According to FOSG Scott Burnside, through his Twitter account, it appears that Matthew Hulsizer (one-time Phoenix pursuer) is now locked into a purchase of the St. Louis Blues in a verbal manner...
We are able to confirm Chicago businessman Matthew Hulsizer has made a verbal agreement to buy the Blues. Still lots of work to be done.
This now means that the Coyotes are back on the clock with Jerry Reinsdorf as your number one pursuer all over again...
According to PuckDaddy and Jeremy Rutherford of STLToday, Hulsizer would be keeping Dave Checketts along for the future. Checketts was looking for a fee in the neighborhood of US$190M and had turned down US$167M in the past.
As an unrelated aside, FOSG Paul Newberry put together a piece on the hockey void left at HQ... required reading...
Showing posts with label Matthew Hulsizer. Show all posts
Showing posts with label Matthew Hulsizer. Show all posts
Wednesday, October 5, 2011
Friday, July 8, 2011
Has Scruggs Had Enough...??? Are The Coyotes Really Done...???
((HT: KPNX-TV Phoenix))
Since Matthew Hulsizer pulled out of the latest deal to buy the Phoenix Coyotes, the team that calls Glendale home is now on the clock...
And, yes, we know people in Atlanta are now kicking themselves over this one...
But now with the NHL and Glendale pointing fingers over who caused the Hulsizer exit, Glendale Mayor Elaine Scruggs either sees the writing or is trying to court Jerry Reinsdorf one last time before she has to figure out whether out another US$25-million can come from city coffers...
Kevin Kennedy got a sitdown with the mayor...
So, the larger question is: Where do they go since Winnipeg is out of play...? Quebec City...??? Kansas City...??? The options are slim and he's heading out of town...
Since Matthew Hulsizer pulled out of the latest deal to buy the Phoenix Coyotes, the team that calls Glendale home is now on the clock...
And, yes, we know people in Atlanta are now kicking themselves over this one...
But now with the NHL and Glendale pointing fingers over who caused the Hulsizer exit, Glendale Mayor Elaine Scruggs either sees the writing or is trying to court Jerry Reinsdorf one last time before she has to figure out whether out another US$25-million can come from city coffers...
Kevin Kennedy got a sitdown with the mayor...
So, the larger question is: Where do they go since Winnipeg is out of play...? Quebec City...??? Kansas City...??? The options are slim and he's heading out of town...
Tuesday, June 28, 2011
Hulsizer bails on Phoenix Coyotes
 |
| Phoenix Coyote's Mascot/File |
Chicago businessman Matthew Hulsizer had been negotiating with the NHL and the city of Glendale to buy the bankrupt hockey team for over a year. The city had promised to pay Hulsizer $197 million over 5 years to take over the reigns of the franchise. However....that move was fought hard by an Arizona based anti-tax group, making it more difficult for the sale to happen.
ed note: We agree with the Goldwater Institute. Taxpayers should have to pay someone to buy a pro-sports franchise...period.
The story from AZCentral.com RIGHT HERE
This puts Glendale and the NHL back to square one. The city has been paying the league $25 million for last season and the upcoming season in order to buy time so they can find an owner. Two years in, and no buyer.
ed note: Had this happened a month ago, the Thrashers might still be in Atlanta and Coyotes where they belong in Winnipeg.
Now, the Coyotes are on the market for a new owner. There are whispers that Chicago Bulls owner and Arizona resident Jerry Reinsdorf may get back in the chase, but he didn't seem that anxious to pull the trigger on a purchase a year ago.
We are guessing the league will allow the Coyotes to stay where they are this season, but next season, don't be surprised to see them leave. We don't see a legitimate scenario where someone steps in and rescues the woebegone city. Maybe we are wrong in that assumption, but we don't think so.
This all goes back to a series of incredibly stupid moves by the city of Glendale and the repercussions for it are essentially the city's taxpayers are on the hook for a huge stadium and the promise of development. Development that may not ever happen if there is no tenant for the "Jobing.com" arena. That scenario is looking more and more likely.
Wednesday, May 11, 2011
Glendale votes to continue supplementing the Coyotes ((UPDATED Involving Atlanta))))
 |
| Phoenix Coyote/File |
We reported on Monday that the city was prepared to approve another $25 million to guarantee they'll find an owner for their wayward NHL team, the Phoenix Coyotes. On Tuesday night, that's exactly what they did.
You can read about the details from AZCentral.com RIGHT HERE
After doing some research, we have a better idea why they've pretty much sold out the entire city in the pursuit of an owner. It doesn't make it right, but we understand it.
The City Council boxed themselves in. They have to continue this bizarro game. They set the stage for this when (a) They built the arena and (b) When they built the surrounding entertainment district that is supposed to be funding said arena by a special tax on visitors. They can't raise the money to pay for the arena if they have no visitors, if they don't have a team, they don't have visitors. Still, it doesn't make it right.
Politicians do really stupid things sometimes without thinking of the long-term repercussions. This is a "Textbook" case of that.
The city also continues their pursuit of an owner by trying to woo and charm Chicago businessman Matthew Hulsizer, essentially offering to fund part of his purchase. Hulsizer's bid is in the process of changing as one of his minority investors, Ice Edge holdings got tired of this game and bailed out.
