Confirmed with Link: Senators are for sale - and it’s a Gong Show

[JungleBeat]

So far the only people who've mentioned the Reuben brothers are Brent Wallace, and today, Garrioch (but with no additional context).

Sparks himself had a vague response to a question saying it was a "mix of money from the US, Canada and the UK".

Considering this website is still up - Sparks Finance Group - I don't buy for a second that it's a legitimate bid. Especially not one backed by a family worth $15B.

Doesn’t matter if you buy it or not, just sit back and let the process play out. You have no inside information being just a fan on an Internet forum.

 

[DaveMatthew]

Doesn’t matter if you buy it or not, just sit back and let the process play out. You have no inside information being just a fan on an Internet forum.

Lol, yeah, obviously. But this is an Internet sports forum. The entire point is to discuss topics for which you have no inside information.

 

[IpsoPostFacto]

I've definitely said my piece on this, but I simply can't wrap my head around the Reuben family, which has enough wealth to get a face-to-face with Jamie Dimon or David Solomon in a days notice, picking complete unknown from LA Neko Sparks, who has a web of sketchy websites, to be the public face of their bid and then hire TAAG (formely known as Elite Accounting, a small firm that specializes in tax returns for realtors and people working in the Ottawa nightlife industry) to find "additional investors".

to me this is the number 1 reason why we needed RR to win so all this could make it to the documentary.

 

[AchtzehnBaby]

 

[Tuna99]

Typical.

Desmarais aligned himself with Kimel and the Weeknd and wants to run it back from his DevCore bid from 2016. He seems serious about owning the team. Could be a good option.

Heard Desmarias would buy Andluaers portion of the Habs when Andlauer owns the Sens

 

[Gil Gunderson]

Seems to me like Bettman knew Remington was a dud from the start, he was apprently caught off-guard when Reynolds joined them. Current/former BoG members were always going to have the advantage I guess.

 

[jbeck5]

Sounds like confirmation bias

Of course. It's not like there's a universal stat on cultural relevance. People can share their opinions in the goal of forming a consensus

 

[Cosmix]

Lol, yeah, obviously. But this is an Internet sports forum. The entire point is to discuss topics for which you have no inside information.

Not to mention that if one had "insider information" it would not be appropriate to make public and possibly subject to legal action if you did.

 

[Ice-Tray]

Sure, and that's why they pulled out. There's no bad actor here.

They made a reasonable request considering how they wanted to structure their deal, it was declined, and they pulled out, as was their right.

The NHL declined the request, for as you state, reasonable reasons, and accepted Remington withdrawing.

It's just unfortunate for this city, because it feels like a downtown rink isn't really all that close to being on the horizon, even with new ownership. The situation leads me to be believe that the Remington Group was 100% committed to moving the team DT, and quickly. The other groups are not. They're willing to wait and see how it all plays out after they buy the team. Doesn't mean they won't be good owners, but their bid doesn't hinge on the real estate.

It also leads me to believe that the NHL is skeptical about Lebreton and the NCC, otherwise they probably would have granted to negotiating window. Seems like they feel that the risk of the deal falling apart are high, so they're willing to accept a lower, but non-conditional, bid.

The last thing the NHL or Melnyk family wants is to restart this process if negotiations with the city/NCC go south, and they must think there's a good chance of that happening if they're passing on a, reported, $1B+ offer.

Also, prepare yourself for the pointing and laughing at Ottawa fans and media from other fanbases when the final sale price is quite a bit less than what's been reported and lacks celebrities. "You guys really thought the Senators were worth $1B!?!?"

Doesn’t look like the NHL declined anything. It was the Sens and GSP.

 

[SpezDispenser]

When can I take a grown up tantrum about Reynolds not being a part of this?

 

[Ice-Tray]

Gary Bettman hinted a little while ago that the parcel of land currently set aside for the arena at Lebreton is not large enough.

That's why when he was in town, we started hearing about alternate sites like Bayview and Hurdman, and working with the city directly to acquire one of those sites instead of with the NCC.

While I don't doubt that Remington also wanted to develop the adjacent land, the vibes around even just a rink at Lebreton are not strong.

And it sounds like Sutcliffe also wants the buyer to commit to building a replacement "attraction" in Kanata to replace the CTC. Otherwise, he's not all that eager to see the Senators leave. The suburbs got him elected, after all.

So much is in the air, which is why Remington wanted that negotiation window. To get clarity. to make sure the deal was workable. No one is paying $1B+ without that.

So like I said earlier, my bet is Andlauer or Kimel get the team for $700-750M and we're in for several years of "will they or won't they move downtown" articles and think pieces. There'll be veiled threats of relocation and no shortage of political theatre. Those Airbnb owners in Kanata need not worry for a while.

I’m surprised the Melnyk girls weren’t all over that since it would seem that a purchase without a side agreement for land at Lebreton will net them a lot less cash for the team.

 

[inthewings]

I live in the city, but haven't been following this. Is it as disappointing as it seems that Reynolds is out?

 

[Relapsing]

Of course. It's not like there's a universal stat on cultural relevance. People can share their opinions in the goal of forming a consensus

Opinions are fine. It's when opinion is positioned as a universal fact that it becomes problematic. A lot of that post was that.

 

[Ice-Tray]

I live in the city, but haven't been following this. Is it as disappointing as it seems that Reynolds is out?

It depends on whether the accompanying ‘welcome to Ottawa’ and some international exposure matters to you.

He also makes community involvement a pretty big part of his Wrexham experience, so that could be lost as well.

