I dont know). Needless to say, the request is going over very badly within the community.

Whats also curious is Sunrise Sports & Entertainment's retained Lobbyists who make these kinds of applications/presentations to municipalities, state & federal bodies. In this case, one of the lead advocates with the firm is one Kristin Jacobs. Last time I checked, Centerplate held the concessions to BankAtlantic Center in Sunrise, however, there is an earlier connection to Jeremy Jacobs & a sub-division of his catering firm, Delaware North. Mr. Jacobs resides in South Florida for much of the year (Miami) and is obviously well connected to the business/politico classes throughout the state. In Broward, why go to a bank when the muni's usually an easy touch. Any relation or relationship is simply coincidence?. After all, Jacobs is a fairly common name yes?.
Earlier bid was to get $14 million by raising tourist tax and SSE had a very strong supporter, congressman Allen West (tea party, against government spending etc).
And it was mentioned in this thread, BB&T bought bulk of BankAtlantic, so most likely arena will get new name.

JOL

jol is online now   Reply With Quote
Old
11-08-2011, 08:25 AM
  #14
Fourier
Registered User
 
Fourier's Avatar
 
Join Date: Dec 2006
Location: Waterloo Ontario
Country: Canada
Posts: 8,724
vCash: 500
Quote:
Originally Posted by transcend View Post
They don't own the arena, Broward County does.

I'm guessing they'll try to get the arena expanded to 19,250 for hockey, they can do it but only in an alternate configuration.

Broward will agree to it because the Panthers are pretty much their only regular tenant. The second most common event at the arena is WWE RAW or Strikeforce MMA.
Wht would they try to expand the capacity? If the building is not sold out isn't this counter productive.

Fourier is offline   Reply With Quote
Old
11-08-2011, 08:53 AM
  #15
trueblue9441
Registered User
 
trueblue9441's Avatar
 
Join Date: Nov 2006
Location: Bronx, NY
Country: United States
Posts: 3,468
vCash: 500
Send a message via AIM to trueblue9441
Quote:
Originally Posted by Fourier View Post
Wht would they try to expand the capacity? If the building is not sold out isn't this counter productive.
the building already has 19,250 for hockey. they tarp sections off to bring capacity down to 17,000

trueblue9441 is offline   Reply With Quote
Old
11-08-2011, 09:08 AM
  #16
Killion
Global Moderator
 
Killion's Avatar
 
Join Date: Feb 2010
Location: Casablanca
Country: Morocco
Posts: 22,472
vCash: 500
Quote:
Originally Posted by jol View Post
Earlier bid was to get $14 million by raising tourist tax and SSE had a very strong supporter, congressman Allen West (tea party, against government spending etc). And it was mentioned in this thread, BB&T bought bulk of BankAtlantic, so most likely arena will get new name.JOL
Ah, thanks for the clarification. Increasing TT's be it at the airport, through car rentals or the bed taxes to fund what can only be termed "questionable" capital improvements at BA wouldve gone over like a lead balloon with the tourist & hospitality trade. That Congressman West actually supported such a proposal in light of his political affiliation is a little surprising if not downright hypocritical no?...

I was aware of BB&T's "proposed" acquisition of BA however the deal's gotta be approved by the reg's and in view of its structure I'm not so sure thats going to be a slam dunk. If it does go through, then yes, with whats left of BA concentrating on commercial banking etc and its plans to eventually change its name, being absorbed so to speak, then I really have to wonder if indeed their naming rights with SSE will be inherited by BBT.

There could be a clause included in that agreement that makes provisions for an out, which might be Yormarks "Plan B" if Broward County turns down his request, re-selling the naming rights to someone else, obtaining the funds for his visions of Armani clad patrons & Rodeo' Drive Rounders enjoying the expensive nosh at Club Red by upping the ante', mebbe with Lexus who he's already got stabled with the "ice surface" naming rights. Anyone that creative, on the grift, you just gotta love yes?...