Really, this story has several meanings. One, the Coyotes are staying in Phoenix until somebody buys them. Two, the Atlanta Thrashers are probably moving, as soon as True North holdings can buy them. Three, the taxpayers of Glendale are screwed no matter what happens. And they can thank their local politicians for that.
And the beat goes on.
Here's coverage from our friends at KTVK/AZ3
PM UPDATED: Sources close to the Coyotes are telling OSG Sports that a group interested in purchasing the Coyotes at some point in time over the last two seasons has made an overture toward the Thrashers already...
Bill Daly, in an interview after the Glendale meeting, mentioned that the National Hockey League may approach an Arizona court about clarifying that the sale to Hulsizer does not violate the state Constitution. The league would ask for a declaration from the court to wave in front of Goldwater's nose...
More when we know more...
Tuesday, May 10, 2011
DEVELOPING: Ice Edge Pulling Away From Hulsizer
((HT: Arizona Republic/Sanders))
With the vote by the City of Glendale coming tonight for paying the NHL another US$25M to keep the Coyotes from moving, an interesting bit of news comes from Sanders article this afternoon.
On the eve of the vote, Ice Edge Holdings- the former owner-wannabe-then-minority partner- has pulled their interest from the Hulsizer group saying that they just want to move on...
From Sanders:
"It was purely a decision based on the fact we have been involved with this for two years," ((lead Ice Edge head Anthony LeBlanc)) said. "We just didn't feel comfortable spending any additional time on it."
Ice Edge is now focusing on bringing minor league hockey back to Thunder Bay, Ontario as LeBlanc also plans a run for parliament in his home riding.
Matthew Hulsizer's response was that he could replace Ice Edge's investment and their loss won't affect his group.
More when we know more...
With the vote by the City of Glendale coming tonight for paying the NHL another US$25M to keep the Coyotes from moving, an interesting bit of news comes from Sanders article this afternoon.
On the eve of the vote, Ice Edge Holdings- the former owner-wannabe-then-minority partner- has pulled their interest from the Hulsizer group saying that they just want to move on...
From Sanders:
"It was purely a decision based on the fact we have been involved with this for two years," ((lead Ice Edge head Anthony LeBlanc)) said. "We just didn't feel comfortable spending any additional time on it."
Ice Edge is now focusing on bringing minor league hockey back to Thunder Bay, Ontario as LeBlanc also plans a run for parliament in his home riding.
Matthew Hulsizer's response was that he could replace Ice Edge's investment and their loss won't affect his group.
More when we know more...
Monday, May 9, 2011
NHL appears to like Phoenix much more than Atlanta: Thrashers will move soon
 |
| Phoenix Coyote |
It appears, barring divine intervention, that the NHL will allow the Phoenix Coyotes to stay in Arizona, and be run by the league for at least another year. Sure, there's a vote in Glendale scheduled for Tuesday to decide if the city will guarantee another $25 million to cover the league's losses while the search for an owner continues, but it's just a formality.
Read more from ArenaDigest.com RIGHT HERE
There are two REALLY big losers here, the people who live in Glendale, Arizona and the people of Atlanta, Georgia.
Why?
Because the Thrashers are moving folks. It's just a formality now. Even though they have a MUCH better case for keeping their team, they won't be.
Oh, by the way, the Thrashers are contributors to the fund that keeps the Coyotes operating these days.
For the Thrashers move, that you can thank Heir Bettman, the NHL and the taxpayers of Glendale. To me...and apparently the Goldwater institute in Arizona, it's absolutely criminal for the taxpayers to (A) guarantee the money for the league and (B) be forced to fund someone interested in buying the team. However, nobody else seems to have an issue with this.
We don't get it.
 |
| Thrashers Mascot/Courtesy: sportressofblogitude |
Yes, apparently the guy interested in being the owner of the team, Matthew Hulsizer, needs the city to apply for and receive bonds in order for him to take over the team. Which begs the obvious (at least to us) question? If he needs a subsidy to buy the team, what makes anyone think he can afford to run them over time?
Now, imagine if you are a hockey fan in Atlanta. You are about to lose a team for the second...and last time. The fine folks in the Canadian city of Winnipeg will be more than happy to take either team. They have a rather large ownership group (True North) with a ton of money and can easily afford to buy either team. And the Thrashers owners, the Atlanta Spirit, have lost a ton of money on the team, partially because of their own ineptitude. They are looking for money, anybody's money, why not True North's?
They are getting the Thrashers. And probably within the next couple of weeks.
Why? Well, here's a side by side comparison. The Coyotes in 2010-11, lost close to $50 million. The Thrashers, a perennial "Also-ran" in NHL circles, also lost money, but only about $20 million.
Here's a list of NHL teams worth's and income, courtesy of Forbes magazine RIGHT HERE
However, the NHL stands to make at least a $60 million profit if True North buys the Thrashers. If they bought the Coyotes, at the necessary price of $170 million, Glendale gets $25 million and the league gets what is left to cover their cost of buying the team ($140 million), which means they pocket about $5 million.
