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The Business of Hockey Discuss the financial and business aspects of the NHL. Topics may include the CBA, work stoppages, broadcast contracts, franchise sales, NHL revenues, relocation and expansion.

Part XII: Phx Coyotes - Still haven't found what I'm looking for

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Old
09-17-2010, 12:55 PM
  #76
Fidel Astro
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This seems ostensibly the correct position for the NHL to take, however I feel that by June 30 of this year, the team wasn't going to be very easily movable-- or perhaps that MTS Centre was not yet ready for an NHL tenant. In retrospect, it is my opinion that the NHL probably had decided the conditions would never be tenable in Glendale, but weren't going to stand in the way of Glendale's attempts until they were ready to move. (That time being 2011.)
Yeah, I have a similar opinion on that subject. June 30 seemed way too late for TNSE to purchase and relocate the Coyotes in time for the 2010-11 season, so your assessment of the NHL's decision to just let Glendale try (not anticipating success) while waiting for the 2011-12 season when Winnipeg would be ready for the team.

Makes sense to me.

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09-17-2010, 12:56 PM
  #77
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I think you're going in the wrong direction with this, Whilee, if you're hanging your hat on assignment as the vehicle to retrieve the money. You may also be overlooking statements made publicly by CoG officials that they will require the new owner to cover any money they spent to re-pay the NHL funds deemed losses.
To be clear, my own speculation is that there are significant barriers to Glendale providing this funding either to the NHL for its losses, or to new owners to offset the purchase price and/or operating losses. I was allowing the possibility in deference to others on this board who hold the view that the $25 million can be assigned to the Coyotes' owners without impediment, in which case it would be a useful contribution from Glendale to facilitate a Glendale Sale. If, instead, the Actual Losses are to be added to the purchase price, as outlined in the NHL-Glendale agreement, then things are going from bad to worse with a purchase price increasing in direct proportion to the accrual of operating losses.

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09-17-2010, 01:00 PM
  #78
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Originally Posted by mcguire4 View Post
well how about this then?


From: @dshoalts
Sent: Sep 17, 2010 12:08p

Now that someone else stepped in it, I'd like to report this: Ice Edge's bid for an NHL team passed away some time ago
sent via TweetDeck
On Twitter: http://twitter.com/dshoalts/status/24776102950



i hope this isnt breaking any rules, my bad if it is.
Do you know what the first part of Shoalts' tweet is referring to? I don't think he's reporting anything here, rather just having a laugh.

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09-17-2010, 01:04 PM
  #79
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no i do not know the first part, i admit, joining the discussion late and assuming. but his line on the bid dying seems to be quite clear.

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09-17-2010, 01:05 PM
  #80
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Perhaps I missed something, but I'd understood the original agreement to be that if the NHL spent all the HRR to offset operating costs, and THEN were into the losses column, that Glendale would reimburse them for that portion-- up to $25m. However, if invoices can be sent out in September, wouldn't that mean that the NHL is only willing to spend X amount on a pro rata basis (per month)? They would be capping their monthly spending and charging Glendale for anything over X. Furthermore, even if the plug is pulled on Jan 1, is it reasonable to conclude that Glendale would still need to contribute to cover losses through the end of the year? (Meaning that the Coyotes only have to spend the entire year in Phoenix due to the agreement with the NHL.)

Politically, that seems suicidal.
I think you've answered (bolded) the questions yourself their Fugu. As for the January 1st date, Daly & Bettman have both wired the notion that its' far from being written in stone. If nothing closes' between now & then I fully expect this Rodeo continue's well into the spring. Should the team do well, people start filling the seats, could well illicit interest from any number of parties huh?. So ya, the $25M will be drawn upon monthly through til May/June.


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09-17-2010, 01:06 PM
  #81
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Originally Posted by mcguire4 View Post
no i do not know the first part, i admit, joining the discussion late and assuming. but his line on the bid dying seems to be quite clear.
Erroneous Twitter reports this AM that Pat Burns had passed away. Makes the line about "dying" a little less clear, no?