Last edited by Killion: 11-08-2011 at 09:17 AM.
Killion is offline   Reply With Quote
Old
11-08-2011, 09:23 AM
  #17
Killion
Global Moderator
 
Killion's Avatar
 
Join Date: Feb 2010
Location: Casablanca
Country: Morocco
Posts: 22,472
vCash: 500
Quote:
Originally Posted by Fourier View Post
Wht would they try to expand the capacity? If the building is not sold out isn't this counter productive.
Actually, its even more hilarious than that Fourier.
Part of Yormarks' detailed application for the $7.7M includes;
"improvements to the upper bowl curtaining systems".
Think about that for a second...

Killion is offline   Reply With Quote
Old
11-08-2011, 09:28 AM
  #18
Fehr Time*
The Don of Hockey
 
Join Date: Aug 2011
Posts: 1,789
vCash: 500
Quote:
Originally Posted by Killion View Post
Actually, its even more hilarious than that Fourier.
Part of Yormarks' detailed application for the $7.7M includes;
"improvements to the upper bowl curtaining systems".
Think about that for a second...
Lol, that is hilarious...in a very sad way...

Fehr Time* is offline   Reply With Quote
Old
11-08-2011, 02:50 PM
  #19
Fourier
Registered User
 
Fourier's Avatar
 
Join Date: Dec 2006
Location: Waterloo Ontario
Country: Canada
Posts: 8,724
vCash: 500
Quote:
Originally Posted by trueblue9441 View Post
the building already has 19,250 for hockey. they tarp sections off to bring capacity down to 17,000
Thanks!

Quote:
Originally Posted by Killion View Post
Actually, its even more hilarious than that Fourier.
Part of Yormarks' detailed application for the $7.7M includes;
"improvements to the upper bowl curtaining systems".
Think about that for a second...
Maybe the Oilers can put Rexall on a truck once they get the new building and move it down to Florida. Then there would be no need for the curtain.

Or better yet, Rexall and a second in 2013 for Florida's building.

Fourier is offline   Reply With Quote
Old
11-08-2011, 04:14 PM
  #20
Major4Boarding
Global Moderator
Private Equity
 
Major4Boarding's Avatar
 
Join Date: Jan 2009
Location: South of Heaven
Country: Scotland
Posts: 1,876
vCash: 500
Approved, as of 2 minutes ago. Via live video stream.

7-1-1

Paraphrasing here:

Wexler - Nay - Big picture and future of Hospitality and Tourism budgets supercedes the now of the Panthers. Rather see the $$$'s go towards PACA. Upcoming forecasted downturn and potential impacts to upcoming budget allocations warrants thumbs down on the request. Says don't be surprised that in 15 months that there'll be another knock on the door from AOC/SSE asking for more (Hinting at agreement restructuring after repayment of portion of the loan in good faith shown, perhaps?)

Ritter - NV - "I see Red everyday. I love seeing blood, which is red, getting on the ice which makes it pink..." Although there is no "apparent conflict" of interest regarding her husband, she did not vote. Shocking...

Holness - Yea - Wasn't sure if the payback was guaranteed at first. Wants (and got) solid agreement from AOC/SSE regarding diversity in contracting opportunities for the supposed 210 jobs it would create. Wants improved long term commitment from Panthers of sustainable profitability towards the debt service.

Lieberman - Yea - Can't compete with the Seminole Hard Rock. Inclined to do the loan because they own the Arena. Loan gets paid back and doesn't have to raise the TDT.

Jacobs - Yea - Shocking...

Rodstrom - Yea - More conference with bond council needed. Wants monies recouped to go to the Hotel & Hospitality via the county rather the County first.

LaMarca - Less concerned about budget impacts preparing for a Super Bowl bid (TDT) because they already have a team there now. Zero repayments off of profitability (except one) thus far vs. money now. There's plenty of other monies (i.e beach renourishment, etc) to be pooled to make this happen. Wants yearly audit though.