Nope. The Thrashers are screwed. It's not to say they'd be successful if they stayed. The group that owns the team has proven to be one of the worst ownership groups in the history of pro sports. And they haven't invested much in the Thrashers, though lack of talent development has cost them too. Yes, we know the fans in Atlanta aren't exactly loyal. But they do come out when their teams win or are at least competitive, something the Thrashers have rarely been in their 11+ years of existence.
Sorry to all my Atlanta peeps and it will be a sad, sad day when the Thrash leave town. Yes, I was...and am a fan. I have people I am friendly with who work for the team. I covered a lot of games in Philips arena, including an All-Star game, and for the 5-10,000 fans in the city, the team will be missed.
Here's a breakdown from our friends up north:
Friday, May 6, 2011
DEVELOPING: Glendale May Buy More Time From Bettman...
((HT: Arizona Republic, Sanders))
Rebekah Sanders has been front and center to all of this Coyotes-will-they-or-won't-they move stuff...
The new revelation from her digging is that the City of Glendale may buy more time from the NHL to either settle, or not settle, their reworked deal among themselves, Matthew Hulsizer, and the Goldwater Institute.
There is no idea at present how much more time US$25-million will buy from the National Hockey League, but we'll know more after the Tuesday vote at the new City of Glendale council meeting...
Maybe one more year...
2315 UPDATE: In a conversation with TSN's Dave Naylor released through his Twitter feed, Glendale City Councilman Phil Leiberman thinks: "I think it may pass 7-0 or 6-1. All of us want to buy more time."
Actually, not ALL of you...
Also, Puck Daddy has the versions of truth from the Phoenix Business Journal and the Winnipeg Sun...
Mike Sunnucks from the PBJ has a quote from Bill Daly...
“As we have for the past two-plus years, we have been working very closely with the city of Glendale to do everything possible to ensure the Coyotes’ future in Glendale. At the city’s request, we have agreed to pursue another one-year interim arrangement while we jointly pursue a long-term ownership solution. We remain confident that one exists, and we intend to continue to pursue it.”
And the Winnipeg Sun piece from Paul Friesen surmises that Hulsizer wouldn't have been interested in closing the deal this year, anyway, because he wouldn't have been a party to the revenue sharing at the league level or his arena payment for managing jobing.com arena...
Forbes.com's Mike Ozanian was reporting Hulsizer was shifting his gaze to the St. Louis Blues, but his Peak6 partners are denying that move in quotes with the Globe and Mail's Eric Duhatschek.
More when we know more...
Rebekah Sanders has been front and center to all of this Coyotes-will-they-or-won't-they move stuff...
The new revelation from her digging is that the City of Glendale may buy more time from the NHL to either settle, or not settle, their reworked deal among themselves, Matthew Hulsizer, and the Goldwater Institute.
There is no idea at present how much more time US$25-million will buy from the National Hockey League, but we'll know more after the Tuesday vote at the new City of Glendale council meeting...
Maybe one more year...
2315 UPDATE: In a conversation with TSN's Dave Naylor released through his Twitter feed, Glendale City Councilman Phil Leiberman thinks: "I think it may pass 7-0 or 6-1. All of us want to buy more time."
Actually, not ALL of you...
Also, Puck Daddy has the versions of truth from the Phoenix Business Journal and the Winnipeg Sun...
Mike Sunnucks from the PBJ has a quote from Bill Daly...
“As we have for the past two-plus years, we have been working very closely with the city of Glendale to do everything possible to ensure the Coyotes’ future in Glendale. At the city’s request, we have agreed to pursue another one-year interim arrangement while we jointly pursue a long-term ownership solution. We remain confident that one exists, and we intend to continue to pursue it.”
And the Winnipeg Sun piece from Paul Friesen surmises that Hulsizer wouldn't have been interested in closing the deal this year, anyway, because he wouldn't have been a party to the revenue sharing at the league level or his arena payment for managing jobing.com arena...
Forbes.com's Mike Ozanian was reporting Hulsizer was shifting his gaze to the St. Louis Blues, but his Peak6 partners are denying that move in quotes with the Globe and Mail's Eric Duhatschek.
More when we know more...
Another Glendale-Coyotes Vote Tuesday...???
((HT: Arizona Republic, Sanders))
That's a possibility since the City of Glendale thinks its deal with Matthew Hulsizer has advanced from the stage of floating over US$116-million in bonds to, about, half that in a reworked version of the deal...
Tuesday would be the earliest time for a new version of the vote and an approval of the shaky-at-best financing.
There are two roadblocks if the proposal heads to a Tuesday reconsideration...
1) The Goldwater Institute, in all likelihood, would still pursue a lawsuit against the City of Glendale if there's any kind of bond financing and,
2) Moody's, the outfit that gives bond ratings, withdrew their rating. The bonds would have to go back on the market for the company to give any kind of designation.
None of the current bonds have sold...
The agenda for Tuesday should be disclosed some time Friday in Glendale...
More when we know more...
That's a possibility since the City of Glendale thinks its deal with Matthew Hulsizer has advanced from the stage of floating over US$116-million in bonds to, about, half that in a reworked version of the deal...
Tuesday would be the earliest time for a new version of the vote and an approval of the shaky-at-best financing.
There are two roadblocks if the proposal heads to a Tuesday reconsideration...
