For the bullet summary, please go here.
One way or the other, Canada, the land of the shunned is yet again destined to bail out the NHL’s ‘derrieres’………put another way, send us your turkeys, they are cleared at Customs!
Ice Edge Holdings is interested again in the Phoenix Coyotes?
Yes, okay, but are they interested in the albatross lease? That is the bigger question.
And, this may be a little bit premature, because it would seem the ruling passed down in the case of a ‘no sale’, has asked the NHL to pony up an amount (undisclosed) to bring Gretzky and Moyes in equal creditor status.
That has left some speculating that the amount could be as high as an additional $100 million, or an amount equivalent to mirroring the PSE offer.
The NHL, in its shallow victory didn’t exactly seem ready to spring the champagne corks, as they simply chose to comment on their happiness that the court sees their right to pick who owns the teams, and where they are located.
Speaking of location, the NHL has talked a good game, but now they have an opportunity to walk the talk.
Are there really buyers ready to take a long term commitment in Phoenix?
Let’s not forget the “deep pocket” requirement that goes along with owning a fat turkey in the U.S. South, known as an NHL franchise.
All you have to do is ask Tony Tavares if his money was any good. Personally, I’d trade places with Tavares in the equity department, but apparently he doesn’t have a ‘personal enough’ equity stake to satisfy the “we want to tap you dry” requirement of the NHL. (Note: “personal enough” as in we ‘tap you for all you’ve got’).
You just have to remember Gary Bettman saying he believes Jerry Moyes was in equity position not creditor, when he said they owed him nothing. Note to all owners in the NHL, start giving “loans’ to your teams! No more equity!
Only problem is, the judge in the case, Redfield Baum, has agreed with Moyes and Gretzky, that they are “owed money”.
So, there is a precedent after all!
Yes, the NHL sure knows how to tap owners dry. And without repeating myself too much, perhaps again Jerry Moyes could take comfort in knowing that he wasn’t as alone as he might have thought. Although his friends may not have been in Glendale, he has men of equal stature getting tapped in Florida, and surprise, they are being told they had better “walk away” from their turkeys too.
But, then there is the young, strapping new fellas at Ice Edge.
With vim and vigour they are heading down to Glendale again to discuss ways to work a deal on the team.
Well, just a thought.
Make sure the deal is “just about hockey”, won’t ya fellas?
After all, all the foreclosures in Glendale could have you drooling to ship in some Canadian content, and import hockey fans.
Maybe that’s the new take?
Sell the foreclosures to Canadians. If you can’t take hockey from the desert, perhaps we can bring Canadians to hockey.
Then, if they are wealthy, they can buy up the corporate boxes at a feverish clip, solving that problem.
Maybe not so crazy after all.
Well, Daryl Jones and Ice Edge, it’s not quite post-bankruptcy yet.
What’s the angle?
Could it be get the Coyotes and the City to break the lease, a la the NHL gets the deal, and you benefit? Could it be five games in Saskatoon is a precursor for 40?
Or do you truly want to take on the albatross known as the lease?
Remember, it isn’t the lease payments, considering $4 million in $100 million in losses is only four percent.
It’s when you realize you can’t make money, and you have no money pit to trough from, and you are stuck with the turkey in the desert, that’s what is going to hurt.
So could Saskatoon be the ultimate plan, or is the aspects of foreclosures, and investing in real estate and back taxes the bigger draw?
Well, according to just about everybody, it would appear the Coyotes are destined to pack and leave.
This from Reuters:
If the NHL buys the team, analysts said its losses would force a move because Glendale was unlikely to offer the team a deal that would make staying there worthwhile.
It is generally not expected that the NHL would retain ownership of the team for more than a year or two, which could be enough time to find an owner willing to keep it in Arizona.
“One year is a very long time,” said David Carter, executive director with the USC Sports Business Institute. “So much could happen in the course of next year.”
Many analysts expect the NHL to allow a relocation to protect the value of the franchise.
“There aren’t as many markets as you might think,” Ganis said.
There is something yet again strange with the Ice Edge “pick me, pick me” excitement, yet the NHL, as in bankruptcy just doesn’t seem to share the enthusiasm. Bill Daly speaking with the National Post seemed to say they are keeping their options open, and are not going to make a quick decision.
Okay folks, red light!
Jim Balsillie walked away a little too quickly and easily, out of character for him, for sure.
He’s getting a deal now, or when another turkey comes up for sale. At the high priced turkey seasons of Thanksgiving or Christmas no doubt. Could Hamilton see a team sooner than later.
There are teams to be moved. What about Winnipeg.
There aren’t that many markets as we now hear.
Canada is looking better all the time.
And Ice Edge, perhaps you are approaching this all wrong.
Don’t try to import hockey fans and sell them the foreclosures in Arizona, just cut your losses, and ask to ship a turkey to Saskatoon.