I suspect they are on the hook for $25 million in losses this season. The reason: they seem to be raising $125 million from bond sales, not the $100 million for the ridiculous parking right purchase. What's the extra $25 million for? How much did they pledge for losses this year? That's what I thought.
Part XV: Phoenix - the battle of evermore (UPD #443ff 14-Dec agenda/lease links)
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I suspect they are on the hook for $25 million in losses this season. The reason: they seem to be raising $125 million from bond sales, not the $100 million for the ridiculous parking right purchase. What's the extra $25 million for? How much did they pledge for losses this year? That's what I thought.
RR
Registered User
GoJetsGo55
Registered User
Congrats to you RR. You've always seemed like a stand up guy on this forum.
That being said...............AM I TAKING CRAZY PILLS? How does the COG do this? Do they print their own money?
That being said...............AM I TAKING CRAZY PILLS? How does the COG do this? Do they print their own money?
If Glendale wants to pay $100,000,000 for a parking lot, God bless them. It's their right to make these decisions; that's why they're elected.
If that should solve the problem, everyone's happy!
Winnipeg will eventually get it's team, too. There aren't too many other municipalities that want to bail out a troubled hockey team to this extent. One of them will eventually migrate North.
If that should solve the problem, everyone's happy!
Winnipeg will eventually get it's team, too. There aren't too many other municipalities that want to bail out a troubled hockey team to this extent. One of them will eventually migrate North.
AllByDesign
Who's this ABD guy??
No, they're not that stupid.
However, maybe a monorail would be accepted, if it was well presented with a song.
Heck, I bet this was the original pitch for an hockey team in Arizona by moving Winnipeg's.
Jerry Colangelo: Well, sir, there's nothing on earth
Like a genuine,
Bona fide,
Frozen,
30 players
Hockey team!
What'd I say?
Bettman: Hockey team!
Jerry Colangelo: What's it called?
Board of governors: Hockey team!
Jerry Colangelo: That's right! Hockey team!
Baseball fan: I hear those games are awfully loud...
Jerry Colangelo: A player glides as softly as a cloud.
Nascar fan: Is there a chance the ice could break?
Jerry Colangelo: Not on your life, my redneck friend.
Glendale citizen: What about us brain-dead slobs?
Jerry Colangelo: You'll be given cushy jobs.
Winnipeg citizen: Were you sent here by the devil?
Jerry Colangelo: No, good sir, I'm on the level.
Glendale mayor: The ring came off my pudding can.
Jerry Colangelo: Take my pen knife, my good man.
I swear it's Glendale's only choice...
Throw up your hands and raise your voice!
All: Hockey team!
Jerry Colangelo: What's it called?
All: Hockey team!
Jerry Colangelo: Once again...
All: Hockey team!
Sane Glendale citizen: But Main Street's still all cracked and broken...
Bettman: Sorry, Miss, the mob has spoken!
All: Hockey team!
Hockey team!
Hockey team!
[big finish]
Hockey team!
Winnipeg citizen: Hockey... D'oh!
kingbrutis
Registered User
- Jul 21, 2005
- 1,080
- 4
Sorry Peggers, I hope you really do get another team. A man as smart as MH understands business. Fans are fans. None of us have his $$$. Team stays in PHX. 2 yrs of complete ******** are about to come to a close. It really is Christmas!!!!
AllByDesign
Who's this ABD guy??
Ya but he's a big hockey fan,and really wants to be part of the club.OMG this is funny!
Klaus
Teemu!
Ya but he's a big hockey fan,and really wants to be part of the club.OMG this is funny!
Yeah, I'm wondering how he said that and the stuff about this not being the greatest investment with a straight face. Reinsdorf is kicking himself... silly guy thought that the Westgate businesses should pay for the team when all he had to do was ask Glendale.
OthmarAmmann
Omnishambles
cbcwpg
Registered User
NHLfan4life
Who is PKP???
So which one is Bettman and which one is Hulsizer.
Because even though the CoG is keeping its team, I'm sure behind the curtain the CoG council is..."See mayor, it didn't hurt that much"
OMG, that right there brought tears of Joy to my eyes.
MAROONSRoad
f/k/a Ghost
MAROONSRoad
f/k/a Ghost
Mind boggling.