1) The Goldwater Institute, in all likelihood, would still pursue a lawsuit against the City of Glendale if there's any kind of bond financing and,
2) Moody's, the outfit that gives bond ratings, withdrew their rating. The bonds would have to go back on the market for the company to give any kind of designation.
None of the current bonds have sold...
The agenda for Tuesday should be disclosed some time Friday in Glendale...
More when we know more...
Monday, May 2, 2011
NHL sends Glendale $25 million bill for Coyotes losses
|
| Phoenix Coyote Mascot/Courtesy: nashvillescene.com |
Yikes! This story is one of the more bizarre stories in Sports today. Apparently, the NHL is billing the city of Glendale, Arizona $25 million to cover the leagues losses while operating the Phoenix Coyotes this past season.
The city, for some inane reason promised to guarantee they'd cover the leagues losses on the franchise while they search for an owner. They found one, but are having to pay him to make the purchase, something that hasn't gone over very well and in fact has delayed the sale from actually happening.
Read the story from the Arizona Republic RIGHT HERE
This story gets stupider by the day. Yeah, we get that the league wants the team to stay in the Phoenix area, but at what cost. And as for the city of Glendale....what they are doing is nothing short of criminal. The city is trying to find financing so Matthew Hulsizer can buy the team...with their money? Huh?
God, we hope they don't do this sale. It's being argued against by the Goldwater Institute. And while we don't necessarily lean in that political direction, it is outrageous that any city would be financing the sale of a professional sports team. The Green Bay Packers would be an exception since they are actually "Owned" by people in the city.
It may mean something...and it may not, but Coyotes assistant coach Ulf Samuelsson left the team today to go be a head coach in the Sweedish Elite League.
Wednesday, April 27, 2011
DEVELOPING: NHL And Hulsizer Working On Financing...?
((HT: Sportsnet Radio FAN 590 Toronto))
According to the FAN, the NHL and city of Glendale are reportedly working on an additional/another financing plan to get the Phoenix Coyotes and Matthew Hulsizer paired off once and for all...
David Shoalts of the Globe and Mail says in his article that the tweaking has to do with a combination of things...
Hulsizer and his boys have to pony up more money and/or the NHL is lowering their asking price of US$170-million and Hulsizer's group could get a deferment of paying the sale price in full. Those actions could trim the bonds value that the City of Glendale wants to float to pay Hulsizer by upwards of one-half the initial value- something more like US$60-million.
The Goldwater Institute still won't budge on their stance- unless there's a lot less money that Glendale is fronting and the parking issue is addressed- something Goldwater thinks that Glendale isn't addressing on any level... ever...
More when we know more...
According to the FAN, the NHL and city of Glendale are reportedly working on an additional/another financing plan to get the Phoenix Coyotes and Matthew Hulsizer paired off once and for all...
David Shoalts of the Globe and Mail says in his article that the tweaking has to do with a combination of things...
Hulsizer and his boys have to pony up more money and/or the NHL is lowering their asking price of US$170-million and Hulsizer's group could get a deferment of paying the sale price in full. Those actions could trim the bonds value that the City of Glendale wants to float to pay Hulsizer by upwards of one-half the initial value- something more like US$60-million.
The Goldwater Institute still won't budge on their stance- unless there's a lot less money that Glendale is fronting and the parking issue is addressed- something Goldwater thinks that Glendale isn't addressing on any level... ever...
More when we know more...
Friday, April 22, 2011
Goldwater Vs. Glendale Solves Nothing
((HT: Azcentral.com/Sanders-Chan, 12news KPNX))
Everyone was in a room saying their peace, and nothing was resolved in any way...
Darcy Olsen and the Goldwater Institute squared off with the City of Glendale in their unending quests to see who best represented the length of the nearest ruler.
Goldwater is not backing down from there assertion that the deal between the city and prospective owner Matthew Hulsizer is full of shenanigans. The NHL and the city of Glendale think Goldwater isn't acting in the best interest of hockey lovers everywhere ((or, at least, at Westgate City Center))...
From Chan:
"The meeting was disappointing from our perspective," said Clint Bolick, Goldwater's litigation director. "The mayor asked for our concerns and our ideas and we provided a number of concerns and ideas. The city did not seem to be open to the ideas we suggested and the city attorney repeatedly told us he would see us in court."
Goldwater came to the table with 7 concerns and 7 solutions. The think-tank suggested ideas like having Hulsizer pay for the team with his own money or have a minor-league franchise act as a tenant for the arena in Glendale.
Neither idea was received well...
Hulsizer attended the meeting and, after initially not being allowed to speak since Goldwater had no beef with him, eventually got to drop his two cents. But he left before the meeting ended...
Listen to part of the audio hyah...
The transcript of the meeting is hyah...
And hyah is the list of concerns and possible solutions...
((All of the above are courtesy of the Goldwater Institute))
Here's coverage with Hulsizer from our friends at MyFoxPhoenix...
And a one-on-one with Glendale Mayor Elaine Scruggs...
Everyone was in a room saying their peace, and nothing was resolved in any way...
Darcy Olsen and the Goldwater Institute squared off with the City of Glendale in their unending quests to see who best represented the length of the nearest ruler.
Goldwater is not backing down from there assertion that the deal between the city and prospective owner Matthew Hulsizer is full of shenanigans. The NHL and the city of Glendale think Goldwater isn't acting in the best interest of hockey lovers everywhere ((or, at least, at Westgate City Center))...
