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

[Emerica]

 

[Adele Dazeem]

This sale can't come quick enough.

 

[Sun God Nika]

Anyone care to speculate on timelines ?

New owner before draft or after ?

If before draft is there enough time to get Pierre out and make necessary changes ?

 

[Adele Dazeem]

Anyone care to speculate on timelines ?

New owner before draft or after ?

If before draft is there enough time to get Pierre out and make necessary changes ?

I think we hear about a sale being done during the deadline.
That gives new ownership enough time until the draft to put their people in charge of the hockey ops.

 

[Larionov]

I think we've reached the point where the delay in moving forward on the sale is hurting the product on the ice. It's fairly obvious that the GM is facing restrictions in terms of making personnel moves, and that will be a bit of a problem heading into the trade deadline. It becomes a much bigger problem heading into the draft, which is why the sale needs to get completed by the end of March or so. That way, the new owners can clean out our front office, appoint "their" person as President of Hockey Ops, and start getting ready for the draft. A massive decision is going to have to be made on DeBrincat before or at the draft, and we need a GM with a clear mandate to make that decision.

That being said, I understand what's going on here - the team and the league are deliberately slow walking this process to build up a bit of a bidding war amongst the leading groups. They are trying to maximize the sale price, which of course benefits every owner. I think this is tough, though, on everyone inside the organization who is waiting for the other shoe to drop...

 

[GCK]

I think we've reached the point where the delay in moving forward on the sale is hurting the product on the ice. It's fairly obvious that the GM is facing restrictions in terms of making personnel moves, and that will be a bit of a problem heading into the trade deadline. It becomes a much bigger problem heading into the draft, which is why the sale needs to get completed by the end of March or so. That way, the new owners can clean out our front office, appoint "their" person as President of Hockey Ops, and start getting ready for the draft. A massive decision is going to have to be made on DeBrincat before or at the draft, and we need a GM with a clear mandate to make that decision.

That being said, I understand what's going on here - the team and the league are deliberately slow walking this process to build up a bit of a bidding war amongst the leading groups. They are trying to maximize the sale price, which of course benefits every owner. I think this is tough, though, on everyone inside the organization who is waiting for the other shoe to drop...

It's unlikely that the sale will be completed much before the draft. Leading bidder will probably be know by mid/end February and then it will likely be many months before sale is completed.

 

[Larionov]

It's unlikely that the sale will be completed much before the draft. Leading bidder will probably be know by mid/end February and then it will likely be many months before sale is completed.

Why would it take that long? Presumably the winning bidders have their financing in place, otherwise they wouldn't be bidding. Once the team is sold it is sold - the sellers want their money, and the buyers want what they just bought. I'm going to guess that the new owners are having a news conference by sometime in March, maybe early April at the latest.

And, as soon as the ink is dry on the sale, it's the new group calling the shots as to what happens with the team. So many things need attention - a new hockey ops department for one, but also the state of the arena and the club's marketing. It is crucial that the new owners name their new Hockey Ops team the day after the season wraps up, because there won't be a minute to waste between then and the draft...

 

[GCK]

Why would it take that long? Presumably the winning bidders have their financing in place, otherwise they wouldn't be bidding. Once the team is sold it is sold - the sellers want their money, and the buyers want what they just bought. I'm going to guess that the new owners are having a news conference by sometime in March, maybe early April at the latest.

And, as soon as the ink is dry on the sale, it's the new group calling the shots as to what happens with the team. So many things need attention - a new hockey ops department for one, but also the state of the arena and the club's marketing. It is crucial that the new owners name their new Hockey Ops team the day after the season wraps up, because there won't be a minute to waste between then and the draft...

This isn't buying a car. There is a massive amount of work to do before a deal of this magnitude can be completed regardless of the buyer's finances.

 

[thinkwild]

I remember Melnyk talking about the mountain of paperwork he had to sign when buying the team. Because the team is not a single thing but rather thousands of contracts, agreements, deals, company structures.

Im a little fuzzy on what the POHO would be for. I had figured the desire for that came from the many who did not trust Dorion and wanted a check and balance or veto to be held by someone else. But what is the difference in responsibilities between a POHO and GM? Who do we blame when things go wrong? Isnt that splitting responsibility needlessly? Give a new GM full control and full responsibility.

