From Spirit their ownselves...
Believe at your own peril...
Earlier today, we, along with our partners, signed an asset purchase agreement to sell the Atlanta Thrashers to True North Sports and Entertainment. If ratified by the NHL, Commissioner Bettman and the league's Board of Governors, this will result in the relocation of the Atlanta Thrashers to Winnipeg, Canada beginning with the 2011-2012 season.
It's extremely disappointing to all of us that it became necessary after all other options were exhausted. We want to express our gratitude to you, the fans, for the years of dedication you have offered to the Atlanta Thrashers.
As many of you know, for some time we have been seeking a buyer for the team or a partner willing to join with us in continuing to fund the team. We hired an investment banking firm to seek out potential investors with the express goal of finding someone who would keep the team here in Atlanta. In recent months, we openly indicated a growing urgency to secure assistance in off-setting our operating losses in hopes that our public plea would produce investors which, to that point, had eluded us.
After extensive effort, nobody has come forward. As a result, we had no choice but to explore the investment option presented to us by the NHL in the form of True North Sports and Entertainment.
Relocation of the Thrashers is not the outcome that any of us ultimately wanted. We knew when we purchased the club in 2004, that professional sports teams are seldom, if ever, money-making investments but rather vital community assets. We believed in the overall impact that the team had on the sports landscape of Atlanta, and over the past seven years, invested a significant amount of money into what we felt was an integral piece of the greater metropolitan Atlanta area. We are truly grateful to have been a part of this city's professional hockey history, to have made an indelible impact on the community through our players' outreach, our organization's activities and our foundation's donations, and most of all, to have been a part of paying tribute to you, our fans, each and every time our team stepped on the ice.
Thank you for the opportunity to be entertained, thrilled and inspired alongside you by Atlanta Thrashers hockey. None of this would have been possible without your support.
Sincerely,
Bruce Levenson and Michael Gearon
Showing posts with label Bruce Levenson. Show all posts
Showing posts with label Bruce Levenson. Show all posts
Tuesday, May 31, 2011
The Drive To 13K Begins... Winnipeg Has Pro Hockey Back...
In a standard press release, it's over and attempted to be explained...
"Our objective was always to find a solution to keep the team in Atlanta, and we spent a considerable amount of time, effort and resources trying to do so,” said Co-Owner Bruce Levenson. “This is not the outcome we wanted and it’s extremely disappointing that a buyer or significant investor did not come forward that would enable us to keep the team in Atlanta.”
And, after a 15-minute delay, the presser to announce the shift of the Atlanta Thrashers to Winnipeg begins...
The parameters: Commissioner Gary Bettman is encouraging that the MTS Centre be sold out every night for "this to work." And the number of season ticket sales for consecutive seasons ranges from three to five- depending on which seat you want- and is 13,000 instead of the normal 10,000...
Which is fine... it shouldn't be a problem... even with the city of Winnipeg being the smallest Canadian city to join the fray once again.
Michael Gearon, Junior broke down in a difficult interview with FOSG John Kincade in the 680TheFan studios this afternoon. Few question Gearon's love for sport as a gentleman who grew up here, but more question his nature as a part owner of a geographically-disjointed, financially ill-equipped gaggle of dudes who seemed more interested in in-fighting, lawsuits, and suing their ex-lawyers than investing in their product in a proportionally-correct manner.
In the interview, Gearon expressed the idea that the one year the Thrash made the playoffs, they still lost US$20-million with a midline payroll. Thus the decision to grow talent citing previous examples in Tampa, Pittsburgh, or Nashville. The problem was the organization never recovered from the gutting of the team to make that playoff run ((See the Keith Tkachuk and Alexei Zhitnik trades as your examples...))
FOSG Jeff Schultz went off the rails and poked Atlanta Spirit between the eyes...And, for that, we commend him...
