News Article: Lebreton project

[coladin]

And even 18K average attendance won’t change that if Lebreton is off the table.

Au contraire, money changes a lot of things.

Finance issues. Offshore issues. Personality issues. Revenue issues. On and on and on. Money is a big part of almost everything.

Anyways, I doubted the validity of Lebreton and Ruddy's condos so close to this land has Melnyk worried. Something is up on that issue. The only things that I have heard were from the Toronto bankers about money owing. Weeks later that LOC was announced to Hosannas and trumpets.

He borrowed, in my opinion, to cover projected losses for the year. Bigger question is what happens next year...another 30M LOC?

 

[Do Make Say Think]

Some actually have to work out in the field and are not tied to a computer all day, or, logged on to HF all day to cry and vent.
It is very obvious that when you are dealing with a project worth north of 4 billion, you will have every little hand that needs to be greased and fingers all over the pot or finish line. This is nothing unusual in the high stakes business of development and especially one of this magnitude. This does not worry me one bit. EM holds this paper, and if any one of you had your sticky little fingers on a winning lottery ticket worth billions, you too would exercise every option available and you would NOT leave anything on the table. Trinity (John Ruddy) has a very established reputation in our business community that if you do not watch your back, you will get skinned. So, EM is still doing his due diligence on if he can work and co partner with Trinity. He has other offers on the table as I stated long ago and which was also tweeted this afternoon. I think everyone needs to breath and calm down a little.

Unfortunately you destroyed your own credibility this summer.

 

[Smash88]

Some actually have to work out in the field and are not tied to a computer all day, or, logged on to HF all day to cry and vent.
It is very obvious that when you are dealing with a project worth north of 4 billion, you will have every little hand that needs to be greased and fingers all over the pot or finish line. This is nothing unusual in the high stakes business of development and especially one of this magnitude. This does not worry me one bit. EM holds this paper, and if any one of you had your sticky little fingers on a winning lottery ticket worth billions, you too would exercise every option available and you would NOT leave anything on the table. Trinity (John Ruddy) has a very established reputation in our business community that if you do not watch your back, you will get skinned. So, EM is still doing his due diligence on if he can work and co partner with Trinity. He has other offers on the table as I stated long ago and which was also tweeted this afternoon. I think everyone needs to breath and calm down a little.

You would think they would have had all this sorted out before agreeing to submit a bid together.

Why waste everyone’s time?

 

[coladin]

It's a city issue Melnyk does not come to terms with Ruddy?
Sure, keep doing you...

This is a city land development issue. I don't know if you looked at the plan but there is more to Lebreton than just an arena. What part does the NHL have in this? If it crumbles, there is an NHL arena that seats 18, 500+ . And it is not outdated like the Saddledome.

Does that sink in better?

 

[coladin]

Gary Bettman has literally gone on record saying the Sens need a new arena. So no, it's not suitable. It's at the end of it's lifespan (~20 years), and it's in a garbage location.

The Senators need to move. The team won't survive long term in this city anywhere but Lebreton.

I know what he said. He works for Melnyk and the other 30 owners.

He says that everywhere.

I agree about location and all that. But Islanders are going back to Nassau, Saddledome is still around, and the arena is still suitable for a long time.

 

[DaveMatthew]

Some actually have to work out in the field and are not tied to a computer all day, or, logged on to HF all day to cry and vent.
It is very obvious that when you are dealing with a project worth north of 4 billion, you will have every little hand that needs to be greased and fingers all over the pot or finish line. This is nothing unusual in the high stakes business of development and especially one of this magnitude. This does not worry me one bit. EM holds this paper, and if any one of you had your sticky little fingers on a winning lottery ticket worth billions, you too would exercise every option available and you would NOT leave anything on the table. Trinity (John Ruddy) has a very established reputation in our business community that if you do not watch your back, you will get skinned. So, EM is still doing his due diligence on if he can work and co partner with Trinity. He has other offers on the table as I stated long ago and which was also tweeted this afternoon. I think everyone needs to breath and calm down a little.

