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

[StoicSensFan]

I for one am absolutely shocked.

…June 1st

Good or bad? My god the suspense

 

[Golden_Jet]

I looked at it from a return on investment perspective. If they build a new arena, how long would it take to pay it off? If a desired outcome was to increase attendance, then how much would attendance and revenue increase, and how long would the amortization timeline be to recoup the costs to build the arena?

Gotta think 30 years, so with interest 30-35 million a year?
Plus whatever money is financed to buy the team.

 

[Sun God Nika]

https://thehockeynews.com/nhl/ottawa-senators/news/senators-sale-extravagant-nfl-bid-strongly-suggests-moneys-not-a-problem-for-apostolopoulos

 

[Golden_Jet]

https://thehockeynews.com/nhl/ottawa-senators/news/senators-sale-extravagant-nfl-bid-strongly-suggests-moneys-not-a-problem-for-apostolopoulos

Oof Warne now with the hockey news, and what the hell is this bio.

Steve Warne is the Ottawa-born publisher of The Hockey News Ottawa.

 

[Crosside]

I for one am absolutely shocked.

…June 1st

Benjiv1, do you have news on DeBrincat. Do you think he want to stay

 

[Cosmix]

I think the Melnyk girls want the highest price while the league wants an owner with significant financial resources who will be a good owner following the leagues' rules and bylaws.

I would not be surprised if at least one bidder has conditions in his bid that could affect the price to be paid, such as $X million now plus $Y million if the bidder can get the land and financial support it wants from the City, Province and NCC to construct a new arena and other real estate developments. A bidder's financial situation and support could depend on some of those conditions being met.

 

[Flamingo]

Bring on the rueful owner.

 

[Mingus Dew]

Not when it’s an estate sale. No they could not have sold to whomever they want.

Didn’t the Melnyk estate pass to his daughters? This is not an estate sale.

Also if I made the highest final bid and then all the other bidders got 2 weeks to try again I would be pretty pissed lol. What is this?

 

[Joeyjoejoe]

I for one am absolutely shocked.

…June 1st

Neko Sparks has joined the Debrincat bid?

 

[IpsoPostFacto]

I think they should cut the team in half. The bidder that says "ok" to that is not the true owner for the real owner would not want that to happen and therefore the other bidder is the real owner and is awarded the team.

 

[DaveMatthew]

Not when it’s an estate sale. No they could not have sold to whomever they want.

This isn't an estate sale. Anna and Olivia Melnyk own the team and have chosen to sell it, and can now choose to sell it to whomever they want, and run the process however they want. Which it seems like they're doing.

Based on what we're hearing, you can surmise that the NHL and GSP want to accomplish two things:

1) They want the sale price to hit $1B
2) They want the owner to be someone who was already in their club - Andlauer or Kimel

For all the talk about the Remington Group asking for treatment that was unfair to the process, it seems like the NHL and GSP are now being unfair to the highest bidder who followed "the process".

From what we're led to believe, the groups were given a deadline to submit their best and final bid. The groups did that and Apostolopolous had the highest bid, and one that can withstand due diligence. The NHL and GSP then said "nah, never mind, we'd rather have our guys get it, so let's go back to them and figure out a way". The delay is them doing whatever they can to make that happen.

Maybe Bettman was taken aback when Reynolds joined Remington because he knew from the beginning that they weren't going to be awarded this franchise... and maybe the group sniffed that out by the end and didn't want to be used as leverage.

Or, and this is a big possibility, everything we've heard from Bruce and Mendes is crap.

 

[PlayItAgain]

This isn't an estate sale. Anna and Olivia Melnyk own the team and have chosen to sell it, and can now choose to sell it to whomever they want, and run the process however they want. Which it seems like they're doing.

Based on what we're hearing, you can surmise that the NHL and GSP want to accomplish two things:

1) They want the sale price to hit $1B
2) They want the owner to be someone who was already in their club - Andlauer or Kimel

For all the talk about the Remington Group asking for treatment that was unfair to the process, it seems like the NHL and GSP are now being unfair to the highest bidder who followed the rules of the process.