"Hockey in Canada has never been stronger," said Commissioner Gary Bettman. "We get to be back in a place we wish had not left in 1996. Sometimes we simply have no choice, as was the case back in 1996 when the Jets left Winnipeg," he said.
The man, certainly, thinks that someone else was responsible for that move, eh...???
And for him to talk like it was a goal and aim if his to have a team there all along was an interesting contradiction in terms for the dynamic that was set forth.
The sale of the Atlanta Thrashers to True North Sports and Entertainment is conditional the approval of 75 per cent of the league's owners at the NHL's Board of Governors meeting in New York on June 21.
Here's the obit from FOSG Buck Lanford
((HT: MyFoxAtlanta))
The Thrashers held a 1PM presser for selected media- the four television station network affils, Bloomberg, and the Associated Press...
Strangely typical... and equally cowardly.. it fits Spirit's modus operandi from the jump...
More when we know more...
1515 UPDATE: We know more...
FOSG Ted Bauer's sister station in London, Ontario "A-News London" caught up with Pegger property Robbie Schrempf and got his take...
((HT: ANews London))
Here's what it looked like at the key Winnipeg intersection of Portage and Main
((HT: youtube))
But the one aspect that the HQ wasn't a fan of during today's procession was a bump music out used on XMHomeIce: The Band's "The Day They Drove Ol' Dixie Down..."
Not cool... not cool at all...
More when we know more...
"Our objective was always to find a solution to keep the team in Atlanta, and we spent a considerable amount of time, effort and resources trying to do so,” said Co-Owner Bruce Levenson. “This is not the outcome we wanted and it’s extremely disappointing that a buyer or significant investor did not come forward that would enable us to keep the team in Atlanta.”
And, after a 15-minute delay, the presser to announce the shift of the Atlanta Thrashers to Winnipeg begins...
The parameters: Commissioner Gary Bettman is encouraging that the MTS Centre be sold out every night for "this to work." And the number of season ticket sales for consecutive seasons ranges from three to five- depending on which seat you want- and is 13,000 instead of the normal 10,000...
Which is fine... it shouldn't be a problem... even with the city of Winnipeg being the smallest Canadian city to join the fray once again.
Michael Gearon, Junior broke down in a difficult interview with FOSG John Kincade in the 680TheFan studios this afternoon. Few question Gearon's love for sport as a gentleman who grew up here, but more question his nature as a part owner of a geographically-disjointed, financially ill-equipped gaggle of dudes who seemed more interested in in-fighting, lawsuits, and suing their ex-lawyers than investing in their product in a proportionally-correct manner.
In the interview, Gearon expressed the idea that the one year the Thrash made the playoffs, they still lost US$20-million with a midline payroll. Thus the decision to grow talent citing previous examples in Tampa, Pittsburgh, or Nashville. The problem was the organization never recovered from the gutting of the team to make that playoff run ((See the Keith Tkachuk and Alexei Zhitnik trades as your examples...))
FOSG Jeff Schultz went off the rails and poked Atlanta Spirit between the eyes...And, for that, we commend him...
"Hockey in Canada has never been stronger," said Commissioner Gary Bettman. "We get to be back in a place we wish had not left in 1996. Sometimes we simply have no choice, as was the case back in 1996 when the Jets left Winnipeg," he said.
The man, certainly, thinks that someone else was responsible for that move, eh...???
And for him to talk like it was a goal and aim if his to have a team there all along was an interesting contradiction in terms for the dynamic that was set forth.
The sale of the Atlanta Thrashers to True North Sports and Entertainment is conditional the approval of 75 per cent of the league's owners at the NHL's Board of Governors meeting in New York on June 21.
Here's the obit from FOSG Buck Lanford
((HT: MyFoxAtlanta))
Sold: Atlanta Thrashers Moving to Winnipeg: MyFoxATLANTA.com
The Thrashers held a 1PM presser for selected media- the four television station network affils, Bloomberg, and the Associated Press...
Strangely typical... and equally cowardly.. it fits Spirit's modus operandi from the jump...