Sure! In the next 6 weeks they'll resolve issues that they haven't been able to solve over the last 2 years!

Is it your source in the Karlsson family that's confident about it?

 

[GCK]

Au contraire, money changes a lot of things.

Finance issues. Offshore issues. Personality issues. Revenue issues. On and on and on. Money is a big part of almost everything.

Anyways, I doubted the validity of Lebreton and Ruddy's condos so close to this land has Melnyk worried. Something is up on that issue. The only things that I have heard were from the Toronto bankers about money owing. Weeks later that LOC was announced to Hosannas and trumpets.

He borrowed, in my opinion, to cover projected losses for the year. Bigger question is what happens next year...another 30M LOC?

Melnyk has been trying to find additional revenue sources forever at CTC and it’s not happening. I don’t think it works long term out here in the sticks.

 

[BonkTastic]

New arguments proposed in this thread in the last half hour can be succinctly summed up as:

 

[Stylizer1]

I posted this on May 24th of this year, in the previous Lebreton thread:

"For the record, I still don't think this arena is going to get built as long as Melnyk owns the team.

I fully expect a soft PR campaign over the next 1-2 years extolling how great the Kanata arena is (regardless of the truth of those claims), and the NCC will eventually move on to another developer to build the Lebreton site."

I didn't think my prediction would come true so soon, though I expect that "soft PR campaign" will extend to the usual crowd around here as well.

 

[Stylizer1]

Some actually have to work out in the field and are not tied to a computer all day, or, logged on to HF all day to cry and vent.
It is very obvious that when you are dealing with a project worth north of 4 billion, you will have every little hand that needs to be greased and fingers all over the pot or finish line. This is nothing unusual in the high stakes business of development and especially one of this magnitude. This does not worry me one bit. EM holds this paper, and if any one of you had your sticky little fingers on a winning lottery ticket worth billions, you too would exercise every option available and you would NOT leave anything on the table. Trinity (John Ruddy) has a very established reputation in our business community that if you do not watch your back, you will get skinned. So, EM is still doing his due diligence on if he can work and co partner with Trinity. He has other offers on the table as I stated long ago and which was also tweeted this afternoon. I think everyone needs to breath and calm down a little.

 

[BonkTastic]

Relevant quotes today:

"It has been a challenging relationship that I have witnessed"

"There's been a changing cast of characters in this project from the beginning," Watson said, starting with former Sens president Cyril Leeder, "who we admire and who was a great leader"

"sources with knowledge of the negotiations say it's unlikely the Rendezvous LeBreton partners will come to an agreement in within two months."

"There's a great anticipation of this project. So if it turns out that this group can't do it, we're going to move on to a new solution and new ideas for how to bring this very important area back to life as a community in the capital."

 

[Joeyjoejoe]

Lmao at mylies spin job.

"Everyone botches $4 billion dollar real estate opportunities because of due diligence they didn't do earlier in the process on their partners, you guys didn't know??"

 

[aragorn]

I live fairly close to the CTC, I'd be fine with them playing there for the next decade or two. I go downtown for Redblack games & it's a pain in the ass to get there & get back. I'd rather the Sens stay out in the west end for my selfish reasons only so I'm okay with this project stretching longer & longer.

 

[TheNewEra]

Lmao at mylies spin job.

"Everyone botches $4 billion dollar real estate opportunities because of due diligence they didn't do earlier in the process on their partners, you guys didn't know??"

Don't worry the silent mafia partners that own part of Ferrari are about to save melnyk

Just watch

 

[Sensung]

My biggest takeaway from today is resignation that the uncertainty and financial issues will destroy what is left of the core. Just a gut feeling

Yup, but a small price to be rid of Eugene.

 

[Sensung]

I posted this on May 24th of this year, in the previous Lebreton thread:

"For the record, I still don't think this arena is going to get built as long as Melnyk owns the team.

I fully expect a soft PR campaign over the next 1-2 years extolling how great the Kanata arena is (regardless of the truth of those claims), and the NCC will eventually move on to another developer to build the Lebreton site."