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09-17-2010, 01:15 PM
  #82
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Originally Posted by mcguire4 View Post

From: @dshoalts

i hope this isnt breaking any rules, my bad if it is.
Err, no, dont think so. But you may wind up in Manchester if your relying on David Shoalts for credible information.

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09-17-2010, 01:24 PM
  #83
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Err, no, dont think so. But you may wind up in Manchester if your relying on David Shoalts for credible information.
As a City fan, I wish that whole Ice Edge buying United thing were true.

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09-17-2010, 01:26 PM
  #84
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I think you've answered (bolded) the questions yourself their Fugu. As for the January 1st date, Daly & Bettman have both wired the notion that its' far from being written in stone. If nothing closes' between now & then I fully expect this Rodeo continue's well into the spring. Should the team do well, people start filling the seats, could well illicit interest from any number of parties huh?. So ya, the $25M will be drawn upon monthly through til May/June.

I got the sense from Bettman's comments that the NHL will make a decision by January 1st and won't go through this process for another full season. Right now, the pressure is firmly on the City of Glendale, but it must be said that given the uncertainty of the existing financial climate and the relative paucity of viable locations and ownership options in N. America, the NHL might be looking to ensure that they get their money back sooner rather than later.

So, if Hulsizer or whoever else might be negotiating with the CoG right now don't end up buying the team, then I think we might see the CoG and the NHL go into "damage control" mode. In particular, I think that the NHL might try to maximize the purchase price for a non-Glendale sale to offset losses, as they agreed to do for the July/August losses.

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09-17-2010, 01:38 PM
  #85
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Originally Posted by RR View Post
Erroneous Twitter reports this AM that Pat Burns had passed away. Makes the line about "dying" a little less clear, no?


saw that this morning on The Score.
glad it proved to be wrong.

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09-17-2010, 01:45 PM
  #86
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Originally Posted by Whileee View Post

So, if Hulsizer or whoever else might be negotiating with the CoG right now don't end up buying the team, then I think we might see the CoG and the NHL go into "damage control" mode. In particular, I think that the NHL might try to maximize the purchase price for a non-Glendale sale to offset losses, as they agreed to do for the July/August losses.
Their already their IMO. Council members & the mayor are positively agoraphobic & the leagues in full on bunker mode.

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09-17-2010, 01:51 PM
  #87
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Their already their IMO. Council members & the mayor are positively agoraphobic & the leagues in full on bunker mode.
But it only takes one owner to close the deal successfully. Maybe Hulsizer will be the one. For some reason, he seems more promising than IEH.

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09-17-2010, 01:54 PM
  #88
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Err, no, dont think so. But you may wind up in Manchester if your relying on David Shoalts for credible information.
Like that time he came up with the ridiculous string of articles saying the Coyotes were having financial difficulties.




 
Old
09-17-2010, 02:08 PM
  #89
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Like that time he came up with the ridiculous string of articles saying the Coyotes were having financial difficulties?.
One doesnt' need to dig too deeply to find problems within any given market. Like nursing home abuses', just turn over a rock here or their..... Its' the depths to which one plums' that separates a decent journalist from a great one. As the lead reporter for hockey & hockey business related matters with Canada's premier daily, I expect more & I expect better.


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09-17-2010, 03:36 PM
  #90
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One doesnt' need to dig too deeply to find problems within any given market. Like nursing home abuses', just turn over a rock here or their..... Its' the depths to which one plums' that separates a decent journalist from a great one. As the lead reporter for hockey & hockey business related matters with Canada's premier daily, I expect more & I expect better.


oh boy!
sorry to take this slightly ( ok, WAY off topic) but i believe that the sole reason for the abuse/neglect has everything to do with staff shortages and very poor wages for the people that actually take care of these people. 9-12$ an hr. is nowhere near enough for the jobs they do.

back to the topic on hand now.

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09-17-2010, 03:46 PM
  #91
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I think you've answered (bolded) the questions yourself their Fugu. As for the January 1st date, Daly & Bettman have both wired the notion that its' far from being written in stone. If nothing closes' between now & then I fully expect this Rodeo continue's well into the spring. Should the team do well, people start filling the seats, could well illicit interest from any number of parties huh?. So ya, the $25M will be drawn upon monthly through til May/June.

