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When will the Glendale deal ratify or unravel?

The bond deal will close in February & everything else will close smoothly
2
20%
The bond deal will close but the Goldwater institute starts a disruptive lawsuit
0
No votes
The bond deal will close but the Goldwater institute starts an inconsequential lawsuit & the deal closes
0
No votes
As March approaches, no further action has been seen - - an extension is requested
5
50%
As March approaches, Bettman loses patience and announces the opening of negotiations with True North
3
30%
Other, please EXPLAIN
0
No votes
 
Total votes : 10

Postby Bombs » Sun Jan 23, 2011 4:58 pm

Is Gary Lawless right about the Coyotes?

http://www.montrealgazette.com/sports/W ... story.html

The NHL is well past its deadline of Dec. 31 to have the Coyotes sold and, with a potential lawsuit on the horizon, the prospect of a deal closing any time soon is getting dimmer.

.... At some point {Bettman} he'll have to admit it's time to move on. When is that point? Feb. 1? March 1? Certainly no later.

....There is stress on the sale from two fronts: a sagging municipal bond market in the U.S., and the deal being viewed as unconstitutional by Arizona's most litigious taxpayer lobbyists.

....Lawsuits are expensive and time-consuming. Bettman has to be tired of spending money and time on a chronic loser like the Coyotes.

Nothing about the NHL's choice to remain in Phoenix rather than sell to True North has made sense to us.


Are we seeing the latest Glendale deal unravel right now before our eyes?
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Postby TYSOALEX » Sun Jan 23, 2011 8:32 pm

This is what, the 4th or 5th unravelling of a deal down there?
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Postby BVD » Mon Jan 24, 2011 11:55 am

Bombs wrote:Nothing about the NHL's choice to remain in Phoenix rather than sell to True North has made sense to us.



It's all about Bettman's pride. Once he's gone then things will start to unfold and make sense.
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Postby stick » Mon Jan 24, 2011 12:20 pm

BVD wrote:
Bombs wrote:Nothing about the NHL's choice to remain in Phoenix rather than sell to True North has made sense to us.



It's all about Bettman's pride. Once he's gone then things will start to unfold and make sense.



Bingo! The day when he resigns or preferbly fired cannot come soon enough. He's been running the NHL for FAR too long already.
What we need is for him to get accused of some kind of crime.... :wink:
So sick of the idiots that run our beloved team into the ground again and again.
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Postby BVD » Mon Jan 24, 2011 5:08 pm

stick wrote:
BVD wrote:
Bombs wrote:Nothing about the NHL's choice to remain in Phoenix rather than sell to True North has made sense to us.



It's all about Bettman's pride. Once he's gone then things will start to unfold and make sense.



Bingo! The day when he resigns or preferbly fired cannot come soon enough. He's been running the NHL for FAR too long already.
What we need is for him to get accused of some kind of crime.... :wink:


I'm quite good with photoshop!!! :lol:
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Postby stick » Mon Jan 24, 2011 5:44 pm

BVD wrote:
stick wrote:
BVD wrote:
Bombs wrote:Nothing about the NHL's choice to remain in Phoenix rather than sell to True North has made sense to us.



It's all about Bettman's pride. Once he's gone then things will start to unfold and make sense.



Bingo! The day when he resigns or preferbly fired cannot come soon enough. He's been running the NHL for FAR too long already.
What we need is for him to get accused of some kind of crime.... :wink:


I'm quite good with photoshop!!! :lol:


Sweet! Make sure you make it so his head continuously shakes like he's a former drug addict....
So sick of the idiots that run our beloved team into the ground again and again.
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Postby Bombs » Wed Jan 26, 2011 6:27 pm

http://www.torontosun.com/sports/hockey ... 46181.html

The NHL is refuting a report out of Toronto that says the city of Glendale, Ariz., has failed in its initial attempt to raise $100 million in bonds to keep the NHL’s Coyotes in Phoenix.

Sportsnet’s the Fan 590 radio says a source indicated Glendale’s public bond offering has failed, forcing the city to try a potentially more difficult private bond offering in order to generate the money promised to new Coyotes owner Matthew Hulsizer.