More when we know more...
1515 UPDATE: We know more...
FOSG Ted Bauer's sister station in London, Ontario "A-News London" caught up with Pegger property Robbie Schrempf and got his take...
((HT: ANews London))
Here's what it looked like at the key Winnipeg intersection of Portage and Main
((HT: youtube))
But the one aspect that the HQ wasn't a fan of during today's procession was a bump music out used on XMHomeIce: The Band's "The Day They Drove Ol' Dixie Down..."
Not cool... not cool at all...
More when we know more...
Friday, May 13, 2011
Daly Can't Guarantee Thrash In Atlanta Next Year...
OSG sources north of the border let us in on a statement made by Sportsnet Radio FAN590's Greg Brady this morning where he "...spoke to an Atlanta Thrashers player via text message. He's been told to expect a major announcement regarding franchise relocation..."
While NHL #2 Bill Daly denied any kind of imminent announcement on any kind of a move-sale-proposed move-proposed sale, the lack of a full denial of a sale was glaring in the following quote from the 4th Period:
"We are working closely with the Thrashers' ownership to clarify the situation going forward"
Notice Daly says nothing about there "not" being a sale, it's referred to as a "situation..."
Eklund and his "Hockey Buzz" site have something happening meeting-wise with True North/the league/Spirit over the next few days, but OSG sources are saying that they've already met once earlier this week.
The only issue that Eklund brings up that is a concern for owners is the idea that the relocation fee would be going to cover the Coyotes losses over this season and next, and not given to the owners to cover their own expenses...
The AJC's Jeff Schultz, within the last hour, had a Q&A session with Daly:
The short version...
"Can you guarantee the Thrashers will be in Atlanta next season?"
His answer: "Nope."
Former Braves great and NHL draftee Tom Glavine was on the NHL Home Ice program this afternoon and expressed the problems of the Thrashers franchise being two-fold... the lack of winning and the ownership "chaos."
Glavine admitted that the team's future, in his mind, was "uncertain at best."
XM HomeIce has the full interview up hyah... thanks, SiriusXM Radio...
You tell me where this is headed...
1900 UPDATE: Gary Bettman had his own go 'round on his hour on NHLRadio...
The highlight... thanks to nhl.com
"So in the final analysis, we know that the current ownership of the Thrashers has been trying for a long period of time to try and sell the franchise, and they haven't been able to do it. OK, so now Tuesday night the Glendale City Council, despite everybody's speculation that the team was moving, says we want to keep the team here, we vote the amount of money needed to keep them here for a year and it's done, and then immediately everybody turns their attention in the media to something else -- 'Well, therefore another club has to be moving.'"
Well, yeah...
More when we know more...
FRIDAY UPDATE: We know more...
11Alive's Jeff Hullinger caught up with Bruce Levenson at Thursday's Hawks-Bulls game, and Levenson continued to speak in circles...
((HT: WXIA-TV Atlanta))
Daly was a guest on TSN Radio's "Game Night" program and maintained that everything was still in motion in Atlanta to keep the team in Atlanta- despite what he told Schultz the day before...
"We've been working with local ownership for quite a long time now, in terms of trying to find a new local ownership in that market," Daly told Jim Tatti and Scott MacArthur. "Luckily, that has gone largely under the radar screen, but the fact of the matter is that it has been transpiring.
"We believe what we say, which is that we're committed to the markets in which we put our franchises. We should make all reasonable efforts to keep franchises there, but there comes a point in time where if those efforts aren't successful, you move on."
While NHL #2 Bill Daly denied any kind of imminent announcement on any kind of a move-sale-proposed move-proposed sale, the lack of a full denial of a sale was glaring in the following quote from the 4th Period:
"We are working closely with the Thrashers' ownership to clarify the situation going forward"
Notice Daly says nothing about there "not" being a sale, it's referred to as a "situation..."