By the way, here's the results of the last audit, May 2010

http://www.broward.org/Auditor/Docum...inal052510.pdf

Mayor Gunzberger - Yea - Beach renourishment important. Grilled Yormark about future overall profitability raised by Holness and the increased returns. Yormark still wants to confer with ownership before committing to such requests. Asked to wait till Commission gets assurance on that, then they get their loan, Yormark said no. Stressed they need the money now. Said to assume that in the future there will be a conversation regarding that if they get a Yea today. Translation - I'll gladly pay you Tuesday for a hamburger today. A reluctant Yea.

Sharief - Yea - Didn't say much at all, other than she doesn't need a tan so beach renourishment apparently not important to her and the money can come from there. Literally.

Henry - Yea...

Also - Yormark stated that the overall profitability won't be realized till 2013. Guaranteed $2 million coming right back, though. Seperate yet concurrent with other payments to Broward County.


Last edited by Major4Boarding: 11-08-2011 at 06:01 PM. Reason: Reposted link to Audit
Major4Boarding is offline   Reply With Quote
Old
11-08-2011, 05:45 PM
  #21
kdb209
Global Moderator
 
kdb209's Avatar
 
Join Date: Jan 2005
Posts: 12,509
vCash: 500
Quote:
Originally Posted by Major4Boarding View Post
Lieberman - Yea - Can't compete with the Seminole Hard Rock. Inclined to do the loan because they own the Arena. Loan gets paid back and doesn't have to raise the TDT.
Boy, that Lieberman guy sure gets around - Glendale and Broward County - and this time he's in his Mayor Scruggs disguise.

kdb209 is offline   Reply With Quote
Old
11-08-2011, 05:48 PM
  #22
SFTC Addict
Not Here To Be Liked
 
SFTC Addict's Avatar
 
Join Date: Sep 2010
Location: Middle of nowhere
Posts: 10,197
vCash: 500
Guess that county has a lot of money to just **** away.


Last edited by SFTC Addict: 11-08-2011 at 05:56 PM.
SFTC Addict is offline   Reply With Quote
Old
11-08-2011, 07:27 PM
  #23
Killion
Global Moderator
 
Killion's Avatar
 
Join Date: Feb 2010
Location: Casablanca
Country: Morocco
Posts: 22,472
vCash: 500
No real surprise with that one. "Welcome to Broward, the land Lincoln forgot about".

Killion is offline   Reply With Quote
Old
11-09-2011, 08:42 AM
  #24
jol
Registered User
 
jol's Avatar
 
Join Date: Jan 2003
Location: Miami Beach, Florida
Posts: 1,588
vCash: 500
Quote:
Originally Posted by Major4Boarding View Post
Mayor Gunzberger - Yea - Beach renourishment important. Grilled Yormark about future overall profitability raised by Holness and the increased returns. Yormark still wants to confer with ownership before committing to such requests. Asked to wait till Commission gets assurance on that, then they get their loan, Yormark said no. Stressed they need the money now. Said to assume that in the future there will be a conversation regarding that if they get a Yea today. Translation - I'll gladly pay you Tuesday for a hamburger today. A reluctant Yea.
Interesting, why do they need money immediately, are renovations going to start immediately? or just planning, if so would they need all the money immediately?

JOL

jol is online now   Reply With Quote
Old
11-09-2011, 09:18 AM
  #25
tarheelhockey
Global Moderator
 
tarheelhockey's Avatar
 
Join Date: Feb 2010
Location: The Triangle
Country: United States
Posts: 33,208
vCash: 500
Quote:
Originally Posted by Green Men Rule View Post
Also, from what i've heard from people who have visited the place for concerts and what not is that it's already a state of the art facility.
I've always heard this as well. Supposedly one of the best buildings in the league.

tarheelhockey is online now   Reply With Quote
Reply

Forum Jump


Bookmarks

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 10:46 AM.

monitoring_string = "e4251c93e2ba248d29da988d93bf5144"
Contact Us - HFBoards - Archive - Privacy Statement - Terms of Use - Advertise - Top - AdChoices

vBulletin Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
HFBoards.com is a property of CraveOnline Media, LLC, an Evolve Media, LLC company. ©2014 All Rights Reserved.