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Nationwide Arena/CBJ Finances Discussion II

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CapnCornelius said:
It isn't pointless for an entity they are asking for financing from (and that's really what this all is, the County using its tax exempt status to refinance this Arena at a lower rate than the Jackets would get for a lump sum payment) to ask to see their books. Any creditor worth a crap would do that before lending tens of millions of dollars. If the City and County aren't, they are fools. Particularly since some of the team's largest line items are associated with the asset they are acquiring.

Considering the sweet heart deal that they are getting compared to what they would get from a major financial institution which would require them to do things like maintain a certain net worth and liquidity (in addition to annual, quarterly and possibly even monthly financial information), it seems to me that some reasonable amount of financial disclosure should be required.

As for your concerns that somehow what they would disclose would be used as leverage by the PA, get real. For one thing, the Jackets are exactly the type of information the league would like to leak because they are a cherry-picked example of "why the CBA doesn't work." Nevermind the fact that it is the revenue sharing amongst owners and not the contracts of players that is the biggest issue for why the hard cap has not solved the financial problems of middle market teams.
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I would imagine they have had a look at the P&L and Balance Sheet. I also suspect it would have been under a non-disclosure agreement. I believe this is done in Nashville as well. Bits and pieces of the Preds income statement come out now and again, but I've never seen the entire document released.
 
CapnCornelius said:
Talk to any of Natiowide's current or former tenants in the District.
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I asked for names. You seem to have your hand on the pulse of what is going on 3000 or so miles away. You made the assertion. I simply asked for names. Back up what you have claimed. Give me names. You are not under any type of confidentiality. Name the names. We have to quote sources here. Back it up. That is all I am asking.
 
Fred Glover said:
I asked for names. You seem to have your hand on the pulse of what is going on 3000 or so miles away. You made the assertion. I simply asked for names. Back up what you have claimed. Give me names. You are not under any type of confidentiality. Name the names. We have to quote sources here. Back it up. That is all I am asking.
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I'm glad you are aware what confidentiality requirements I'm under. From now on I'll run my conflicts checks through you.

The world is a lot smaller than it was when Fred Glover was playing in the AHL.
 
CapnCornelius said:
As for your concerns that somehow what they would disclose would be used as leverage by the PA, get real. For one thing, the Jackets are exactly the type of information the league would like to leak because they are a cherry-picked example of "why the CBA doesn't work." Nevermind the fact that it is the revenue sharing amongst owners and not the contracts of players that is the biggest issue for why the hard cap has not solved the financial problems of middle market teams.
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:laugh:

:laugh::laugh:

:laugh::laugh::laugh::laugh:

:laugh::laugh::laugh::laugh::laugh::laugh:
 
This is indeed good news! Perhaps an early Christmas present for Jacket fans on December 20? It would be nice to focus as a fan on hockey and not on whether the club will leave Columbus.
 
UPDATE

The final piece of the puzzle?

Franklin County commissioners are expected to approve the $42.5 million purchase of Nationwide Arena on Tuesday, nearly three months after the Columbus City Council voted for the deal, intended to improve lease terms for the cash-strapped Blue Jackets.

Commissioners have signaled that they will agree to spend up to 32 percent of anticipated casino revenue beginning in January 2013 through 2039 to help fund the arena purchase and the costs to operate it. The county is not obligated to give any casino revenue earned before that date and will not have to use other funds if casino revenue falls short of the projections.
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http://www.bluejacketsxtra.com/cont...y-likely-to-approve-arena-deal-next-week.html
 
For the good of the City, County and State this deal needs to be finalized, I still think rejecting the casino from being built in the Arena District yet using the casino money to save the Arena District is hypocritical but in the end the greater good is being served. I look forward to seeing a new name on the tax payers new arena..
 
Robert said:
For the good of the City, County and State this deal needs to be finalized, I still think rejecting the casino from being built in the Arena District yet using the casino money to save the Arena District is hypocritical but in the end the greater good is being served. I look forward to seeing a new name on the tax payers new arena..
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You'll be waiting quite awhile Robert. Nationwide will now have to pay for naming rights but they've already said publicly that they intend to keep it "Nationwide Arena".
 
Robert said:
For the good of the City, County and State this deal needs to be finalized, I still think rejecting the casino from being built in the Arena District yet using the casino money to save the Arena District is hypocritical but in the end the greater good is being served. I look forward to seeing a new name on the tax payers new arena..
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Well that wont happen for at least 10 years as part of the deal to get Nationwide to buy a 30% stake in the team is they also pay for 10 years of naming rights. I might be wrong on exactly where into the deal that factors in but I do remember reading that in a couple different articles when the deal was first made public.
 
It's a done deal per Dispatch
Commissioners approved unanimously
Sorry for no link as I am away from computer
 
If anything, have faith in unpredictable randomness. If we spend 36 years flinging **** at a wall, SOMETHING's gotta stick, right?
 
Great, now the owners have nothing to complain about. So, start fixing the mess on the ice.

They can begin tha process by given Mike Priest a new and more important role in the JMac Empire so that someone else can handle the role of team President.
 
CapnCornelius said:
Great, now the owners have nothing to complain about. So, start fixing the mess on the ice.

They can begin tha process by given Mike Priest a new and more important role in the JMac Empire so that someone else can handle the role of team President.
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I don't know where up the ladder Mike would go as the President of a company with 9 employees, which is JMAC's staff. It's an investment holdings management company. Mike will go nowhere until John P. decides it's time for someone new. I believe if that time ever comes, there will be a press release describing how Mike is desperately needed to concentrate on his duties with JMAC and needs to step down from the CBJ organization because he no longer has the time for both. I don't see that happening anytime soon.
 
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