Eklund and his "Hockey Buzz" site have something happening meeting-wise with True North/the league/Spirit over the next few days, but OSG sources are saying that they've already met once earlier this week.
The only issue that Eklund brings up that is a concern for owners is the idea that the relocation fee would be going to cover the Coyotes losses over this season and next, and not given to the owners to cover their own expenses...
The AJC's Jeff Schultz, within the last hour, had a Q&A session with Daly:
The short version...
"Can you guarantee the Thrashers will be in Atlanta next season?"
His answer: "Nope."
Former Braves great and NHL draftee Tom Glavine was on the NHL Home Ice program this afternoon and expressed the problems of the Thrashers franchise being two-fold... the lack of winning and the ownership "chaos."
Glavine admitted that the team's future, in his mind, was "uncertain at best."
XM HomeIce has the full interview up hyah... thanks, SiriusXM Radio...
You tell me where this is headed...
1900 UPDATE: Gary Bettman had his own go 'round on his hour on NHLRadio...
The highlight... thanks to nhl.com
"So in the final analysis, we know that the current ownership of the Thrashers has been trying for a long period of time to try and sell the franchise, and they haven't been able to do it. OK, so now Tuesday night the Glendale City Council, despite everybody's speculation that the team was moving, says we want to keep the team here, we vote the amount of money needed to keep them here for a year and it's done, and then immediately everybody turns their attention in the media to something else -- 'Well, therefore another club has to be moving.'"
Well, yeah...
More when we know more...
FRIDAY UPDATE: We know more...
11Alive's Jeff Hullinger caught up with Bruce Levenson at Thursday's Hawks-Bulls game, and Levenson continued to speak in circles...
((HT: WXIA-TV Atlanta))
Daly was a guest on TSN Radio's "Game Night" program and maintained that everything was still in motion in Atlanta to keep the team in Atlanta- despite what he told Schultz the day before...
"We've been working with local ownership for quite a long time now, in terms of trying to find a new local ownership in that market," Daly told Jim Tatti and Scott MacArthur. "Luckily, that has gone largely under the radar screen, but the fact of the matter is that it has been transpiring.
"We believe what we say, which is that we're committed to the markets in which we put our franchises. We should make all reasonable efforts to keep franchises there, but there comes a point in time where if those efforts aren't successful, you move on."
Sunday, April 10, 2011
Another Season Down The Drain... That Makes 10 Of 11...
Much like Mister Blutarski's seven years of college, the Atlanta Thrashers are playing in an 82nd game with that as the finality of another NHL season.
One of the mantras the HQ has always had in its hip pocket: Be either very good or very bad. If you're neither, very few people give you the time of day.
Honestly, Game 82 had more Pittsburgh Penguins fans in the house than Thrashers fans- and that's to be expected. If you can't get a ticket from a broker to travel two-and-a-half hours east of here and catch Tiger holing out from the fairway, then keep the trip cheap and watch hockey in an air-conditioned building for a field trip.
But, when you're coming in to Game 82 at 34-35-12 with a minus-43 in goals scored, let's face it... you're average...
And the lack of attention you generate is of your own device...
Two teams worse than you in the east have already fired their coaches- Ottawa got rid of Cory Clouston and Florida dumped Peter DeBoer after they finished two points behind the Senators.
You knew there was a problem when your two captains and most-respected players, Andrew Ladd and Dustin Byfuglien, came to the head coach and questioned the want-to of some of the guys on the roster before the trading deadline.
There's no question that GM Rick Dudley has been given little to work with and has had to consistently tinker instead of do what he was brought in to do- create a winner with Craig Ramsay.
Don't misunderstand, the Thrash can be good... and that's all given the current lack of ability to invest from the ownership group... Good, but not, great... and as long as there is no marquee player to wrap the flag around, that won't change...
NHLNumbers.com has the tale of the tape this way... The Nashville Predators, no money bank themselves, and the Phoenix Coyotes who are still owned by the league, have cap figures some five to six million dollars ((US)) MORE than the Thrash-who came in at just under US$46-million.