Here's the thing and I have only skimmed through the comments and not looked at any of the supposed terms of this deal. In the recent case in the Arizona Supreme Court where GWI was involved, the court stated that it would examine the consideration flowing to the public entity in terms of whether any expenditure was justified. There is an old principle in contract law which states that the courts "will not consider the adequacy of the consideration" between the contracting parties. However, according to this new rule or test, the courts will consider it when a public entity is involved and the issue of the gift clause comes up. The upshot of that ruling is that anything that the COG gives to MH must be reasonably proportionate to what it gets in return from MH or it could be an illegal subsidy-- at least that is how I recall the case which I read several months ago.
GHOST
Here's the thing and I have only skimmed through the comments and not looked at any of the supposed terms of this deal. In the recent case in the Arizona Supreme Court where GWI was involved, the court stated that it would examine the consideration flowing to the public entity in terms of whether any expenditure was justified. There is an old principle in contract law which states that the courts "will not consider the adequacy of the consideration" between the contracting parties. However, according to this new rule or test, the courts will consider it when a public entity is involved and the issue of the gift clause comes up. The upshot of that ruling is that anything that the COG gives to MH must be reasonably proportionate to what it gets in return from MH or it could be an illegal subsidy-- at least that is how I recall the case which I read several months ago.
GHOST
Gollybass, you have repeated this many times. Could you please explain in financial terms how this is better for Glendale? It would be helpful if you referred to specific financial trade-offs, rather than the usual "Glendale can't pay off the arena debt without the Coyotes". We have already shown that they have been paying about $3 million per year to the City of Glendale, and might bring in another $3-3.5 million with additional taxes, etc. How exactly do the Coyotes financially offset >$180 million that Glendale will provide to them over the next five years? I think it's a legitimate "business of hockey" question.
Snarky Coyote
Registered User
With all due respect explaining something to a group of people that pick and choose thier facts (and I mean that on both pro relocation and phoenix fan sides) explaining does no good.
Having said that experts have said that the cost of running Jobing.com could run up to 20 million a year. I cant vouch for the validity of the experts, it could be billy bob is her expert, or it could be a paid consultant that is reputable and unbiased. This is quoted in the Azcentral.com artice this week by Mayor Scruggs. also if you arent familiar with westgate without the coyotes there isnt a great deal of reason to go out there, so you are in danger of losing a major employer in the bedroom comunity off of phoenix. Glendale doesnt have a lot of economic development or shopping other than some strip malls Westgate is the most $$ from a development that they have, other than a power plant. Major developments that draw people and dollars are in suprise, avondale and peoria. Without the coyotes in a few years they would either need to wrap the entire project in saran rap untill they could get another hockey team. You may or may not believe it but rest assured that the city of glendale believes it, and that is why this has been so screwed up. They are screwed no matter what and are choosing between the lesser of 2 evils.
Bottom line is that in all likelyhood this is a done deal, and its going to give the coyotes time to develop and reclaim its fanbase. If it doesnt happen then at that point I am not going to be suprised if they bail. Honestly I think with a little luck the coytes can be sustainable for the next 10 years and then will bloom as the kids buy tickets and bring thier kids ect ect play youth hockey and build the team up.
MAROONSRoad
f/k/a Ghost
Ah, the recent 'gift clause' case of which I spoke, Turken v Gordon. GWI acted for the plaintiffs. The courts clarified and set out the test for when an expenditure by a public entity constitutes an illegal subsidy. I'm going to reread it, but thought I'd post a link to it here in case anyone else is interested.
http://www.ssd.com/pdf/publicfinance/Turken_v_Gordon.pdf
GHOST
http://www.ssd.com/pdf/publicfinance/Turken_v_Gordon.pdf
GHOST
bacon25
Unenthusiastic User
Just a thought, I wonder what Basillie thinks of all of this. Wasn't he going to pay over 200 million for the team. I haven't gone over Basillie's agreement with Moyes but from my understanding Basillie was going to pay way more than what this team was worth and also pay the losses for the Coyotes last season.
If the COG could turn back time, do you think they would have tried to work with Basille more?
If the COG could turn back time, do you think they would have tried to work with Basille more?
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