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

[MMC]

 

[Cosmix]

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

When I was working with lawyers on contracts we selected a winner and then started negotiations with the winner but did not advise the other bidders that we had selected that winner. The strategy was to try to negotiate a final agreement with the winning bidder asap; however, if we could not do so we wanted to be able to go the next preferred bidder. Thus we wanted the bids to be for a specific period of time to allow for that flexibility.

 

[Flamingo]

Desperate times…


* duplicate Frank Serengeti tweet *

Maybe there’s a weekend deadline.

 

[MMC]

 

[Hale The Villain]

Probably just trying to add more investors to increase the bid.

Don't think they'd even be seriously considered unless they had the biggest bid.

GSP is assuredly more than ok with them increasing their bid to put pressure on the actual contenders to raise theirs.

 

[MMC]

Considering this was supposed to be a vital week for the sale process, it’s been eerily silent. But that doesn’t mean there isn’t some news happening in the background that might help explain the delay.

The Athletic can confirm that representatives from the Sparks ownership group have been actively soliciting for local partners and investors this week — even going so far as to connect with parties already associated with other active bids in the sale process.

The Sparks group has also tried to aggressively solicit partnerships with investors not currently affiliated with any rival bids, with a keen eye toward locking down deals with Canadian partners. In their communication with potential investors, Sparks officials acknowledge they have secured international funds for their bid, but are specifically seeking additional Canadian investors to join their roster.

 

[Micklebot]

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

It's not an estate sale though, the Melnyk's inherited the team, and have since opted to sell off the team

 

[Senscore]

Things may seem dire for the Sparks group now but I have a real good feeling that they'll be able to make up some competition points during the limbo contest at the Sens Bid Canada Day Beach Party Bash, live on Sportsnet One.

 

[Flamingo]

A good article. And Mendes brings up an angle I’ve wondered about. What if the Melnyk sisters like the Sparks groups’ diversity angle and prioritizing it over financials?

 

[Micklebot]

I suspect they were probably going all in at their initial 950 bid, if bids have gotten past a billion I imagine they are stretching their resources.

 

[IpsoPostFacto]

Considering this was supposed to be a vital week for the sale process, it’s been eerily silent. But that doesn’t mean there isn’t some news happening in the background that might help explain the delay.

The Athletic can confirm that representatives from the Sparks ownership group have been actively soliciting for local partners and investors this week — even going so far as to connect with parties already associated with other active bids in the sale process.

The Sparks group has also tried to aggressively solicit partnerships with investors not currently affiliated with any rival bids, with a keen eye toward locking down deals with Canadian partners. In their communication with potential investors, Sparks officials acknowledge they have secured international funds for their bid, but are specifically seeking additional Canadian investors to join their roster.

well, that's nice. Probably the York group

 

[Dionysus]

HFSens ownership group still alive.

 

[MMC]

 

[Ghost of Jody Hull]

A good article. And Mendes brings up an angle I’ve wondered about. What if the Melnyk sisters like the Sparks groups’ diversity angle and prioritizing it over financials?

Making hundreds of millions of dollars from the sale of a pro sports team under the guise of diversity would be peak “white rich girl”.

If they’re passionate about the cause they should follow in the footsteps of Mackenzie Scott (Bezos). Get as much money as you can and then donate that money to organizations that are actually doing the work they claim to support.

 

[Sun God Nika]

on one hand I understand what Neko Sparks is doing.

A nobody who managed to make the right connections and get investors to buy into his vision to buy a hockey team and be the most progressive and inclusive ownership group. His heart seems to be in the right place but its time to let go. Phoenix might be a better team for his vision. Ottawa is a pretty progressive city tho - minus Carleton.

 

[Ghost of Jody Hull]

I wonder if he’s skimming a “transaction fee” from investments…

 

[PlayItAgain]

I suspect they were probably going all in at their initial 950 bid, if bids have gotten past a billion I imagine they are stretching their resources.

Mendes latest article states that the sparks group is more than well financed internationally. The NHL probably told them their bid is missing local investors or even Canadians which is why they’re scrambling with all these last minute Canadians being added.

 

[Nac Mac Feegle]

A good article. And Mendes brings up an angle I’ve wondered about. What if the Melnyk sisters like the Sparks groups’ diversity angle and prioritizing it over financials?

Pretty sure they'd be advised against doing that.

If Sparks can barely scrape together the funds to buy the team, what makes him think he'll be approved by the NHL board of governors? Being the preferred bidder doesn't necessarily mean they own the team. The next step will be the hardest for them.

And if that happens, you know the remaining bidders will end up low-balling the rest of the process. They aren't going to hand over extra hundreds of millions if they don't have to.

 

[Ghost of Jody Hull]

I suspect they were probably going all in at their initial 950 bid, if bids have gotten past a billion I imagine they are stretching their resources.