So let's get this straight... the league and its partnerships with the 29 surviving owners are investing more in a western conference playoff team that has to reinvent itself every year than a group that has proven itself to be dishonest in its approach to either investing or attempting to divest itself of the Thrash as a property.
But the HQ will maintain- once again, for what seems like the 12th year in a row- that if an owner invests properly that fans will come both casual and die-hard.
That fact seems to be perpetually lost on the current group that writes checks that they obviously, don't want to...
Chris Vivlamore, in his AJC article Sunday, raised the question as to whether this Game 82 is the last one the team will have at OSG HQ. We kinda doubt it, if only doubting in the short term...
Oh, here were the highlights from Game 82...
((HT: NHL/ROOT Sports))
If only for the sake of scheduling, it would take a lame-duck year to get everyone shifted appropriately- probably Nashville moving over from west to east so as not to get an Original 6 team pissed off..
The next move comes from the Goldwater Institute whether Atlanta Spirit knows it or not... and True North Sports and Entertainment is waiting for the next move...
One of the mantras the HQ has always had in its hip pocket: Be either very good or very bad. If you're neither, very few people give you the time of day.
Honestly, Game 82 had more Pittsburgh Penguins fans in the house than Thrashers fans- and that's to be expected. If you can't get a ticket from a broker to travel two-and-a-half hours east of here and catch Tiger holing out from the fairway, then keep the trip cheap and watch hockey in an air-conditioned building for a field trip.
But, when you're coming in to Game 82 at 34-35-12 with a minus-43 in goals scored, let's face it... you're average...
And the lack of attention you generate is of your own device...
Two teams worse than you in the east have already fired their coaches- Ottawa got rid of Cory Clouston and Florida dumped Peter DeBoer after they finished two points behind the Senators.
You knew there was a problem when your two captains and most-respected players, Andrew Ladd and Dustin Byfuglien, came to the head coach and questioned the want-to of some of the guys on the roster before the trading deadline.
There's no question that GM Rick Dudley has been given little to work with and has had to consistently tinker instead of do what he was brought in to do- create a winner with Craig Ramsay.
Don't misunderstand, the Thrash can be good... and that's all given the current lack of ability to invest from the ownership group... Good, but not, great... and as long as there is no marquee player to wrap the flag around, that won't change...
NHLNumbers.com has the tale of the tape this way... The Nashville Predators, no money bank themselves, and the Phoenix Coyotes who are still owned by the league, have cap figures some five to six million dollars ((US)) MORE than the Thrash-who came in at just under US$46-million.
So let's get this straight... the league and its partnerships with the 29 surviving owners are investing more in a western conference playoff team that has to reinvent itself every year than a group that has proven itself to be dishonest in its approach to either investing or attempting to divest itself of the Thrash as a property.
But the HQ will maintain- once again, for what seems like the 12th year in a row- that if an owner invests properly that fans will come both casual and die-hard.
That fact seems to be perpetually lost on the current group that writes checks that they obviously, don't want to...
Chris Vivlamore, in his AJC article Sunday, raised the question as to whether this Game 82 is the last one the team will have at OSG HQ. We kinda doubt it, if only doubting in the short term...
Oh, here were the highlights from Game 82...
((HT: NHL/ROOT Sports))
If only for the sake of scheduling, it would take a lame-duck year to get everyone shifted appropriately- probably Nashville moving over from west to east so as not to get an Original 6 team pissed off..
The next move comes from the Goldwater Institute whether Atlanta Spirit knows it or not... and True North Sports and Entertainment is waiting for the next move...
Wednesday, December 22, 2010
BREAKING: Atlanta Spirit Ownership Suit Settled
From Atlanta Spirit their ownselves...