From Chan:
"The meeting was disappointing from our perspective," said Clint Bolick, Goldwater's litigation director. "The mayor asked for our concerns and our ideas and we provided a number of concerns and ideas. The city did not seem to be open to the ideas we suggested and the city attorney repeatedly told us he would see us in court."
Goldwater came to the table with 7 concerns and 7 solutions. The think-tank suggested ideas like having Hulsizer pay for the team with his own money or have a minor-league franchise act as a tenant for the arena in Glendale.
Neither idea was received well...
Hulsizer attended the meeting and, after initially not being allowed to speak since Goldwater had no beef with him, eventually got to drop his two cents. But he left before the meeting ended...
Listen to part of the audio hyah...
The transcript of the meeting is hyah...
And hyah is the list of concerns and possible solutions...
((All of the above are courtesy of the Goldwater Institute))
Here's coverage with Hulsizer from our friends at MyFoxPhoenix...
City of Glendale, Goldwater Institute Hold Their Ground: MyFoxPHOENIX.com
And a one-on-one with Glendale Mayor Elaine Scruggs...
City of Glendale, Goldwater Institute Hold Their Ground: MyFoxPHOENIX.com
Monday, March 21, 2011
Hulsizer Changes Terms For Coyotes Purchase, Goldwater Still Not Happy
((HT: FSArizona/NHL/youtube))
Okay... the HQ will admit that this may not swing something one way or the other, but you can't fault Matthew Hulsizer and the City of Glendale for trying to get the Goldwater Institute off their collective backs to get the Phoenix Coyotes purchase done once and for all...
Hulsizer came to the table with a "financial guarantee" over the weekend...
Currently, that means: Hulsizer said he is willing to guarantee US$75 million worth of the US$116 million in bonds the City of Glendale has been trying to sell to complete the sale to Hulsizer. The sale agreement, right now, calls for Hulsizer to get US$100 million payment from the city in order to complete a US$170 million purchase from the NHL...
Here's Hulsizer explaining with FSArizona's Todd Walsh...
But Goldwater is still not pleased... they, now, don't think the City is getting fair value in the deal...
Goldwater's website states- "Mr. Hulsizer is not providing roughly proportionate value for the payments he will receive from the city."
So much for that idea... follow Goldwater hyah...
1400 UPDATE: Brahm Resnik, resident bulldog for 12News in Phoenix, has a bit of an explanation through his Twitter account...
Review parking rev every 5 yrs. If rev short of projections, he makes good on difference, up to $75M
I guess, after the Twitter-to-English translation, that means that if after five years parking revenue is short on projections Hulsizer will make up the difference up to US$75-million...
Unless, of course, he sells before the five year marker...
Okay... the HQ will admit that this may not swing something one way or the other, but you can't fault Matthew Hulsizer and the City of Glendale for trying to get the Goldwater Institute off their collective backs to get the Phoenix Coyotes purchase done once and for all...
Hulsizer came to the table with a "financial guarantee" over the weekend...
Currently, that means: Hulsizer said he is willing to guarantee US$75 million worth of the US$116 million in bonds the City of Glendale has been trying to sell to complete the sale to Hulsizer. The sale agreement, right now, calls for Hulsizer to get US$100 million payment from the city in order to complete a US$170 million purchase from the NHL...
Here's Hulsizer explaining with FSArizona's Todd Walsh...
But Goldwater is still not pleased... they, now, don't think the City is getting fair value in the deal...
Goldwater's website states- "Mr. Hulsizer is not providing roughly proportionate value for the payments he will receive from the city."
So much for that idea... follow Goldwater hyah...
1400 UPDATE: Brahm Resnik, resident bulldog for 12News in Phoenix, has a bit of an explanation through his Twitter account...
Review parking rev every 5 yrs. If rev short of projections, he makes good on difference, up to $75M
I guess, after the Twitter-to-English translation, that means that if after five years parking revenue is short on projections Hulsizer will make up the difference up to US$75-million...
Unless, of course, he sells before the five year marker...
Wednesday, March 9, 2011
Bettman Addresses Glendale Situation
((HT: JHendrix70/TSN/Arizona Republic-Sanders))
NHL Commissioner Gary Bettman has come out to address the ongoing Goldwater Institute versus The City of Glendale tete-a-tete...
And, naturally, he's coming out on the side of the bird in the hand...
"It's time for Goldwater to stand down," he said at a meeting with civic leaders. "In light of their conduct in this matter, I question whether this is really an organization concerned with the public interest."
And that is one thing public leaders never seem to understand...
Don't poke the bear...
Bettman did admit that time is running out on the timetable ((whatever it is)) to keep the Coyotes in town and that the league may have to move the team if the Goldwater/Glendale war of words and deeds doesn't stop soon.
Goldwater has also wanted to hold open discussions with the NHL and the City, but not all parties have responded in the affirmative...
Here's TSN Insider Dave Naylor on the latest...
Bissonnette is priceless...
For those of you whose eyes glaze over on the details, here's the short version...
Glendale would sell bonds to pay Hulsizer $100 million to buy the team. That money gets paid off by charging for parking during arena events. Glendale also pays Hulsizer and his group to manage the arena.
