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Sale of Coyotes to Jamison in Question (UPD: deadline won't be extended)

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01-30-2013, 03:07 PM
  #1
TheLegend
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Sale of Coyotes to Jamison in Question (UPD: deadline won't be extended)

Pierre LeBrun via twitter a few minutes ago....
https://twitter.com/Real_ESPNLeBrun

Quote:
Re: Coyotes. Thursday is not a deadline for Jamison to close his deal with NHL. It's a deadline to keep current terms of lease agreement...

... With city of Glendale. If Jamison doesn't come up with money to buy team by Thurs deadline, lease terms could change. But ...

It doesn't mean NHL is done with him. It will likely give him more time and see how it all shakes out... I'm not convinced Jamison ...

Will have the money in order by Thursday... But it's certainly possible. Either way, story doesn't end tomorrow. ...

I fear there will be more twists and turns in this story over next several weeks...

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01-30-2013, 03:16 PM
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Tinalera
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Originally Posted by TheLegend View Post
Pierre LeBrun via twitter a few minutes ago....
So now we have the possiblity of GJ again having to possibly renegotiate another lease deal, and GJ may have to convince his investors that they may be getting less money in the new agreement.

Deja-vu all over again

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01-30-2013, 05:49 PM
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https://twitter.com/ESPN_Burnside/st...64885344346113

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Barring dramatic, last-minute infusion of cash Greg Jamison won't meet Jan. 31 deadline to maintain lease agreement with City of Glendale.

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01-30-2013, 06:45 PM
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Evil American media.

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01-30-2013, 06:50 PM
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Well, CoG played this fairly well over the past year...they got the team for another season without having to spend a dime...

Can they drag this out and pull it off again?

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01-30-2013, 07:46 PM
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From Burnside:

http://espn.go.com/nhl/story/_/id/88...rding-sources?

Quote:
Former San Jose Sharks CEO Greg Jamison, the main suitor for the Phoenix Coyotes for the past year, cannot produce the capital needed to purchase the team from the NHL and as a result a Jan. 31 deadline to maintain a critical lease agreement with the City of Glendale will pass without a deal being completed, multiple sources have told ESPN.com.

A separate group of investors is prepared to step into the void created by Jamison's failure to produce the money he repeatedly insisted he would deliver to complete the deal, but the question is whether Glendale officials will agree to extend the lease agreement to a new group given that it was Jamison who negotiated the terms of the highly contentious lease deal.
The NHL has owned the team for almost four years and, barring the emergence of a new suitor willing to start from scratch with the City of Glendale on a lease if things fall apart this week, it would seem inevitable the league will begin the process of relocation.
It's believed that Mayor Jerry Weiers, who took office after the lease agreement was passed by the previous council, would be agreeable to discussing keeping the team in Glendale with this new group, although it's believed he will want to rework the deal to make it more beneficial for the city.

Under the current lease agreement, the team's owners would receive some $308 million over the life of the 20-year deal to manage the property, an average of slightly more than $15 million annually in management fees.

Given the lack of support for the deal from the current/new COG government, I think relocation appears to be inevitable.

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01-30-2013, 07:56 PM
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Originally Posted by Fugu View Post
From Burnside:

http://espn.go.com/nhl/story/_/id/88...rding-sources?




Given the lack of support for the deal from the current/new COG government, I think relocation appears to be inevitable.
You know, I laughed at "Deja-vu" before, but looking at it, I think I'm just totally disgusted-if this is indeed the case.

I do find it hard to believe that some new group suddenly has the coin for 170 million (so many of these "mystery buyers")-why wouldn't we hear from them before now (other than the relocation theories, those are in it's own thread)

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01-30-2013, 08:00 PM
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I do find it hard to believe that some new group suddenly has the coin for 170 million (so many of these "mystery buyers")-why wouldn't we hear from them before now?
I'd be very surprised if this group consisted of anyone other than the rogues' gallery of Reinsdorf, Ice Edge, et al.

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01-30-2013, 08:04 PM
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I'd be very surprised if this group consisted of anyone other than the rogues' gallery of Reinsdorf, Ice Edge, et al.
The $300 million is a pretty sweet deal, so it wouldn't surprise me if Reinsdorf comes sniffing around again.

2 Sharks owners jettisoned their shares today. Possible last minute infusion?

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01-30-2013, 08:07 PM
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Sale of Coyotes to Jamison in Question
And the "No Duh" statement of the year award goes to....

Quote:
Originally Posted by XX View Post
The $300 million is a pretty sweet deal, so it wouldn't surprise me if Reinsdorf comes sniffing around again.

2 Sharks owners jettisoned their shares today. Possible last minute infusion?
And Reinsdorf went running the second he saw all the red ink in the books. Really, really doubt he'll come back sniffing.

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01-30-2013, 08:09 PM
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2 Sharks owners jettisoned their shares today. Possible last minute infusion?
Very doubtful. They have more than enough money to invest without the need to divest their Sharks' investments for capital, and were behind Jamison's ouster as CEO of SVSE a few years back. (At least that's my perception since they assumed the throne).

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01-30-2013, 08:15 PM
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Posing a question from the "dumb question/speculation" department.

Any chance that this deal was in part basing things on the new CBA, and that after things shook down the way they did the investors didn't think it went far enough for their needs and said "no thanks"?

Or am I reaching way too far here?

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01-30-2013, 08:19 PM
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Quote:
Originally Posted by Tinalera View Post
Posing a question from the "dumb question/speculation" department.

Any chance that this deal was in part basing things on the new CBA, and that after things shook down the way they did the investors didn't think it went far enough for their needs and said "no thanks"?

Or am I reaching way too far here?
Could be... Or just the fact that no matter what, it's just not worth trying.