On the surface it seemed to be pretty exciting As a Sens fan, on top of a group that could fund a cap team and a new downtown arena.

 

[Nac Mac Feegle]

I don't think it's necessarily being dismissed. The question is why Neko Sparks of all people is serving as the mouthpiece of the bid.

It's not unusual for a consortium to have someone acting as the frontman, but Neko Sparks - a man with seemingly no presence and experience - is an odd choice to say the least. It's a bizarre puzzle.

At the very least, it shows this group has a thing for making stupid decisions.

And I don't want someone buying this team to treat it like a sideshow. We sure as hell don't need that for the next however many decades it would take for the team to change hands again.

I'm getting too old to wait out another bad ownership group.

 

[PlayersLtd]

I do find it weird they are asking for $1 Billion dollars and you get to find out if you can build the stadium after you paid $1 billion.

It's like an arranged marriage - get married first and then meet and figure out if your compatible later

We will find out but I think this was a $100-200M misstep by the SENS. It is common that large land deals like this come with all the plans in place, everything shy of the building permits. What this does, quite obviously, is it takes all the speculation out of the deal as well as the risk and headache of working with the local municipality. A future owner then knows exactly what is permissible, they know their financial model and they can submit their bid accordingly.

On top of that it puts the onus on the city to see it through to the finish line since all the due diligence is done, and then some, and there can be legally binding mechanisms that restrict the scenario where the municipality does not issue building permits. It essentially puts them in a position where roadblocking it from there is a terrible look.

This isn't a cheap or fast process, a year minimum and + - $10M of planning and architecture fees and incredibly exhaustive.

Had the SENS done that and not just stopped at the "Preferred Bidder Status" they would have added immense, tangible value to the deal. I think this is the difference between a solid business play and a half baked one.

As others have said I think the value is going to be much lower than what was rumoured and the Remington Group pulling out could save someone $200M so I hope some flowers are sent their way.

What it also means, is that Reynolds is now that much more valuable to another group. He has all the secrets from the front runner- all the concerns, the financial model, their final number, the intel they may have had on other bids etc... If he hitches his trailer to the right group, Remington pulling out could be an incredibly valuable turn of events for both of them. If Reynolds wants to be shrewd he could leverage that to a much higher degree than the original position he had. If we thought he was holding the cards before, he has the WHOLE deck now.

So for anyone who needs hope that RR is still in play, chew on that for a bit...

 

[MMC]

National Hockey League sources say six groups remain in the picture and New York-based banker Galatioto Sports Partners remains hopeful there will be a bidding war.



But, with one of the lead groups out of the running, a league executive speculated Friday there may be only three or four bids out of the remaining groups. However, we’ll have to wait to see what happens.

 

[MMC]

We’re not sure about the level of interest Vivek Ranadivé, the owner of the National Basketball Association’s Sacramento Kings, has in the Senators, but he was in town in April with his representatives. It’s doubtful he will bid.

 

[jbeck5]

Opinions are fine. It's when opinion is positioned as a universal fact that it becomes problematic. A lot of that post was that.

Really? I made it pretty clear that it was my personal experience on multiple occasions. Go back and read it again. The last 3 paragraphs show that quite clearly. Try again.

 

[Do Make Say Think]

I live in the city, but haven't been following this. Is it as disappointing as it seems that Reynolds is out?

Reynolds seems like a likeable fellow and seems to genuinely like Ottawa so it is too bad.

That is about how far this goes.

 

[Sun God Nika]

We’re not sure about the level of interest Vivek Ranadivé, the owner of the National Basketball Association’s Sacramento Kings, has in the Senators, but he was in town in April with his representatives. It’s doubtful he will bid.

Why is it doubtful ?

 

[MMC]

Why is it doubtful ?

Not sure, Bruce didn't expand on that any further

 

[Wondercarrot]

National Hockey League sources say six groups remain in the picture and New York-based banker Galatioto Sports Partners remains hopeful there will be a bidding war.



But, with one of the lead groups out of the running, a league executive speculated Friday there may be only three or four bids out of the remaining groups. However, we’ll have to wait to see what happens.

From the article:
“There’s also talk Neil and Shawn of Malhotra of Claridge Homes have partnered with Andlauer in his bid.”

Oh.
For anyone who was concerned LeBreton flats may lose the architectural flare it’s become known for…

 

[IpsoPostFacto]

From the article:
“There’s also talk Neil and Shawn of Malhotra of Claridge Homes have partnered with Andlauer in his bid.”

Oh.
For anyone who was concerned LeBreton flats may lose the architectural flare it’s become known for…

None of these builders are not up to the task. They can build places, but none of them demonstrate the ability to build something great that local folks and people across the country can look at and be proud of a capital city. It could have held an arena and been so much greater than it will be.

The entire history is performance art of the highest order.

-kick everyone out of a neighbourhood and level the buildings
-stare at it for decades wondering what to do next.
-finally put out RFPs for anyone who wants to put in something of national significance, public spaces, perhaps some housing, an event centre, etc.
-award a deal, and watch as the marriage of convenience partners, one of whom is on a death bed, squabble and finally just walk away
-don't stick with the original plan and talk to the second place 'winner'.
-instead, just break up the area into smaller chunks and award those to whoever will take it off their hands.

 

[MMC]

What, exactly, led Remington to believe this? From everything I've followed, there seem to be numerous legitimately interested parties

"Sources say that, when the request was denied, the people at the Remington Group took time for sober second thoughts and walked away. They didn’t feel anybody else involved in the process would come close to matching the bid they were poised to make.



“They felt they were negotiating against themselves,” a source said."