The lawsuit among the owners of the Atlanta Hawks and Atlanta Thrashers has been settled. Terms of the settlement are confidential. Going forward, Michael Gearon and Bruce Levenson will serve as managing partners of the Atlanta Hawks, Atlanta Thrashers and Philips Arena...
More when we know more...
But the HQ knows this is the first step to divesting on the whole...
Kristi Swartz of the AJC writes that part of the deal, understandably, is to buy out Belkin's 30-percent stake...
Swartz, Chris Vivlamore and/or Ken Sugiura caught up with partner Bruce Levenson:
"I think if you talk to anyone in either organization, they will tell you that this lawsuit has had zero impact. Zero," Levenson said. "At the end of the day, we had a business partner who we were in a dispute with and we have settled that dispute. It may sound a lot more complicated but that's really what happened."
The ownership group has hemorrhaged money over the last two seasons- losing, by some reports, close to US$50-million. There have been cash calls to cover margins and the idea that they're looking for investors- which Levenson has not denied.
Also, Philips is looking to get out of their sponsorship deal of the arena. Once they find someone else, they can check out themselves.
Now that everyone is under the same roof, look for an out and a move.
Not immediately, but down the road...
The lawsuit among the owners of the Atlanta Hawks and Atlanta Thrashers has been settled. Terms of the settlement are confidential. Going forward, Michael Gearon and Bruce Levenson will serve as managing partners of the Atlanta Hawks, Atlanta Thrashers and Philips Arena...
More when we know more...
But the HQ knows this is the first step to divesting on the whole...
Kristi Swartz of the AJC writes that part of the deal, understandably, is to buy out Belkin's 30-percent stake...
Swartz, Chris Vivlamore and/or Ken Sugiura caught up with partner Bruce Levenson:
"I think if you talk to anyone in either organization, they will tell you that this lawsuit has had zero impact. Zero," Levenson said. "At the end of the day, we had a business partner who we were in a dispute with and we have settled that dispute. It may sound a lot more complicated but that's really what happened."
The ownership group has hemorrhaged money over the last two seasons- losing, by some reports, close to US$50-million. There have been cash calls to cover margins and the idea that they're looking for investors- which Levenson has not denied.
Also, Philips is looking to get out of their sponsorship deal of the arena. Once they find someone else, they can check out themselves.
Now that everyone is under the same roof, look for an out and a move.
Not immediately, but down the road...
Thursday, May 13, 2010
Levenson: Thrashers Not Leaving Atlanta
Stop the HQ if you've heard this one before...
Bruce Levenson, one of the Atlanta Thrashers' owners, says the team will not be leaving Atlanta and may actually add investors. He isn't saying anything yet about the "who" in the deal or the "how much of a percentage" in the deal, but he says "something may be done" in the next 90 days or so.
Levenson says despite all the reports of a Thrashers move, all ownership talks are based on the team remaining in Atlanta.
And, oh by the way, the whole thing with co-owner Steve Belkin is still in play.
The HQ has known for quite some time that the folks over at Atlanta Spirit were in the process of having their assets and value appraised by a firm that does those sorts of things- giving a tangible value to something that is intangible. The office that is doing the evaluating is not located in any of the three locations that Spirit, LLC have owners: Atlanta, Boston, or Washington, DC...
Thus the curiosity on our part...
Now we know why all the evaluating is going on- to a degree. Although the thought here is to appraise both ways to get an actual value and to see who would want to check profitability ((insert laugh track here)) for the franchises and the arena.
Philips is still, as far as the HQ knows, still looking to get out of their naming-rights deal with the Atlanta arena. But they have to find the replacement.
The Hawks spent, in the neighborhood of, US$56-million for their payroll and embarassing second-round loss to Orlando. If Spirit is serious, then they would need a huge capital infusion to get to "contender" spending status: $80 to 90-million.
The HQ knows Spirit is less-than-serious on improving the Thrashers lot in life since the team is consistently at or near the bottom of the NHL salary cap numbers. New GM Rick Dudley has his work cut out for him.