Decision time, oh what to do, what to do. Should they give away the seats in the 1st half of the season, as they did last year. Or should they keep them in the hopes the team plays well and then they can sell those seats? Oh what to do.

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09-17-2010, 03:59 PM
  #92
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Daryl Jones devolving even further into adolescence this afternoon as he breaks out some fat jokes. "Intellectual capital" indeed.



What schoolyard taunts will he come up with next?


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09-17-2010, 04:00 PM
  #93
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Someone just put $25 mill down for the Yotes

Im guessing Hulsizer just put his money where his mouth is, put down $25 MIll based on negotiations. If they fall apart, the COG reimburses that $25 mill back?

http://www.azcentral.com/community/g...tes-buyer.html

A positive to Phoenix, but could mean nothing if the terms and lease can;t be worked out!

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09-17-2010, 04:01 PM
  #94
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wow.
.
For now, Glendale appears off the hook for the $25 million it pledged last May as an insurance policy to keep the Phoenix Coyotes in the city at Jobing.com Arena.

The city announced Friday that a potential buyer has agreed to fund the $25 million that the National Hockey League demanded from Glendale in order to cover the team's operating losses this season


Read more: http://www.azcentral.com/community/g...#ixzz0zp5LZt8J




http://www.azcentral.com/community/g...tes-buyer.html

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09-17-2010, 04:03 PM
  #95
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Per Brahm Resnick of Phoenix NBC / Ch. 12 on Twitter today: "brahmresnik #Coyotes: Glendale says prospective buyer has put $25M into escrow, releasing city cash. City says it's moving forward on purchase talks."

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09-17-2010, 04:03 PM
  #96
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Is there any link out there which confirms that Glendale has paid any of the 25 million to the NHL? All I have read is that the NHL can draw on the funds, not that they in fact did draw on the funds.
To my knowledge there's no link the NHL has actually drawn funds from Glendale. I'm suspecting we're not going to see one either.

edit: looks like AZ Central broke the story.

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09-17-2010, 04:04 PM
  #97
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Originally Posted by Killion View Post
I think you've answered (bolded) the questions yourself their Fugu. As for the January 1st date, Daly & Bettman have both wired the notion that its' far from being written in stone. If nothing closes' between now & then I fully expect this Rodeo continue's well into the spring. Should the team do well, people start filling the seats, could well illicit interest from any number of parties huh?. So ya, the $25M will be drawn upon monthly through til May/June.

I get the sense, and this is just my own interpretation of what Bettman and co. have been saying, that although Jan. 1 is not a set-in-stone, Coyotes-must-be-relocated date, they're not going to sit back and let this circus continue once that date has passed.

They've given Glendale ample time to find a local buyer. If that doesn't happen by Jan. 1, there's nothing stopping Glendale from continuing their efforts, but the NHL is going to start looking elsewhere as well. Considering TNSE has been waiting patiently with a cheque in hand to move the team to Winnipeg, I don't think the NHL is going to have to look very far.

Short version: the NHL can continue to entertain Glendale's efforts at securing a local owner after Dec. 31, but they're not required to give them any more time, and they have an outside buyer ready to pay a very good price to take the team - which is a money pit in its current location - off their hands.

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09-17-2010, 04:07 PM
  #98
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Originally Posted by mcguire4 View Post
wow.
.
For now, Glendale appears off the hook for the $25 million it pledged last May as an insurance policy to keep the Phoenix Coyotes in the city at Jobing.com Arena.

The city announced Friday that a potential buyer has agreed to fund the $25 million that the National Hockey League demanded from Glendale in order to cover the team's operating losses this season
If this is true, the 'potential buyer' has a piece of his brain missing.

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09-17-2010, 04:09 PM
  #99
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If this is true, the 'potential buyer' has a piece of his brain missing.
Or really wants to show how interested/earnest he is in buying the team.

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09-17-2010, 04:16 PM
  #100
Alan Jackson
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If this is true, the 'potential buyer' has a piece of his brain missing.
Quote:
Originally Posted by LadyStanley View Post
Or really wants to show how interested/earnest he is in buying the team.
I don't know that these two are mutually exclusive.

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