CXLVIII - Coyotes owner Alex Meruelo had 'productive' meeting with Phoenix mayor

[aqib]

No. The implication I've been making for years is that everything has been on the NHL's dime via LOC or some other similar mechanism.

This also would fit with the recent comments by Morgan about him walking away with way less than the reported 1 billion.

An LOC doesn’t mean it’s taking from the league unless the league has had to make the payments on it and at this point we don’t (and probably won’t ever) know.

Hell after five years we don’t even know how Meruelo actually acquired the franchise. Speculation is he assumed the LOC off IceArizona but that’s it.

If you go back through every sale from when Burke sold to Ellman it's been the new owner assuming debt and then adding some.

The NHL created the debts in the bankruptcy but they became Ice Arizona's lender.

So Muruelo may have tripped a covenant in the loan agreement which would have triggered a default which is how the NHL was able to bully him into the sale.

Now if you assume the $500M purchase price was 100% debt and all the losses over 5 years were financed by debt then the billion probably cleared all of that a left a couple of hundred million for his trouble.

 

[Edenjung]

So Muruelo may have tripped a covenant in the loan agreement which would have triggered a default which is how the NHL was able to bully him into the sale.

Everytime somebody writes or says covenant, i think of this:


Newer version:



And if anybody can save this situation, its the Masterchief and the UNSC.
Hell AM behaves like a grunt: Big words, but as soon as you push back a little he flees.
And he fcks up at every point.
But grunts are atleast somewhat cute and funny. AM is not.

 

[red devil]

https://x.com/i/web/status/1805365650782830646

 

[TheLegend]

If you go back through every sale from when Burke sold to Ellman it's been the new owner assuming debt and then adding some.

The NHL created the debts in the bankruptcy but they became Ice Arizona's lender.

So Muruelo may have tripped a covenant in the loan agreement which would have triggered a default which is how the NHL was able to bully him into the sale.

Now if you assume the $500M purchase price was 100% debt and all the losses over 5 years were financed by debt then the billion probably cleared all of that a left a couple of hundred million for his trouble.

I didn’t rule it out…. I said we don’t know.

Making an assumption is all it is, an assumption.

And I wished I could trip a covenant that paid me a billion dollars.

 

[TheLegend]

https://x.com/i/web/status/1805365650782830646

Well this is a new twist.

TCC can handle it….. Possibly a step in unloading the Roadrunners too??

Or the sales at Mullett have tanked.

EDIT: Just thought of another angle to this. Utah HC was not pleased with this split arrangement and they control the players with 2-way contracts and the coaching staff.

Might be something more to this here?

 

[OG6ix]

Oh brother... This guy is one of the worst owners in pro sports ever. The only guy who I believe is worse if Loria.

 

[Static]

 

[aqib]

Oh brother... This guy is one of the worst owners in pro sports ever. The only guy who I believe is worse if Loria.

Art Modell and Walter O'Malley are still the worst.

 

[red devil]

https://x.com/i/web/status/1805374043467792670

 

[aqib]

I didn’t rule it out…. I said we don’t know.

Making an assumption is all it is, an assumption.

And I wished I could trip a covenant that paid me a billion dollars.

That's how Art Modell lost the Ravens. He tripped a financial covenant in his loan agreement so the NFL came in and brokered the sale.

Again $500M purchase + 5 years worth of losses, I wonder how much he cleared in that sale.

 

[TheLegend]

Roadrunners confirmed…. all home games will be in Tucson.

 

[GKJ]

Can Scott Howson rescue this?

 

[CHRDANHUTCH]

Can Scott Howson rescue this?

not really, because the AHL would've signed and had to have it approved (which it was likely on the docket forthcoming at the post season meeting) (remember the AHL season hasn't concluded

 

[GKJ]

not really, because the AHL would've signed and had to have it approved (which it was likely on the docket forthcoming at the post season meeting) (remember the AHL season hasn't concluded

I’m wondering if he can get someone to buy the team. It’s not going to be desirable to have him hold the team for 3-5 years.

 

[CHRDANHUTCH]

I’m wondering if he can get someone to buy the team. It’s not going to be desirable to have him hold the team for 3-5 years.

nothing was said about selling.... the split market has to be approved as an expansion of territory.... it was 15 AND negotiated to 6....

 

[Tawnos]

I’m wondering if he can get someone to buy the team. It’s not going to be desirable to have him hold the team for 3-5 years.

I thought the NHL wrote it in that he’s not allowed to transfer the rights. The league probably didn’t want him double dipping, but I thought that was short sighted.

 

[GKJ]

I thought the NHL wrote it in that he’s not allowed to transfer the rights. The league probably didn’t want him double dipping, but I thought that was short sighted.

I don’t think anything was said about the AHL team. Theoretically they should have no influence on that.

 

[GreenHornet]

Oh brother... This guy is one of the worst owners in pro sports ever. The only guy who I believe is worse if Loria.

Leave us not forget the seven tentacles of the Atlanta $pirit Septocluster™.

 

[TheLegend]

Roadrunners confirmed…. all home games will be in Tucson.

Hadn't really read the release until now but saw others comment about it so had to see for myself.

Using the cancelled auction as an excuse to give up playing the six games in Tempe is just..............

....... unbelievably juvenile.

 

[TheLegend]

I thought the NHL wrote it in that he’s not allowed to transfer the rights. The league probably didn’t want him double dipping, but I thought that was short sighted.

He can't "sell" them. At least as long as he meets all the criteria in the specified timeline which right now looks like he has no chance of meeting.

 

[Tawnos]

I don’t think anything was said about the AHL team. Theoretically they should have no influence on that.

Sorry, thought you were talking about the Coyotes.

 

[Llama19]

Alex Meruelo, Coyotes made it abundantly clear they don’t deserve an NHL return

Source: arizonasports.com/story/3549552/alex-meruelo-coyotes-dont-deserve-nhl-return/

 

[GKJ]

Figured with the news, time for one last Meruelo thread

CXLIX - Alex Meruelo walking away from Coyotes ownership rights

Post-cup news dump from Morgan:

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