The HQ's money is eventually set on a change of address...
Remember this story from October...???
((HT: CBC/lrobb31))
Bruce Levenson, one of the Atlanta Thrashers' owners, says the team will not be leaving Atlanta and may actually add investors. He isn't saying anything yet about the "who" in the deal or the "how much of a percentage" in the deal, but he says "something may be done" in the next 90 days or so.
Levenson says despite all the reports of a Thrashers move, all ownership talks are based on the team remaining in Atlanta.
And, oh by the way, the whole thing with co-owner Steve Belkin is still in play.
The HQ has known for quite some time that the folks over at Atlanta Spirit were in the process of having their assets and value appraised by a firm that does those sorts of things- giving a tangible value to something that is intangible. The office that is doing the evaluating is not located in any of the three locations that Spirit, LLC have owners: Atlanta, Boston, or Washington, DC...
Thus the curiosity on our part...
Now we know why all the evaluating is going on- to a degree. Although the thought here is to appraise both ways to get an actual value and to see who would want to check profitability ((insert laugh track here)) for the franchises and the arena.
Philips is still, as far as the HQ knows, still looking to get out of their naming-rights deal with the Atlanta arena. But they have to find the replacement.
The Hawks spent, in the neighborhood of, US$56-million for their payroll and embarassing second-round loss to Orlando. If Spirit is serious, then they would need a huge capital infusion to get to "contender" spending status: $80 to 90-million.
The HQ knows Spirit is less-than-serious on improving the Thrashers lot in life since the team is consistently at or near the bottom of the NHL salary cap numbers. New GM Rick Dudley has his work cut out for him.
The HQ's money is eventually set on a change of address...
Remember this story from October...???
((HT: CBC/lrobb31))
Monday, August 17, 2009
Atlanta Spirit Still One Squad
((HT: AJC/Smith, Swartz))
"The feuding Hawks and Thrashers co-owners are still in business, now that a Maryland judge has scrapped an agreement between them saying the contract outlining how seven of the partners can buy out the eighth is too vague.
Boston-based partner Steve Belkin asked his partners to buy out his 30 percent stake in the teams in August 2005, a process that was supposed to take 125 days. The Spirit has been embroiled in a high-profile legal battle that has lasted more than three years.
The ruling, issued Monday afternoon, tossed out the initial purchase and sale agreement to buy out Belkin and keeps him in the partnership as a minority owner. The partners are now placed back in the same position they were in before August 2005.
Belkin, however, does have the right to appeal Monday's decision.
The eight-man ownership group bought the Hawks, Thrashers and Philips Arena operating rights from Atlanta-based Turner Broadcasting System in spring 2004.
The celebration was short-lived.
The group began squabbling over things such as who would speak publicly at events. Then Belkin wouldn't let the other owners into the Hawks' locker room or fly on the team plane.
The warring came to a head over how to trade for then Phoenix Suns' guard Joe Johnson, who has since become a three-time All-Star for the Hawks.
Belkin, who previously accused co-owner Bruce Levenson of player tampering, stepped down as the team's representative to the NBA and then asked that the seven others buy out his 30 percent share."
The case, should anyone be interested, is: Belkin v. HTPA Holding Co., 266748-V, Montgomery County Circuit Court (Rockville, Maryland).
Bizjournals is reporting annual revenue of Atlanta Spirit, LLC at $7-and-a-half million. Most of it, those of us at OSG HQ think, is still locked up in legal fees. We'd love to know how they're going to pull off successful franchises without being able to STILL spend any money...
Forbes Magazine, the last time they valued franchises, had the Thrashers at $158-million ((or 27th overall)) with an operating loss of just over $6-million on revenue of $70-million. Columbus, the Islanders, and Phoenix were the only three valued at a lesser amount.
We'd like someone to tell us how this is all going to work out, because simply it looks like it hasn't in the short-term and won't in the long-term.
