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Why do people still think Ottawa is poor?

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02-20-2004, 08:42 PM
  #1
sidewalkslam
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Why do people still think Ottawa is poor?

People are saying that Ottawa will not pick up Bondra's option because it's $4 million + even though Muckler said they will pick up the option on his contract.

I think people need to get the fact through their heads that Ottawa's owner, Eugene Melnyk, is a multi billionaire. Plus the Sens are now profitable since there's no more debt.

I don't understand why people other than Sens fans can't face the facts.

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02-20-2004, 08:44 PM
  #2
Tuggy
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Quote:
Originally Posted by sidewalkslam
People are saying that Ottawa will not pick up Bondra's option because it's $4 million + even though Muckler said they will pick up the option on his contract.

I think people need to get the fact through their heads that Ottawa's owner, Eugene Melnyk, is a multi billionaire. Plus the Sens are now profitable since there's no more debt.

I don't understand why people other than Sens fans can't face the facts.
Who is saying that? The person that actually makes the decision already said that he is....

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02-20-2004, 08:46 PM
  #3
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Quote:
Originally Posted by sidewalkslam
I don't understand why people other than Sens fans can't face the facts.
Old stereotypes die hard.

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02-20-2004, 08:48 PM
  #4
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I know what you mean. On a couple of the threads related to the Sens trade for Bondra a few (and it was a very few, few) popped in with the "This is a rental situation, Ottawa can't afford Bondra" jabs.

I think they are in the distinct minority of late bloomers who will get it eventually.

Probably about the same time most people understand that the Sens are a potent offensive team, not a trap-happy bore the other team to death after putting one goal on the board team.

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02-20-2004, 08:53 PM
  #5
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old stereotypes stay for a while. there are still people out there who consider us the boring trap the whole game team. what can you do.

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02-21-2004, 12:16 AM
  #6
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Quote:
Originally Posted by sidewalkslam

I think people need to get the fact through their heads that Ottawa's owner, Eugene Melnyk, is a multi billionaire.
uhhh

correct me if i am wrong.. but hasnt melnyk lost almost 3/4 of his value since he bought the ottawa senators?

biovail's credibility has plummeted since the SEC investigation for 'suspicious trading'. on the toronto stock exchange it has gone from a year ago's peak of 70 and bottoming out to 21, where it sits at 25 now. on the nyse it went from 51 all the way down to 16 and is now at 19.

i highly doubt if melnyk is even a billionaire anymore. maybe the reason we can afford additional salary is because the senators are being run as a seperate entity with its own profit margin and bottom line, thus melnyk doesnt need to come out of his own pocket to pay for it.

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02-21-2004, 12:28 AM
  #7
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Quote:
Originally Posted by sidewalkslam
I think people need to get the fact through their heads that Ottawa's owner, Eugene Melnyk, is a multi billionaire. Plus the Sens are now profitable since there's no more debt.

I don't understand why people other than Sens fans can't face the facts.
kings owner is also a billionaire...but they are still a middle of the pack team when it comes to payroll...and dave taylor said the current CBA is not good for this team...if its not good for the kings in the 2nd biggest market in the US, the current financial climate surely isn't good for ottawa?

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02-21-2004, 12:43 AM
  #8
officeglen
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Ottawa Government employment has been very good.
Government business in Ottawa is okay right now, for the private sector companies who provides services now okay, back from dismal
Nortel is back from the brink
Cognos, Jetform(Adobe) and others are doing okay
Real Estate has been booming
For the hockey team:
- team used to pay debt on over $250M a year, now pays debt on $20M a year
- the team was able to tear up a whole bunch of obligations/contracts and so is getting much more out of parking, restaurants etc.
- ticket sales are strong - team used promotions during first 2/3 of home games (for poor games), but all remaining games are sold-out, or almost sold-out. Season ticket base is good. Ticket holders can get playoff tickets at considerable discount if (and only if) they buy tickets for next season by March 1st (hence the move to get Bondra and say he is not a rental has financial reasons)
- the US exchange rate has shifted considerably in last year - labor costs are much cheaper to the Senators in Canadian terms, and all their income is in Canadian - in addition ticket prices for next year are much the same as this year

So Ottawa Economy doing well, team income good and increased, team costs way down, owner spending money but making money, and will make lots of money if team goes far in playoffs. So Mucks has green light to do what it takes.

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Old
02-21-2004, 02:55 AM
  #9
porknbeans
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i dont think there's a debt

Im pretty sure there is NO debt on the teeam, not even 20 million. THe 20 million was a "maybe" debt with regards to the interchange. But since it was forgiven, there are no debts anymore, unless Melnyk incurred new debts after purchasing the Sens , which he probably didn't, or at least no "significant" debts.

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02-21-2004, 07:58 AM
  #10
sidewalkslam
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Quote:
Originally Posted by 16w
uhhh

correct me if i am wrong.. but hasnt melnyk lost almost 3/4 of his value since he bought the ottawa senators?

biovail's credibility has plummeted since the SEC investigation for 'suspicious trading'. on the toronto stock exchange it has gone from a year ago's peak of 70 and bottoming out to 21, where it sits at 25 now. on the nyse it went from 51 all the way down to 16 and is now at 19.
Nope, he's still a billionaire, http://www.canadianbusiness.com/rich100/list.asp, he's the 14th richest Canadian.

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02-21-2004, 11:48 AM
  #11
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While Melnyk isn't exactly hurting, things could be better for him and as a result, the team.

Some analysts are predicting that the Canadian dollar is poised for a fall. Economic recovery/growth in the US is fuelling this.

Also, Biovail is being investigated again.

