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

[BonHoonLayneCornell]

Horn Chen, come on down!

I liked this line:

They hit the jackpot with Sabonis. Such an underrated unicorn.

On that note though, no more shitty owners please.

 

[Emerica]

This would be a disaster. Ottawa fans getting the worst owner in the NBA to replace the worst owner in hockey.

Eww

This guy is one of the most meddling owners in the league. Up there with Mark Cuban. Would be an absolute disaster

 

[Gil Gunderson]

This would be a disaster. Ottawa fans getting the worst owner in the NBA to replace the worst owner in hockey.

I doubt anything comes out of it but it is an annoying part of the process.

 

[Qward]

Please do not allow American sports franchise owners to buy the team. They will push to move the team.

 

[Ice-Tray]

RR, done and done… let’s get the party started!!!!

 

[Silky Johnson]

The bank always gets their cut first, so I would imagine from the disbursements the Melnyk’s will be left with whatever is left after borrowing, legal, liens, etc…

Banks are happy to keep the debt rolling (collecting interest is their business) provided the new owners take on the debt with more than just the Ottawa Senators LLC entity.

not a corporate finance expert but wouldn't all the debt be against the entity "Senators Sports and Entertainment"? Which is what is being sold. So the new owners are buying the team with the debt against it? Unless there is a special condition that the daughters have to pay off the debit with their proceeds.

It completely depends on the purchase agreement. Debt and free cash are always considered in purchase prices. At a 900 million+ valuation, I cannot believe the debt is not considered in that number. I would assume in this case it would be handled in the disbursements with free cash considered. My assumption would be the new owners would not want to take on the existing debt as Melnyk was a relatively deadbeat millionaire and had much higher financing rates than they could get in needed/wanted.

 

[Emerica]

Looks like Apostolopolous lost out on the Commanders. May turn his full attention to the Sens now

 

[YouGotAStuGoing]

Looks like Apostolopolous lost out on the Commanders. May turn his full attention to the Sens now

Spoke too soon, it seems:

 

[Stylizer1]

Eww

This guy is one of the most meddling owners in the league. Up there with Mark Cuban. Would be an absolute disaster

This guy has less money than Melnyk did. No thanks.

 

[Cosmix]

Banks are happy to keep the debt rolling (collecting interest is their business) provided the new owners take on the debt with more than just the Ottawa Senators LLC entity.




It completely depends on the purchase agreement. Debt and free cash are always considered in purchase prices. At a 900 million+ valuation, I cannot believe the debt is not considered in that number. I would assume in this case it would be handled in the disbursements with free cash considered. My assumption would be the new owners would not want to take on the existing debt as Melnyk was a relatively deadbeat millionaire and had much higher financing rates than they could get in needed/wanted.

I think the new owners will be stuck with the debt and it could only be paid off by the new owners in accordance with the terms of the debt agreement (e.g., early pay out provisions).

 

[Cosmix]

I don’t see why the new owners would assume debt when they have an arena to build.

Because they do not have enough cash to pay the entire amount for the team (including the owner's equity and liabilities), and pay for a potential new arena, and therefore need debt to finance the purchase.

 

[Crosside]

Seem we have not have news about Andlauer lately. Don’t see anything in the news like he have visiting the ctc and mayor

 

[Crosside]

GARRIOCH: The bidders for the Senators would like this process to move along

Those trying to buy the NHL franchise know the next five months before training camp opens in September are pivotal to on- and off-ice success.

www.ottawasun.com

 

[BonHoonLayneCornell]

Probably taking their time after the disaster that was the previous owner.

 

[GCK]

Probably taking their time after the disaster that was the previous owner.

Maybe after seeing the books and talking to the city and NCC, the bids are lower

 

[BonHoonLayneCornell]

Maybe after seeing the books and talking to the city and NCC, the bids are lower

That would certainly be a twist!

I am definitely anxious to see this done and find out who the lucky winner ends up being either way.

 

[GCK]

That would certainly be a twist!

I am definitely anxious to see this done and find out who the lucky winner ends up being either way.

Rimmington would be my hope hopefully with a partner.

 

[Sens of Anarchy]

Maybe not

 

[Sun God Nika]

Seem we have not have news about Andlauer lately. Don’t see anything in the news like he have visiting the ctc and mayor

Could have asked for everything to be done privately.

Looks like Apostolopolous lost out on the Commanders. May turn his full attention to the Sens now

I have a feeling a bidding war will lead to the sens being over valued and sold north of a 1B

 

[BonHoonLayneCornell]

Rimmington would be my hope hopefully with a partner.

Certainly seems like the one most would be rooting for. Hard to say no to RR.

 

[GCK]

Certainly seems like the one most would be rooting for. Hard to say no to RR.

It’s not just about the team for me, it’s also about the development around the new rink. No more Claridge at Lebreton with their Moscow style architecture.

 

[Masked]

It’s not just about the team for me, it’s also about the development around the new rink. No more Claridge at Lebreton with their Moscow style architecture.

Claridge wishes they developed buildings with the panache of Moscow. Their developments are too devoid of anything that could be termed style.

Assen na yo!

 

[senswon]

So is the speculation that the league is dragging out this process to squeeze as much value as possible out of this franchise and in doing so drive up the value of all the clubs?

Confused as to what's left to do to move the process along.
There was an article in the Sun talking about how the groups are getting impatient.

Bids were taken
Tours of ctc and the books
Now what?

Will there be anothet set of bids? I just don't get why it takes a year to get it finished.

August just seems like there wont be much opportunity to right the ship before next season

 

[Emerica]

So is the speculation that the league is dragging out this process to squeeze as much value as possible out of this franchise and in doing so drive up the value of all the clubs?

Confused as to what's left to do to move the process along.
There was an article in the Sun talking about how the groups are getting impatient.

Bids were taken
Tours of ctc and the books
Now what?

Will there be anothet set of bids? I just don't get why it takes a year to get it finished.

August just seems like there wont be much opportunity to right the ship before next season

Apparently the league haven’t given the bidders a deadline for their second bid so everyone is just in the dark. I woul’ve thought it’d be this week considering they all toured the place last week. No clue what’s the hold up but yeah i can see why the groups are getting impatient.

Definitely feels like the NHL is delaying to get more groups involved at the last minute, maybe they are worried that with some of the info they got from NCC some of the bids will come in lower

 

[SPF6ty9]

It’s not just about the team for me, it’s also about the development around the new rink. No more Claridge at Lebreton with their Moscow style architecture.

Not to mention West downtown certainly has that whole Eastern European / soviet bloc concrete building look down to a tee. All we need are some iron bars on the windows and we could start renaming the buildings stuff like "The Babushka".

Would be nice to have some more personality in Lebreton to offset that.