From what we're led to believe, the groups were given a deadline to submit their best and final bid. The groups did that and Apostolopolous had the highest bid. The NHL and GSP then said "nah, never mind, we'd rather have our guys get it, so let's go back to them and figure out a way". The delay is them doing whatever they can to make that happen.

Maybe Bettman was taken aback when Reynolds joined Remington because he knew from the beginning that they weren't going to be awarded this franchise... and maybe the group sniffed that out by the end and didn't want to be used as leverage.

Or, and this is a big possibility, everything we've heard from Bruce and Mendes is crap.

I think you’re doing a whole lot of speculating here. It has always been reported that the sale is more like an auction where bidders will be allowed to adjust their bids at the end. This was reported from the beginning.

 

[DaveMatthew]

I think you’re doing a whole lot of speculating here. It has always been reported that the sale is more like an auction where bidders will be allowed to adjust their bids at the end. This was reported from the beginning.

That's kind of my point. GSP and the NHL have a desired, ideal outcome in mind, and are doing what they can to make that happen. Even if it takes a bit longer. This isn't an unbiased process. They want to maximize the price, but they also want the owner they want.

And hey, that's their right.

 

[PlayItAgain]

That's kind of my point. GSP and the NHL have a desired, ideal outcome in mind, and are doing what they can to make that happen. Even if it takes a bit longer. This isn't an unbiased process. They want to maximize the price, but they also want the owner they want.

And hey, that's their right.

Absolutely. This sale and specifically the price is extremely important to the nhl. If one of the smallest markets in the nhl can sell at 1B+? Means the rest of the franchises instantly increase in value significantly, not to even mention potential expansion fees. Lots at stake for the NHL

 

[Mingus Dew]

I think you’re doing a whole lot of speculating here. It has always been reported that the sale is more like an auction where bidders will be allowed to adjust their bids at the end. This was reported from the beginning.

2 weeks is a hell of an adjustment period lol.

They basically made the high bidder a stocking horse.

 

[Crosside]

I just hope Steve A add 200 millions when Kimel and Andlauer match his price

 

[Nac Mac Feegle]

I think the Melnyk girls want the highest price while the league wants an owner with significant financial resources who will be a good owner following the leagues' rules and bylaws.

I would not be surprised if at least one bidder has conditions in his bid that could affect the price to be paid, such as $X million now plus $Y million if the bidder can get the land and financial support it wants from the City, Province and NCC to construct a new arena and other real estate developments. A bidder's financial situation and support could depend on some of those conditions being met.

I would do the same thing in that situation.

The Senators are worth a significantly different amount in Kanata than in Lebreton or somewhere else downtown. And we all know what this city and the NCC are like...especially when they know they have leverage.

I still don't understand why there wasn't a solid agreement or contract in place for the land in the Flats along with all the conditions and whatever in place before this process started.

The way it's going right now, it's like you're buying a car and finding out after the fact the engine, tires, and steering wheel aren't included in the price and need to be bought separately.

 

[Sun God Nika]

I just hope Steve A add 200 millions when Kimel and Andlauer match his price

I can see this happening lol. Remember he just lost a bid on a team and is richer than the two kimmels and andlauer combined.

 

[PlayItAgain]

2 weeks is a hell of an adjustment period lol.

They basically made the high bidder a stocking horse.

Exactly. And because the bids are binding, high bidder can’t even pull out unless they want to lose the 50 mill deposit

 

[Sun God Nika]

no one here likely knows but how long do we think the bidders are binded to their bids until they can pull out without a penalty?

 

[Cosmix]

I would do the same thing in that situation.

The Senators are worth a significantly different amount in Kanata than in Lebreton or somewhere else downtown. And we all know what this city and the NCC are like...especially when they know they have leverage.

I still don't understand why there wasn't a solid agreement or contract in place for the land in the Flats along with all the conditions and whatever in place before this process started.