 

[BonHoonLayneCornell]

The timeline hypeman Garrioch had laid out had the new owners being set by June iirc, and that was based on the initial estimates of bidders digging in to the books a lot sooner than they have.

 

[Do Make Say Think]

This isn't buying a car. There is a massive amount of work to do before a deal of this magnitude can be completed regardless of the buyer's finances.

The deal goes through when enough of the decision makers agree. It just so happens that decision makers are often incentivized to delay making a call. If everyone is happy, this ends abruptly.

There is no reason to think this process won't go smoothly, Melnyk is gone.

 

[jbeck5]

Why would it take that long? Presumably the winning bidders have their financing in place, otherwise they wouldn't be bidding. Once the team is sold it is sold - the sellers want their money, and the buyers want what they just bought. I'm going to guess that the new owners are having a news conference by sometime in March, maybe early April at the latest.

And, as soon as the ink is dry on the sale, it's the new group calling the shots as to what happens with the team. So many things need attention - a new hockey ops department for one, but also the state of the arena and the club's marketing. It is crucial that the new owners name their new Hockey Ops team the day after the season wraps up, because there won't be a minute to waste between then and the draft...

I would also assume that most people that will get positions already have their people that they would want. So as soon as that domino falls, we'll see an announcement of a hire/signing one after the other really quickly. I doubt we'll see huge delays in the hiring process. Maybe a couple weeks of interviews for the gm and head coach, but I would think whoever is president of hockey operations probably has a GM already in mind...and that GM probably already has a coach in mind. That's how this industry often works.

 

[Big Muddy]

It's unlikely that the sale will be completed much before the draft. Leading bidder will probably be know by mid/end February and then it will likely be many months before sale is completed.

Yes, before the delays setting up the document review/room, they said it would take until the end of May IIRC to get the sale finalized (all of the legal aspects). These things are more complicated than perhaps some are thinking.

 

[Silencio]

Olivia and Anna right now:

 

[Tnuoc Alucard]

There seems to be two streams of thought, from what I’ve read.

First, some people assume the news owner(s) will take control of the franchise before certain critical events (Trade Deadline, Entry Draft) and these people as assume the new owner(s) will some how be totally “up to speed” with the inner working of the franchise’s management, and will decide to eject some or all of the management/coaching/marketing staff and also will have the time to totally vet the necessary replacements ….. all this is time before the Trade Deadline, the Entry Draft or both….. in other words “a rush job” and from a smaller pool of possible replacements for critical positions within the franchises management.


Second, some people think it might be best for the new owner(s) to take their time, and assess and get to know the management personal themselves, and decide for themselves to wait until after the Stanley Cup is awarded, and perhaps even after the Entry Draft to, based on their due diligence, and then make their moves…. And probably having a larger pool from which to draw from to replace key management personnel…… in other words “ a slow and steady as we go” approach.


It will all depend on when the new owner(s) officially take over control of the franchise of course.

But if the ownership changes hands before either the Trade Deadline and or the Entry Draft…. The second approach may be the better option in the long run, instead of the first where, as some people seem to want, having the new ownership walk in on day one and start swinging the axe, days or weeks before the Trade Deadline or the Entry Draft, and then scrambling to find replacements assuming they’ll do a better job at the trade deadline and or the entry draft than the current personnel would do……. This approach, in my opinion is short sighted and would be risky.



this is probably not a perfect comparison…. But Elon Musk did not rush in to Twitter, on the day after he acquired it, and started handing out pink slips based on “ what he had heard, innuendo and rumours”……….He became acquainted with the operations and the personnel on his own timeline, and after his due diligence decided to cut out the deadwood and make the necessary changes as he saw fit.

 

[Tuna99]

This isn't buying a car. There is a massive amount of work to do before a deal of this magnitude can be completed regardless of the buyer's finances.

March 27 it’ll be sold.

Apparently one of 1 year anniversary of Melnyck death an estate tax kicks in and the daughters want it off the books by then to avoid a massive payout.

Melnyck died March 28 so expect a signed sale contract by March 27

 

[Tuna99]

I remember Melnyk talking about the mountain of paperwork he had to sign when buying the team. Because the team is not a single thing but rather thousands of contracts, agreements, deals, company structures.