Hulsizer keeps the team in Glendale until 2041, pays rent, shares revenues if the team turned a profit ((which it never has come even close to doing)) and purchase the arena at the end of the lease for $40 million.
If the arena is worth that much by then...
Here's Bettman talking about the situation with Dave Strader...
((HT: NHL/FSArizona/MikosWPG))
NHL Commissioner Gary Bettman has come out to address the ongoing Goldwater Institute versus The City of Glendale tete-a-tete...
And, naturally, he's coming out on the side of the bird in the hand...
"It's time for Goldwater to stand down," he said at a meeting with civic leaders. "In light of their conduct in this matter, I question whether this is really an organization concerned with the public interest."
And that is one thing public leaders never seem to understand...
Don't poke the bear...
Bettman did admit that time is running out on the timetable ((whatever it is)) to keep the Coyotes in town and that the league may have to move the team if the Goldwater/Glendale war of words and deeds doesn't stop soon.
Goldwater has also wanted to hold open discussions with the NHL and the City, but not all parties have responded in the affirmative...
Here's TSN Insider Dave Naylor on the latest...
Bissonnette is priceless...
For those of you whose eyes glaze over on the details, here's the short version...
Glendale would sell bonds to pay Hulsizer $100 million to buy the team. That money gets paid off by charging for parking during arena events. Glendale also pays Hulsizer and his group to manage the arena.
Hulsizer keeps the team in Glendale until 2041, pays rent, shares revenues if the team turned a profit ((which it never has come even close to doing)) and purchase the arena at the end of the lease for $40 million.
If the arena is worth that much by then...
Here's Bettman talking about the situation with Dave Strader...
((HT: NHL/FSArizona/MikosWPG))
Friday, March 4, 2011
Glendale Still Blaming Goldwater
Glendale Mayor Elaine Scruggs is accusing Goldwater Institute of "significantly hindering" completion of the sale of the Phoenix Coyotes to Matthew Hulsizer.
Again...
Scruggs made the accusation at a news conference saying the city has provided the institute with thousands of pages of documents- 400 pages of stuff since last week.
Here's a podcast of her presser where she didn't take any questions...
Again... interesting that it was posted on the Coyotes website...
Scruggs is also hot over the idea that Goldwater is telling any bond-rating agencies that the city's agreement on a new lease for the Coyotes violates the Arizona constitution, and to stay as far away from it as possible.
In response, the Goldwater Institute referred to an Op-Ed piece in Thursday's Arizona Republic by institute president Darcy Olsen saying it would be wrong to give Glendale "a free pass" to break state law.
From Olsen's Op-Ed:
According to Moody's, the credit-rating agency, Glendale's mounting debt already is triple the national median for cities of its size.
Is it any wonder that Moody's downgraded Glendale's debt when it caught wind of the city's plan to issue another $116 million in bonds? Moody's said the "municipal market faces credit pressure not seen since the Great Depression." I suppose Moody's should back off, too.
Here's an interview TSN's Geno Reda had with Winnipeg Free Press Writer Gary Lawless on the latest salvo in she said-they said from Reda's "That's Hockey"...
((HT: TSN/youtube))
Remember, Goldwater is also exposing the review of the bond benefits by TL Hocking on jobing.com arena as a shenanigan since the publicly-funded arena that hosts the CHL's Arizona Sundogs is turning out not to meet financial expectations, either.
Hocking wrote that report...
Again...
Scruggs made the accusation at a news conference saying the city has provided the institute with thousands of pages of documents- 400 pages of stuff since last week.
Here's a podcast of her presser where she didn't take any questions...
Again... interesting that it was posted on the Coyotes website...
Scruggs is also hot over the idea that Goldwater is telling any bond-rating agencies that the city's agreement on a new lease for the Coyotes violates the Arizona constitution, and to stay as far away from it as possible.
In response, the Goldwater Institute referred to an Op-Ed piece in Thursday's Arizona Republic by institute president Darcy Olsen saying it would be wrong to give Glendale "a free pass" to break state law.
From Olsen's Op-Ed:
According to Moody's, the credit-rating agency, Glendale's mounting debt already is triple the national median for cities of its size.
Is it any wonder that Moody's downgraded Glendale's debt when it caught wind of the city's plan to issue another $116 million in bonds? Moody's said the "municipal market faces credit pressure not seen since the Great Depression." I suppose Moody's should back off, too.
Here's an interview TSN's Geno Reda had with Winnipeg Free Press Writer Gary Lawless on the latest salvo in she said-they said from Reda's "That's Hockey"...
((HT: TSN/youtube))
Remember, Goldwater is also exposing the review of the bond benefits by TL Hocking on jobing.com arena as a shenanigan since the publicly-funded arena that hosts the CHL's Arizona Sundogs is turning out not to meet financial expectations, either.
Hocking wrote that report...
Thursday, February 10, 2011
BREAKING: Goldwater Gives Thumbs Down To Appraiser Hired By Glendale
((HT: KPNX-TV Phoenix/12News))
12News' resident bulldog, Brahm Resnik, relays some really big information on the possibility of the validity of any parking fee bonds appraisal that the City of Glendale wants to float for the intended sale of the franchise to Matthew Hulsizer...