The way it's going right now, it's like you're buying a car and finding out after the fact the engine, tires, and steering wheel aren't included in the price and need to be bought separately.

I think that the Melnyks do not have the financial capability to both own the team and also do the real estate deals, so they want to sell now and get a higher price to a buyer who does have that capability and can take advantage of the situation wrt to the NCC land availability and negotiations for a downtown arena.

 

[Cosmix]

no one here likely knows but how long do we think the bidders are binded to their bids until they can pull out without a penalty?

I would be guessing at perhaps 3 to 6 months in order to allow time for the Meknyks and league to negotiate with and finalize the sale agreement with the preferred bidder while leaving additional time to move on to the second choice in the event that a agreement cannot be finalized with the preferred bidder.

 

[Sun God Nika]

I would be guessing at perhaps 3 to 6 months in order to allow time for the Meknyks and league to negotiate with and finalize the sale agreement with the preferred bidder while leaving additional time to move on to the second choice in the event that a agreement cannot be finalized with the preferred bidder.

Really? even once a preferred bidder is selected they can't withdraw?

 

[Golden_Jet]

no one here likely knows but how long do we think the bidders are binded to their bids until they can pull out without a penalty?

This round was binding bids, no pulling out, or lose 50 million deposit.

 

[IpsoPostFacto]

This isn't an estate sale. Anna and Olivia Melnyk own the team and have chosen to sell it, and can now choose to sell it to whomever they want, and run the process however they want. Which it seems like they're doing.

Based on what we're hearing, you can surmise that the NHL and GSP want to accomplish two things:

1) They want the sale price to hit $1B
2) They want the owner to be someone who was already in their club - Andlauer or Kimel

For all the talk about the Remington Group asking for treatment that was unfair to the process, it seems like the NHL and GSP are now being unfair to the highest bidder who followed "the process".

From what we're led to believe, the groups were given a deadline to submit their best and final bid. The groups did that and Apostolopolous had the highest bid, and one that can withstand due diligence. The NHL and GSP then said "nah, never mind, we'd rather have our guys get it, so let's go back to them and figure out a way". The delay is them doing whatever they can to make that happen.

Maybe Bettman was taken aback when Reynolds joined Remington because he knew from the beginning that they weren't going to be awarded this franchise... and maybe the group sniffed that out by the end and didn't want to be used as leverage.

Or, and this is a big possibility, everything we've heard from Bruce and Mendes is crap.

seems reasonable given all we know. Further to this, assume for a moment it's an estate sale.

I think the "must sell to highest bidder" is true-ish.

1) Euge said he was leaving the team to his daughters. Not his daughters and one of his girlfriend or ex wife or ipsopostfacto. There is nobody to be happy but them. It's not like when some dies and their 5 kids fight over the house: sell now, rent and wait for better market, one kid buys house etc.

2) There is the legacy share that the daughters want. If one of the parties doesn't want any part of ongoing ownership then, you have to go to highest to satisfy them - or perhaps sell to whoever and then make the non-owner party whole by cutting them a cheque for what they would have otherwise received - in effect, buy them out.

3) if everyone that remains wants to be part of the 10% then, the highest bid is not necessarily the best. to use what might be a trite example -they want the family name on the cup. highest bid will run the team on a shoestring and they may never get the cup. or, highest bid is heavily leveraged - maybe new investors are required and my 10% gets diluted down.

I've never had to deal in these kind of numbers. I've had clients have to deal with bringing in new owners etc. and it's interesting that sometimes money is left on the table because they 'just don't want to look at the other goofs face sitting across the table from me"

*the only other parties that there is a duty to are creditors, but really as long as they get their money, they don't care after that.

This all gives me an idea. I'm offering $500m in return for 50% of the franchise with 50% remaining with sisters. taking advantage of the $150m low interest NHL loan I need $350m. Ryan and maybe 1 dragon if necessary. I now own 15% of an NHL team.