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01-30-2013, 08:30 PM
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And the "No Duh" statement of the year award goes to....



And Reinsdorf went running the second he saw all the red ink in the books. Really, really doubt he'll come back sniffing.
And Reinsdorf is a real owner, not a clown (Ice Edge) or wannabe (Hulsizer)... or a patsy (Jamison). Compare the Coyotes to the Bulls or White Sox and why in the world would he want to come around again? Once he saw their books, he threw up his arms and ran away screaming. He's got white socks, bulls, he didn't want the Red Inks. The fact he hasn't been back since, when was it, 2010?, suggests the teams books were an untold horror (Necronomicon? Worse, the Bettmanomicon?).

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01-30-2013, 10:41 PM
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Coyotes' deal in Glendale could be in trouble

Perhaps this evening's AP story isn't really news after all, but here it is: http://hosted.ap.org/dynamic/stories...MPLATE=DEFAULT

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01-30-2013, 10:59 PM
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It does make me wonder how close the deal Hulsizer worked out was absent the GWI sabre rattling.

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01-30-2013, 11:03 PM
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Quote:
Originally Posted by Tinalera View Post
Posing a question from the "dumb question/speculation" department.

Any chance that this deal was in part basing things on the new CBA, and that after things shook down the way they did the investors didn't think it went far enough for their needs and said "no thanks"?

Or am I reaching way too far here?

I don't think this really has much to do with it as the NHL realistically was after 50% share of HRR. They did get most of what was realistic, and the contractual issues weren't really going to help the due diligence of a potential owner looking at the near term financial implications. Not sure if you remember all the bloodshed in here discussing the CBA matters, but there were people on both sides of the debate who didn't think the tweaking being done was going to help the weakest teams much. It would help along the middle class. To get to a point where Phoenix would skate home free, they needed to go a lot further, including significantly enhancing revenue sharing.

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01-30-2013, 11:05 PM
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It does make me wonder how close the deal Hulsizer worked out was absent the GWI sabre rattling.
I guess it's one of those things we'll probably never know, Fugu. However, with as many tries as there's been and none of them succeeding, I'd hazard a guess that none of them were ever realistic deals. Otherwise, at least one of them might have succeeded. Surely anything else now would be just a face-saving long-shot designed to save the season until a relocation is announced, as I suspect the Jamison offer was from the outset.

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01-30-2013, 11:37 PM
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http://sports.yahoo.com/blogs/nhl-pu...6070--nhl.html

Puck Daddy on the situation

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01-31-2013, 12:04 AM
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I guess it's one of those things we'll probably never know, Fugu. However, with as many tries as there's been and none of them succeeding, I'd hazard a guess that none of them were ever realistic deals. Otherwise, at least one of them might have succeeded. Surely anything else now would be just a face-saving long-shot designed to save the season until a relocation is announced, as I suspect the Jamison offer was from the outset.

It always hinged on COG paying the freight and the 'owner' basically being the subsidized arena manager who remained whole in spite of the financial future the team might face.

I put a lot of weight on how Reinsdorf structured his offer, he is a selfmade millionaire with an accounting background. Everything you needed to know about the team's viability and operations was probably considered in his bid (in the clearest manner from my POV).

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01-31-2013, 03:21 AM
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The $300 million is a pretty sweet deal, so it wouldn't surprise me if Reinsdorf comes sniffing around again.

2 Sharks owners jettisoned their shares today. Possible last minute infusion?
Uh, no. That insane deal is getting pulled off the table tomorrow. New council and mayor won't go down this road again.

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01-31-2013, 03:32 AM
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It always hinged on COG paying the freight and the 'owner' basically being the subsidized arena manager who remained whole in spite of the financial future the team might face.

I put a lot of weight on how Reinsdorf structured his offer, he is a selfmade millionaire with an accounting background. Everything you needed to know about the team's viability and operations was probably considered in his bid (in the clearest manner from my POV).
Yup.

There were two main problems with Reinsdorf's plan. 1) He wanted to have an "out" in case things didn't work out on the revenue side; 2) the main source of subsidy revenue was from a magical CFD that was supposed to generate $25 million annually from parking and Westgate businesses. In retrospect, that whole concept was a howler. At the time, it seemed remarkable how many folks thought it was a viable proposition.

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01-31-2013, 03:36 AM
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I can't recall the last time a smart business investor hung onto a deal going into the red for so long. If this contract doesn't go through, NHL really needs to consider that maybe its just not a good option to keep the Coyotes there due to the cost and time gone into these negotiations already when its quite possible another city will be easier to move to and set up shop.

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01-31-2013, 07:27 AM
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The $300 million is a pretty sweet deal, so it wouldn't surprise me if Reinsdorf comes sniffing around again.

2 Sharks owners jettisoned their shares today. Possible last minute infusion?
But the mayor said that does not hold anymore past midnight tonight.

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01-31-2013, 07:52 AM
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I don't think this really has much to do with it as the NHL realistically was after 50% share of HRR. They did get most of what was realistic, and the contractual issues weren't really going to help the due diligence of a potential owner looking at the near term financial implications. Not sure if you remember all the bloodshed in here discussing the CBA matters, but there were people on both sides of the debate who didn't think the tweaking being done was going to help the weakest teams much. It would help along the middle class. To get to a point where Phoenix would skate home free, they needed to go a lot further, including significantly enhancing revenue sharing.
I do remember the bloodshed, it got rather ugly in here at times. I just wonder if there were members of the investors who may have gotten their hopes up about possiblities of a "home free", and when they didn't decided they wanted little part of it. All speculation I know.

The whole thing is just bizarre (understatement of the year I know )

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