No deadline set for Coyotes new franchise

[dash]

Bettman hopes Coyotes don't move in 2013 - Sportsnet.ca

 

[forty_three]

Milwaukee? They are barely hanging on to their NBA team. As for Seattle, as someone else said earlier, with the Kings deal falling through, the incentive for a new arena is all but gone from a city standpoint....If the Yotes move anywhere it will likely be Quebec City

I would think there are probably more Hockey fans than basketball fans in Wisconsin though.

Much like I would expect a basketball team to do better in the south than hockey.

 

[sabresfaninthesouth]

I would think there are probably more Hockey fans than basketball fans in Wisconsin though.

Much like I would expect a basketball team to do better in the south than hockey.

Pfft...the Panthers get way better attendance than the Heat, right?

Right?

 

[dash]

First Don Maloney signs an extension to remain GM of the Coyotes, now word that Gosbee might be close to purchasing the team. Could we finally have an end to this saga?

NHL moving towards agreement for Gosbee group to buy Coyotes

 

[dash]

A deal looks to be reached pending the lease (which means it could still fall apart)

http://www.calgaryherald.com/sports...tes+sale+Canadianled+group/8435600/story.html

 

[sabresfaninthesouth]

A deal looks to be reached pending the lease (which means it could still fall apart)

NHL approves Coyotes sale to Canadian-led group, contingent on lease with Glendale: sources

Haven't I heard this story before somewhere?

 

[dash]

Not only are we paying the players too much money, now we're lending money to owners to purchase teams right Gary? Pay us back or don't, we really don't care. The Coyotes have officially turned into a SNL skit.

A source close to the negotiations, who traded candor for anonymity, revealed the purchase price as $170 million. The capital structure would consist of RS&E putting in $45 million of equity, Fortress Investment Group lending $120 million (to be repaid by the fee Glendale taxpayers are going to pay the team to run the arena), and an $85 million loan from the NHL

The NHL, which bought the Coyotes out of bankruptcy for $140 million in 2009, is being very flexible with its repayment terms for the new owners. As a result, the new owners would not have to pay any money back to the league for the first five years. And Fortress has something akin to warrants that will allow the hedge fund to swap its loan for equity that could ultimately give the firm a 20% equity stake in the hockey team.
Phoenix Coyotes $170 Million Sale To Be Partially Funded By NHL - Forbes

 

[DevilishWon]

Not only are we paying the players too much money, now we're lending money to owners to purchase teams right Gary? Pay us back or don't, we really don't care. The Coyotes have officially turned into a SNL skit.

A source close to the negotiations, who traded candor for anonymity, revealed the purchase price as $170 million. The capital structure would consist of RS&E putting in $45 million of equity, Fortress Investment Group lending $120 million (to be repaid by the fee Glendale taxpayers are going to pay the team to run the arena), and an $85 million loan from the NHL

The NHL, which bought the Coyotes out of bankruptcy for $140 million in 2009, is being very flexible with its repayment terms for the new owners. As a result, the new owners would not have to pay any money back to the league for the first five years. And Fortress has something akin to warrants that will allow the hedge fund to swap its loan for equity that could ultimately give the firm a 20% equity stake in the hockey team.
Phoenix Coyotes $170 Million Sale To Be Partially Funded By NHL - Forbes

Damn dash we COULDA bought it with terms like that

 

[esls79]

What the hell - the NHL is into subprime lending now?

This will end well

 

[sabresfaninthesouth]

What does Fortress get when the team is bankrupt and on the sales and/or moving block again in 2-4 years?

 

[awaz]

so.. by partially funded by the NHL they mean, half funded by the NHL?

i really dont understand how any of this is legal? "buying" a team for $170 million with loans totalling $205 million.. that sounds that a smart business plan.

 

[forty_three]

so.. by partially funded by the NHL they mean, half funded by the NHL?

i really dont understand how any of this is legal? "buying" a team for $170 million with loans totalling $205 million.. that sounds that a smart business plan.

IT LOOKS FINE TO ME

 

[dash]

While sources maintain that the NHL is pressuring Renaissance Sports and Entertainment to strike a deal this week (at least in principle) with the City of Glendale on a lease agreement for Jobing.com Arena, Glendale councilmember Gary Sherwood received mitigating information over the weekend.

Sherwood spoke to NHL deputy commissioner Bill Daly on Sunday, and Daly assured him that there is “no deadline, per se.” Daly told Sherwood that if the city and RSE appear to be headed toward an agreement, the NHL would be amenable to the Glendale City Council voting on it in July rather than on June 25, when the council next convenes.

That somewhat contradicts what sources have said the league is telling RSE. Under that scenario, the city and RSE -- the ownership group of George Gosbee, Anthony LeBlanc, Daryl Jones and Avik Dey -- would need to have a deal ready by June 17 so that it could be presented at the Glendale City Council Executive Session on June 18 and then voted on at the council meeting one week later.

NHL wants certainty soon in RSE's talks with Glendale

 

[KennyBanyeah]

so.. by partially funded by the NHL they mean, half funded by the NHL?

i really dont understand how any of this is legal? "buying" a team for $170 million with loans totalling $205 million.. that sounds that a smart business plan.

I don't know anything about legal, but this sure as shit isn't smart.

At this point the NHL is just being unnecessarily stubborn. Time to move on.

 

[sabresfaninthesouth]

I really couldn't think of a more appropriate name for the arena in this whole mess.

 

[dash]

League putting pressure on Glendale to get a deal done quickly...

Daly says Coyotes move possible if no deal reached in Glendale

 

[mattola]

League putting pressure on Glendale to get a deal done quickly...

Daly says Coyotes move possible if no deal reached in Glendale

 

[dash]

This is the first time the league has taken this strong of a stance though Matty (i.e. they don't want $25 million from Glendale, they want to rid themselves of owning the Coyotes).

Edit: funny picture (although can we replace the horse with Jar-Jar Binks?)

 

[forty_three]

Daly says Coyotes move possible if no deal reached in Glendale

 

[DaBoltsNIsles]

I don't get it. I thought Bernie Madoff was in jail. It's obvious the NHL is desparate to sell the Coyotes, but this is ridiculous.

They need to allow somebody to buy the Coyotes & move them. It's time this mess was over with.