Biovail

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Old
02-21-2004, 08:06 PM
  #12
porknbeans
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Melnyk

Im no expert on biotech companies , but is this normal for them to be investigated as frequently as Biovail is? I hope its nothing serious.

Regardless of Biovail now only worth 45% of what it was worth last May, Melnyk has over 1 billion in other investments.

None of this matters anyway, as little to none of Melnyk's money is going to the Sens anyway. The team and arena are a self sustainable corporation with a VERY HEALTHY cash flow situation.

Less informed people believe that Melnyk is for some (idiotic) reason putting his own money to increase the payroll. This is untrue. Melnyk is increasing the salary (also known as cost) budget because :

a) Revenues are great and the budget can be increased without losses incurring
b) He expects a windfall of revenues shortly (ie. long playoff run) which will make these extra costs worth it in the long run (getting Bondra could help the Sens advance farther, thus creating tons of $$$ in later rounds).

I never believed the Sens are poor argument and now that the media is slowly coming around to it, I think it speaks more of their ineptitude and reliance on "biases" and "cliches" and not reality.

Bryden's constant whining didn't help the perception though so I'll give them some slack.

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02-21-2004, 08:41 PM
  #13
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Your owners cash cow company had lost money. His stocks are down and he's force to sell his own shares to generate revenue. Owning the sens is a losing business no matter how much money you make, but its worse when you are losing money in that business.

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02-21-2004, 09:12 PM
  #14
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Quote:
Originally Posted by Hart_House_Ca
Owning the sens is a losing business no matter how much money you make.
An absurd statement. First of all, the franchise is hugely profitable. Second of all, if NHL hockey can't be profitable in the center of the hockey universe (the Ottawa Valley) then where can it hope to thrive?

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02-21-2004, 10:05 PM
  #15
officeglen
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Quote:
Originally Posted by Hart_House_Ca
Owning the sens is a losing business no matter how much money you make
Sadly, due to a complete lack of business acumen, this week Donald Trump had to fire you. The good news is there is an opening on the upcoming Maple Leaf Bachelor show.

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Old
02-21-2004, 10:24 PM
  #16
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Despite Muckler's comments, I'm a little skeptical that picking up Bondra's contract is a lock. It's not because of limitations of the Ottawa market, I think that it may not make perfect business sense.

With the uncertainty of the CBA in the balance, I'm suprised Muckler can decide at this point that renewing Bondra is a smart move, when the contract status of players like Alfredson, Chara, Lalime, Havlat, etc. all still need to be decided. Despite the change in the financial structure of the team, this team still has to maintain a budget (albeit, that budget's a little bigger nowadays). It's hard to know for certain if Bondra will fit in that structure before the status of some of the team's more important core elements are in place.

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02-21-2004, 11:17 PM
  #17
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Quote:
Originally Posted by discostu
Despite Muckler's comments, I'm a little skeptical that picking up Bondra's contract is a lock. It's not because of limitations of the Ottawa market, I think that it may not make perfect business sense.

With the uncertainty of the CBA in the balance, I'm suprised Muckler can decide at this point that renewing Bondra is a smart move, when the contract status of players like Alfredson, Chara, Lalime, Havlat, etc. all still need to be decided. Despite the change in the financial structure of the team, this team still has to maintain a budget (albeit, that budget's a little bigger nowadays). It's hard to know for certain if Bondra will fit in that structure before the status of some of the team's more important core elements are in place.
Is Chara's contract up at the end of the year? If so...I'd place more importance on getting Chara signed first. I love the core of this team and I'd hate to see someone like Chara, Alf, or Havlat go.

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Old
02-22-2004, 12:04 AM
  #18
porknbeans
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Only one way to lose the guys

The only way we lose these guys is if and when a salary cap comes into play.

Other than that, there would be no worries about keeping our guys.

In fact, the only way we WONT keep these guys is when a cap screws us over.

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02-22-2004, 10:06 PM
  #19
bert
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Quote:
Originally Posted by scaredsensfan
The only way we lose these guys is if and when a salary cap comes into play.

Other than that, there would be no worries about keeping our guys.

In fact, the only way we WONT keep these guys is when a cap screws us over.

Bettman already announced that there will be no hard cap what makes you think that there will be one?

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Old
02-23-2004, 07:59 AM
  #20
Capt Tuttle
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Quote:
Originally Posted by Hart_House_Ca
Your owners cash cow company had lost money. His stocks are down and he's force to sell his own shares to generate revenue. Owning the sens is a losing business no matter how much money you make, but its worse when you are losing money in that business.
Is that you Pat with some more tales? Is it true Melnyk spit on Darcy?

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Old
02-23-2004, 10:43 AM
  #21
discostu
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Quote:
Originally Posted by bert
Bettman already announced that there will be no hard cap what makes you think that there will be one?
Bettman has stated that the NHL has not specifically asked for a cap, yet, although he has alluded to it with his requests for "cost certainty". From what I have seen, he hasn't made any definitive comment on what will, or won't be in the CBA.

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Old
02-23-2004, 04:57 PM
  #22
porknbeans
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the cba discussion simplified.

Quote:
he hasn't made any definitive comment on what will, or won't be in the CBA.
Exactly. Its pretty obvious why he hasn't. He can't dictate it. Thats the point. He can't say they've asked for a hard cap yet cause they are still in the early (and I emphasise early) stages on negotiations. It'll go probably something like this:

Bettman/owners:"We'll set the cap at 55 million (despite the fact we can just cap salaries ourselves without any written rule) in exchange for you getting UFA ages at 28."

Players: "Ok".

Done and done. Older players screwed, younger players between 25-30 in their prime happy. Sens in trouble. End of story

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