Seems like being “backed” by the Reuben family was a mirage considering theyre sending out Trump-esque fundraising emails to anyone with a few million to their name…

 

[Sun God Nika]

I suspect they were probably going all in at their initial 950 bid, if bids have gotten past a billion I imagine they are stretching their resources.

If true they shouldn’t have put that original 950 mil non binding bid up. Should have saved it for the real bidding to put the other guys off guard and be seen as a more serious player

 

[MMC]

But let’s suppose for a second there is some friction at the table.

What if Anna and Olivia have one vision for how this plays out and it runs counter to what Plener, GSP or the league advises? I’ve often thought about something I wrote in March 2022, shortly after Eugene Melnyk’s death. I had conversations with people about Melnyk’s daughters and how interested they might be in retaining a stake in the franchise. What I wrote about Olivia’s internship with the club has always stuck in the back of my mind:

“One source indicated Olivia wanted to push the club in a more forward-thinking direction when it came to diversity, equity and inclusion initiatives. She appeared to be very interested in changing the hiring practices at the hockey club to create a more diverse workplace.”

So what if the Melnyk daughters have naturally gravitated toward selling the team to the Sparks group, but the other officials at the table are telling them it’s too risky a venture? That could also explain a delay of this nature. And it could explain why the Sparks group is still alive in this process.

The Sparks bid has explicitly highlighted diversity and inclusion, even going so far as to create a working relationship with local First Nations group Kitigan Zibi Anishinābeg. This type of scenario might appeal to Anna and Olivia, who by all accounts are forward-thinking young women who have a sincere desire to improve the hockey landscape.

But in the NHL, money often supplants ideals.

And if the Sparks bid is deemed too unstable, the banks, lawyers and league won’t sign off — regardless of the storylines attached.

 

[Emerica]

Alright, the Sparks group must have a top-2 bid at this point right? And they’ve given him an ultimatum to match the best bid by a certain date or its going to the top bid. I don’t see how it makes sense that they are still in it otherwise

 

[PlayItAgain]

The Sparks group has also tried to aggressively solicit partnerships with investors not currently affiliated with any rival bids, with a keen eye toward locking down deals with Canadian partners. In their communication with potential investors, Sparks officials acknowledge they have secured international funds for their bid, but are specifically seeking additional Canadian investors to join their roster.

Again, I dont think the Spark’s group is poorly funded. I think they‘re missing Canadian investors. That’s a big difference to note.

 

[Ghost of Jody Hull]

Mendes latest article states that the sparks group is more than well financed internationally. The NHL probably told them their bid is missing local investors or even Canadians which is why they’re scrambling with all these last minute Canadians being added.

Why would the NHL care for a group to have more “Canadians”?

Mendes latest article states that the sparks group is more than well financed internationally. The NHL probably told them their bid is missing local investors or even Canadians which is why they’re scrambling with all these last minute Canadians being added.

“Hey Neko, Gary here. Good work on your bid so far, but I had a couple of ideas to make you even more legit. Why don’t you send out a last minute fundraising email asking for “urgent support” and then get Donovan Bailey to go on Toronto radio and say that his favorite Senator was always Mike Spezza? Oh and get that comedian who was popular 10 years ago to post a clip art looking Instagram endorsement. That’ll do it!”

 

[Nac Mac Feegle]

But let’s suppose for a second there is some friction at the table.

What if Anna and Olivia have one vision for how this plays out and it runs counter to what Plener, GSP or the league advises? I’ve often thought about something I wrote in March 2022, shortly after Eugene Melnyk’s death. I had conversations with people about Melnyk’s daughters and how interested they might be in retaining a stake in the franchise. What I wrote about Olivia’s internship with the club has always stuck in the back of my mind:

“One source indicated Olivia wanted to push the club in a more forward-thinking direction when it came to diversity, equity and inclusion initiatives. She appeared to be very interested in changing the hiring practices at the hockey club to create a more diverse workplace.”

So what if the Melnyk daughters have naturally gravitated toward selling the team to the Sparks group, but the other officials at the table are telling them it’s too risky a venture? That could also explain a delay of this nature. And it could explain why the Sparks group is still alive in this process.

The Sparks bid has explicitly highlighted diversity and inclusion, even going so far as to create a working relationship with local First Nations group Kitigan Zibi Anishinābeg. This type of scenario might appeal to Anna and Olivia, who by all accounts are forward-thinking young women who have a sincere desire to improve the hockey landscape.

But in the NHL, money often supplants ideals.

And if the Sparks bid is deemed too unstable, the banks, lawyers and league won’t sign off — regardless of the storylines attached.

I wouldn't be surprised. There has to be a reason the only thing Sparks has brought to the table is beating the diversity drum.

Diversity is great. We do need more of it in the game. But making it the focus above being able to operate the team and run it in a profesisonal manner and haivng the deep pockets to survive the downturns...that's a great way to kill a business.