The Goldwater Institute, Arizona's legal watchdog, says that the group that was consulted to crunch the numbers involved in the parking fees ((and their possible benefits)) is, currently, a party in a lawsuit involving the development of an arena outside of the Phoenix metro area- the home of the Arizona Sundogs...
Allstate Life Insurance Company filed a lawsuit in the U.S. District Court in Arizona in September of 2009.
The lawsuit alleges that the defendants "misrepresented and failed to disclose material factual information that indicated the event center could not generate sufficient operating revenues and sales tax revenues to make the project economically feasible."
Allstate claims they got "false and misleading" information that gave the company the idea they were getting "A- rated" securities when it was determined the arena was not profitable and wasn't meeting expectations when it came to dates and events that could be housed at the Prescott Valley Event Center.
Joyce Lobeck of the Yuma Sun has the background hyah...
Resnik talks through a long file tape with the mega-important info...
TL Hocking's review is hyah... it's a bunch of numbers that claim a bunch of money can be made...
12News' resident bulldog, Brahm Resnik, relays some really big information on the possibility of the validity of any parking fee bonds appraisal that the City of Glendale wants to float for the intended sale of the franchise to Matthew Hulsizer...
The Goldwater Institute, Arizona's legal watchdog, says that the group that was consulted to crunch the numbers involved in the parking fees ((and their possible benefits)) is, currently, a party in a lawsuit involving the development of an arena outside of the Phoenix metro area- the home of the Arizona Sundogs...
Allstate Life Insurance Company filed a lawsuit in the U.S. District Court in Arizona in September of 2009.
The lawsuit alleges that the defendants "misrepresented and failed to disclose material factual information that indicated the event center could not generate sufficient operating revenues and sales tax revenues to make the project economically feasible."
Allstate claims they got "false and misleading" information that gave the company the idea they were getting "A- rated" securities when it was determined the arena was not profitable and wasn't meeting expectations when it came to dates and events that could be housed at the Prescott Valley Event Center.
Joyce Lobeck of the Yuma Sun has the background hyah...
Resnik talks through a long file tape with the mega-important info...
TL Hocking's review is hyah... it's a bunch of numbers that claim a bunch of money can be made...
Wednesday, January 26, 2011
BREAKING: Coyotes Public Bond Issue Fails
((HT: Sportsnet Radio/Fan 590 Toronto))
Sportsnet Radio THE FAN 590's Bob McCown is reporting that sources close to the Phoenix Coyotes situation are telling him that the public bond issue involving the team in the city of Glendale has failed.
Once again, this puts the long-term viability of the team in the suburban Phoenix area in doubt. Matthew Hulsizer was in line to purchase the team from the National Hockey League with subsidies thrown in by the city of Glendale itself totaling an asking price of US$142-million.
Now, apparently, everything is back a few steps in the process...
More when we know more...
Here's the last Coyotes game on ice as a distraction...
Edmonton's win over the Desert Dogs last night...
((HT: NHL Video/FSCoyotes))
Sportsnet Radio THE FAN 590's Bob McCown is reporting that sources close to the Phoenix Coyotes situation are telling him that the public bond issue involving the team in the city of Glendale has failed.
Once again, this puts the long-term viability of the team in the suburban Phoenix area in doubt. Matthew Hulsizer was in line to purchase the team from the National Hockey League with subsidies thrown in by the city of Glendale itself totaling an asking price of US$142-million.
Now, apparently, everything is back a few steps in the process...
More when we know more...
Here's the last Coyotes game on ice as a distraction...
Edmonton's win over the Desert Dogs last night...
((HT: NHL Video/FSCoyotes))
Sunday, January 9, 2011
TWTW: OSG Is Glendale Saturday
The weekend in the desert is more a quiet time and sequestering for any of us trying to cover a national title game...
But "The Social Experiment" continues in earnest...
Let's get in to this whole "War Eagle" greeting-thing...
Oregon fans don't quack at each other, but Auburn fans, alums, and such make a point to greet each other and, in passing, say "War Eagle." And you're almost obligated to return the greeting unconsciously. And it's something they all do to one another- especially if you're dressed in team colors...
It's like what those of us who took Spanish in high school learned about the word "Carramba!" it can mean anything and everything from "Oy vey!" to "Ugh" and anything in between- cursing or otherwise.
From what the HQ has learned, the game on Monday night may be 70-percent Auburn faithful and the entire state seems to be in attendance- ticket in hand or otherwise. It's an opportunity for everyone at Click-Clack central to litter Arizona with their UA and tell Phil Knight to stick it once and for all.
TBH's party group from the Loveliest Village is ten strong out here. I was next to a guy who looked like he was coordinating his old fraternity with a six-page, fully-sectioned Excel spreadsheet. The only thing missing there was the paragraphs on the back of each one with captions in place.
So, in lieu of anything football in a lips-zipped shut weekend, TBH and I went to the Coyotes-Sabres game over at the hockey arena ((Coyotes goalie Jason LaBarbera is, temporarily, by himself, thanks to me)).
And the issues were easy to identify where the future of the Desert Dogs are concerned. We all know that Matthew Hulsizer is in process of purchasing the club from the league itself. The team won 50 games last year, but ran into Detroit in Round One. That resulted in the standard quick exit. The Buffalo Sabres were in town at Westgate, and the crowd was half Sabres fans in an arena that seats 17,125 for hockey and lacrosse.