I didn't think my prediction would come true so soon, though I expect that "soft PR campaign" will extend to the usual crowd around here as well.

Yup, I remember you making this call and agreeing with this stance.

 

[Golden_Jet]

Gary Bettman has literally gone on record saying the Sens need a new arena. So no, it's not suitable. It's at the end of it's lifespan (~20 years), and it's in a garbage location.

The Senators need to move. The team won't survive long term in this city anywhere but Lebreton.

Yes it could be in a better location, no 20 years is not the lifespan, otherwise 20 other teams would be looking at new rinks.

20 years for a new rink at 600 million, means it costs 30 million a year , plus 10 million in interest per year, only a couple of teams have enough revenue for that.

 

[Sensung]

Unfortunately you destroyed your own credibility this summer.

Don't you have to be credible in the first place?

 

[coladin]

Yup, but a small price to be rid of Eugene.

So you say. Personally, I just care about the team and my focus is on the players, I actually hate this side of it.

 

[El Diego]

Some actually have to work out in the field and are not tied to a computer all day, or, logged on to HF all day to cry and vent.
It is very obvious that when you are dealing with a project worth north of 4 billion, you will have every little hand that needs to be greased and fingers all over the pot or finish line. This is nothing unusual in the high stakes business of development and especially one of this magnitude. This does not worry me one bit. EM holds this paper, and if any one of you had your sticky little fingers on a winning lottery ticket worth billions, you too would exercise every option available and you would NOT leave anything on the table. Trinity (John Ruddy) has a very established reputation in our business community that if you do not watch your back, you will get skinned. So, EM is still doing his due diligence on if he can work and co partner with Trinity. He has other offers on the table as I stated long ago and which was also tweeted this afternoon. I think everyone needs to breath and calm down a little.

What are the odds you are just completely making stuff up? Not even sure you work out in the field tbh

 

[DaveMatthew]

So you say. Personally, I just care about the team and my focus is on the players, I actually hate this side of it.

Thing is, this affects players.

If there's uncertainty about where this team is going to play, how financially viable it is, or whether Melnyk will try to move it in 3-4 years because he can't get a downtown stadium, star players like Stone and Duchene are less likely to commit here for 8 seasons.

If they sign it's because they want to live in Ottawa, not Quebec City.

It's just another unknown to add to the list, when there are already so many.

Wouldn't it have been nice to go to Stone in January saying, "You're going to be the captain, and in 3 years when we're making our run, you're going to get to play in this amazing, new state of the art arena, and you're going to be the face of it all. Not only that, but this move will give us the resources we need to build a great team around you"?

What do you say now? "We're going to continue playing in a rink that's proven to not be viable financially and has caused us to run a bare-bones organization, and if fans don't start making the 35 minute drive, we might move the team somewhere else."

Great!

 

[Ray Kinsella]

Do you also publicly announce to your friends, family and colleagues that you've been approved for a LOC to show them how financially stable and secure you are?

Well, at least he does to Sens HF members ; )

 

[branch]

Is anyone listening to the Scanlan interview on McCown? Wow.

 

[GrantLemons]

I know what he said. He works for Melnyk and the other 30 owners.

He says that everywhere.

I agree about location and all that. But Islanders are going back to Nassau, Saddledome is still around, and the arena is still suitable for a long time.

Just because those arenas are currently housing an NHL tenant, doesn't mean they are suitable.

If by 'suitable' you mean capable of hosting a game of hockey for fans then sure. By that definition Mellon Arena is still suitable for an NHL team.

GB works for EM, sure, but when things are bleak like they are here, you better believe he'll be making sure things proceed according to the NHL's liking. If there's no new arena to play in, there is next to nothing keeping the Sens here, especially if the NHL has owners waiting to join the club.

 

[Ray Kinsella]

My god, look at all of you anti EM arguing about a term of a loan and the definition of what a loan is and line of credit. You are all looking so desperately to trash him.

Count is the one who started this whole argument. I suppose he falls in the same category...?