Im a little fuzzy on what the POHO would be for. I had figured the desire for that came from the many who did not trust Dorion and wanted a check and balance or veto to be held by someone else. But what is the difference in responsibilities between a POHO and GM? Who do we blame when things go wrong? Isnt that splitting responsibility needlessly? Give a new GM full control and full responsibility.

POHO has a big responsibility to rally the business community and make sure the building is sold out and the team is following the business plan of ownership. The GM is there for the hockey side, POHO the business side

 

[GCK]

March 27 it’ll be sold.

Apparently one of 1 year anniversary of Melnyck death an estate tax kicks in and the daughters want it off the books by then to avoid a massive payout.

Melnyck died March 28 so expect a signed sale contract by March 27

There are so many reasons that your post is not factual.

1. Canada has no estate tax. In Ontario there is a probate fees, 1.5% of the estate. This fee is due when probate is completed.

2. Probate does not need to be completed within 1 year of death.

3. Date of sale has zero effect on the probate fees as it is based on value at time of death not value at time of liquidation.

 

[Tuna99]

There are so many reasons that your post is not factual.

1. Canada has no estate tax. In Ontario there is a probate fees, 1.5% of the estate. This fee is due when probate is completed.

2. Probate does not need to be completed within 1 year of death.

3. Date of sale has zero effect on the probate fees as it is based on value at time of death not value at time of liquidation.

well, let’s see. Should know in a few weeks. but this is from the mouth of à TSN insider so why would he say it if it wasn’t correct?

anyways, hopefully it’s within season. I’ll Still bet it’s by March 27

going over accounting documents doesn’t take as much time as people think. Theyll have a pretty good idea of the books after only a few days, and the books are only a guide, new ownership has its own ideas for revenues and already a good ideaf how all the line items within the budgets should project - ie of the books say we have 7000 sesson tofkt holders it doesn’t mean much because new ownership will assume they’ll sell to at least 10 000 season tickets so they are just looking at a snap shot of Melnyck’s mismanagement and only a very poor projection of what their revenues might look like

 

[GCK]

well, let’s see. Should know in a few weeks. but this is from the mouth of à TSN insider so why would he say it if it wasn’t correct?

anyways, hopefully it’s within season. I’ll Still bet it’s by March 27

going over accounting documents doesn’t take as much time as people think. Theyll have a pretty good idea of the books after only a few days, and the books are only a guide, new ownership has its own ideas for revenues and already a good ideaf how all the line items within the budgets should project - ie of the books say we have 7000 sesson tofkt holders it doesn’t mean much because new ownership will assume they’ll sell to at least 10 000 season tickets so they are just looking at a snap shot of a Melnyck mismanagement

I’m not saying that the March 27th date is not true, I’m saying the reason given is bull.

 

[AchtzehnBaby]

Can anyone co-sign my loan?

 

[Dan Patrick]

Hoping most of the serious ownership groups have an idea or an agreement in place for at least a POHO.

 

[BankStreetParade]

Can anyone co-sign my loan?

References available upon request.

 

[Wondercarrot]

this is probably not a perfect comparison…. But Elon Musk did not rush in to Twitter, on the day after he acquired it, and started handing out pink slips based on “ what he had heard, innuendo and rumours”……….He became acquainted with the operations and the personnel on his own timeline, and after his due diligence decided to cut out the deadwood and make the necessary changes as he saw fit.

lol. Of the many inaccurate things you post this may be both the most wrong, and also the funniest in its wrongness as not only did he not become acquainted with operations and personnel, he famously fired literally half of Twitter staff 3 weeks after the ink dried.
He then subsequently scrambled to correct his rash idiocy by attempting to re-hire tons of them.

You literally could have used the Musk example to make precisely the opposite argument - that rashness led to foolishness.

 

[BankStreetParade]

lol. Of the many inaccurate things you post this may be both the most wrong, and also the funniest in its wrongness as not only did he not become acquainted with operations and personnel, he famously fired literally half of Twitter staff 3 weeks after the ink dried.
He then subsequently scrambled to correct his rash idiocy by attempting to re-hire tons of them.

You literally could have used the Musk example to make precisely the opposite argument - that rashness led to foolishness.

Musk is one of the worst CEOs of all time. Every company he's ever been involved with has been on the precipice of bankruptcy under his watch, in some cases literally down to minutes away. People easily confuse cult of personality with leadership.