The place was, probably, 70-percent full and at least half of that group was snowbird Sabres fans. When the game-winning goal was scored in overtime, the Sabres fans went berserk. It was a duel between the Coyotes fans and Sabres fans as to which group could be loudest- the Sabres fans won.
Here's your highlights from our friends at FSArizona and the NHL...
Don't get me wrong... seeing Ed Jovanovski get props for playing in his 1,000th game was cool. He got a watch and a golf vacation- for the record. But when you see the lower section look like this in the endzones- it's a huge problem. And I'm not even talking about just how dead the club level was... ((proof is off to your right, thanks again to me))
And who is that spends money...??? Not the folks who were looking for cheap tickets that filled the upper part of the tank from one end to the other...
Tell you something... I dragged TBH to the game as part of her continuing education of the sport. Hey, it was either there or driving to see an Arizona Sundogs game 80 miles from Phoenix to watch the Hansen Brothers pick up another paycheck. She knew who Ryan Miller was from his tour as goalie for Team USA in Vancouver- and that's a good pull. She wouldn't have been able to pick Tim Connolly or Lauri Korpikoski out of a line-up given two hints in three guesses, but she followed Miller.
Want to know how much we paid for 19th row tickets...???
Forty bucks... with service and handling charge...
This reaffirms one of two things... either I know an ancient secret to get killer tickets to an NHL game, or the franchise is in trouble well west of a metropolitan area that no one can travel to, realistically, 45 or so games a year unless you live close-by. It was a 20-minute run for TBH and myself and the hotel we're staying in IS IN GLENDALE...
If the Hulsizer sale goes through and the City of Glendale continues to eat the costs for this billion-dollar boondoggle, I would think there's a clause that would grant him the idea of clearing out within a few seasons of the continued financial hemorrhaging that goes on with this group on ice.
This is only one of several franchises in the NHL that needs a better home. The only way the Coyotes are safe in the desert long-term would be to do the impossible- move back downtown. But we all know that won't happen...
And that's sad... for a young franchise that is trying to turn the corner quickly...
Whether it's quick enough is the larger question...
Back to The Social Experiment tomorrow...
Wednesday, December 15, 2010
Coyotes get lease agreement to stay in Glendale
 |
| Matthew Hulsizer/Courtesy: David Kadlubowski/The Arizona Republic |
The agreement between the City Council and Hulsizer essentially says that the city has to wire Hulsizer $100 million in the next few weeks to help him make the purchase of the Coyotes from the NHL for what is reported to be $170 million. That, makes absolutely no sense.
Read the story yourself, from AZCentral.com RIGHT HERE
If this is correct, it makes absolutely no sense. Sure, we get that the NHL wants to keep the team in Phoenix and sure, they want someone to take it off their hands. But, at least according to this report essentially, the city of Glendale is buying the team, not Hulsizer.
Heck, maybe we aren't totally understanding the financials. We don't claim to be finance savvy. But reading the details...as published in the story, it sounds awfully fishy.
While we get the whole it's important to keep your team thing and we get that it helps generate money we have questions. Like if you are paying the guy to buy the team, why not buy it yourself? If Hulsizer needs the city's money to complete the purchase, how stable an owner is he? Most importantly, if your city is struggling financially, where are you coming up with this money and ultimately, who really is paying for it?
I don't know, maybe I'm reading this wrong. Brother Jon and FOSG Gil Tyree have been strong advocates for keeping the team in Phoenix, me, yeah, sure it would be great but at what cost. I know if I lived in Glendale and had to put up with tax increases so the city could pay someone to take out a loan to buy the team...I'd be kind of pissed off. But maybe I'm missing something here. I don't think so...but you never know.
((ed. note- Tyree has been a proponent of keeping the team there... Jon has wanted the team to have a good home. If that translates into "Winnipeg," then so be it...))
Since nobody in Phoenix has a video story on this posted to their website this early in the morning, we'll give you the Coyotes open. It runs before the games.
So, obviously, there are three words we all need to be paying attention to in the near future... "Carrie Ann Sitren"
Sitren and the Goldwater Institute have never been afraid to challenge every step the City of Glendale has been taking in trying to keep the Coyotes in a business district that desperately needs an anchor tenant in a boondoggle of an arena deal.
Also from Sanders:
"In addition, the city will pay Hulsizer $97 million in annual installments ranging from $10 million to $20 million over the next 5 ½ years to manage events at the arena, including games and concerts. After that time, Glendale can renegotiate further payments to Hulsizer for arena management, sell the arena to Hulsizer or find another buyer to purchase the facility. Glendale expects at least some arena-related revenue to help offset that cost."
The amount of the investment in sports in Glendale by the city, with interest, now is cose to US$1-billion.
The HQ thinks this is a boondoggle of the highest order, and we wait for the Goldwater Institute to raise about nine different degrees of hell over this...
More when we know more...
But, in the meantime, here's a preview piece our friends at MyFoxPhoenix laid out for all of us...
((HT: KSAZ-TV/KUTP-TV Phoenix))
Subscribe to:
Posts (Atom)