Monday, May 11, 2009
Thrashers Owner Denies Move
((HT: Globe and Mail/CP))
One of the Thrashers' owners says the team has "several inquiries" from possible investors but adds the talks do not include moving the team from Atlanta.
Washington businessman Bruce Levenson said Monday "there is no truth to the rumour" the ownership group has been involved in talks about moving the team, including with a Vancouver group reportedly interested in relocating the team to Hamilton.
The Hamilton Spectator reported on Saturday that Vancouver developer Tom Gaglardi heads a group interested in moving the Thrashers to Hamilton.
There also are efforts to move the Phoenix Coyotes to Hamilton.
Levenson said his Atlanta Spirit LLC ownership group, which also owns the NBA's Atlanta Hawks and operating rights to Philips Arena, recently hired an agency to "explore inquiries" from possible investors.
He said there are ongoing talks but added "none involve moving either team."
Seven of the owners based in Atlanta and Washington, D.C., want to buy out Steve Belkin, who is based in Boston.
The effort led to a long, ongoing legal fight and also prompted a search for new investors, according to Levenson.
"We have received several such inquiries, some targeted at the purchase of Steve Belkin's interest in the wake of publicity regarding our litigation," Levenson told The Associated Press in an e-mail.
The unsettled litigation between Belkin and the other owners would make it difficult for the Thrashers to move from Atlanta. Another barrier is the team's commitment to Philips Arena.
One of the owners, Atlanta-based Michael Gearon Jr., said the ownership group provides a wider financial foundation to help the Hawks and Thrashers survive the recession.
"The biggest challenge we have is the distraction of Belkin and getting that resolved," Gearon said during the Hawks' first-round playoff series win over Miami. "I think that's probably the biggest issue.
"We don't have any debt on the team. As much as people critique what's going on in Atlanta, we have no debt," he added. "Most teams in the NBA have debt. That doesn't mean we may not access debt.
"It just means we have a lot of options when it comes to trying to invest in the product. We've got flexibility. We'll just see what happens."
One of the Thrashers' owners says the team has "several inquiries" from possible investors but adds the talks do not include moving the team from Atlanta.
Washington businessman Bruce Levenson said Monday "there is no truth to the rumour" the ownership group has been involved in talks about moving the team, including with a Vancouver group reportedly interested in relocating the team to Hamilton.
The Hamilton Spectator reported on Saturday that Vancouver developer Tom Gaglardi heads a group interested in moving the Thrashers to Hamilton.
There also are efforts to move the Phoenix Coyotes to Hamilton.
Levenson said his Atlanta Spirit LLC ownership group, which also owns the NBA's Atlanta Hawks and operating rights to Philips Arena, recently hired an agency to "explore inquiries" from possible investors.
He said there are ongoing talks but added "none involve moving either team."
Seven of the owners based in Atlanta and Washington, D.C., want to buy out Steve Belkin, who is based in Boston.
The effort led to a long, ongoing legal fight and also prompted a search for new investors, according to Levenson.
"We have received several such inquiries, some targeted at the purchase of Steve Belkin's interest in the wake of publicity regarding our litigation," Levenson told The Associated Press in an e-mail.
The unsettled litigation between Belkin and the other owners would make it difficult for the Thrashers to move from Atlanta. Another barrier is the team's commitment to Philips Arena.
One of the owners, Atlanta-based Michael Gearon Jr., said the ownership group provides a wider financial foundation to help the Hawks and Thrashers survive the recession.
"The biggest challenge we have is the distraction of Belkin and getting that resolved," Gearon said during the Hawks' first-round playoff series win over Miami. "I think that's probably the biggest issue.
"We don't have any debt on the team. As much as people critique what's going on in Atlanta, we have no debt," he added. "Most teams in the NBA have debt. That doesn't mean we may not access debt.
"It just means we have a lot of options when it comes to trying to invest in the product. We've got flexibility. We'll just see what happens."
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