The UNGLUING is underway
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Postby Bombs » Wed Jan 26, 2011 6:39 pm

Reports coming out the woodwork


Report: Glendale bond issue fails; what's next for Coyotes?
Yahoo! Sports (blog) - Greg Wyshynski - ‎1 hour ago‎
The city of Glendale was seeking to sell $100 million in bonds, transfer the money to prospective owner Matthew Hulsizer and then recoup the money through ...
NHL denies Coyotes deal has failed
Toronto Sun - ‎1 hour ago‎
... of Toronto that says the city of Glendale, Ariz., has failed in its initial attempt to raise $100 million in bonds to keep the NHL's Coyotes in Phoenix. ...
Glendale public-bond issue for NHL team failed: reports
Winnipeg Free Press - Gary Lawless - ‎2 hours ago‎
... by the city of Glendale, AZ, in order to help finance the private purchase of the Phoenix Coyotes by Chicago businessman Matthew Hulsizer has failed. ...

NHL officials deny reports that deal to keep Coyotes in Arizona facing more ...
CTV.ca - ‎1 hour ago‎
... bond put to market by the city of Glendale, Arizona to help finance the private purchase of the Coyotes by businessman Matthew Hulsizer had failed. ...
Canadian influence could derail Phoenix Coyotes deal
Bizjournals.com (blog) - Mike Sunnucks - ‎2 hours ago‎
That included a $50 million buyout for Glendale, which the city turned down. A source familiar with the Coyotes deal who asked not to be identified, ...
Glendale Bond Issue Said To Be In Doubt for Phoenix
CJOB - Bob Irving - ‎1 hour ago‎
... circulating that the City of Glendale's effort to float a 100-million dollar bond issue has failed and the future of the Phoenix Coyotes in that city is ...

Coyotes' waiting game needs to end
FS Arizona - Craig Morgan - ‎4 hours ago‎
... the game to Raleigh, NC, promising Glendale would host the midseason gathering of stars by 2015. There was and is a caveat. The Coyotes need an owner. ...
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Postby Bombs » Fri Feb 11, 2011 11:05 pm

D Day for the Bonds:

Phoenix coyotes Glendale's bonds for sale next week
By: Geoff Kirbyson
Posted: 02/11/2011 1:00 AM

THE City of Glendale will put its much-ballyhooed bond issue up for sale next week in what could be the final step in preventing the Phoenix Coyotes from fleeing the desert and possibly returning to Winnipeg.
Details of the bond offering were put online Wednesday evening by Moody's Investors Service, the New York-based credit rating agency. There are two series of bonds, one looking to raise $107 million and a second looking to raise another $9 million. (All figures are in U.S. dollars.)
The bonds have been given a rating of A1, the lowest of the "A" ratings, and will officially go on sale Tuesday. The all-important interest rate to be paid on the bonds has not been released but it must be made public before the sale period begins. Industry speculation has the rate being pegged anywhere from six per cent to nine per cent.
In its report, Moody's downgraded Glendale's general obligation rating to Aa1 from Aa2 but revised its outlook on the city's general obligation and related ratings to "stable" from "negative."
"With the current offering, Glendale's direct and overall debt burdens remain high and are well above similarly rated cities across the nation. The city's direct debt burden of 4.8 per cent is nearly five times the national median of 1.0 per cent," Moody's wrote.
Glendale spokeswoman Julie Frisoni said the city would not comment on the bond sale.
"Except to say we are working on all those details and continue to move forward. We're not talking about dates or rates or anything like that," she said.
Glendale has pledged $100 million as part of the proposed $170-million deal for Chicago businessman Matthew Hulsizer to buy the Coyotes from the NHL. The city's plan is to raise the money through these bonds and receive the parking rights to the Coyotes' home rink in return.
Moody's noted the bond offering is subject to litigation risk from Arizona watchdog, the Goldwater Institute, which has threatened a lawsuit if it feels the sale of the Coyotes constitutes a "gift of public funds."
Goldwater issued a statement Thursday expressing its "grave reservations" about the bond issue.
"The city appears to be taking an extreme and possibly illegal gamble with taxpayer money," it said, adding it will provide a formal evaluation of the deal in the near future.
Charlie Spiring, CEO of Winnipeg's Wellington West Capital, said based on the assessment from Moody's, the bonds are a "risky" investment and should come with a high interest rate to compensate.
"The fact the bond issue is going ahead is good news for Glendale but the real test is ahead of them. Are people going to buy it? If it was at six per cent, I wouldn't touch it with a 10-foot pole. There's a fair amount of risk. You want to get paid when you're taking risk," he said, adding speculation is the bond will come out with a high single-digit interest rate.
Spiring said the bonds will more than likely be sold to institutions, not to retail investors. That part plays in Winnipeg's favour, he said.
"Institutions are pretty ruthless investors. They won't bend out of their good nature and say, 'Let's help out Glendale.' They'll want real return versus risk," he said.

http://www.winnipegfreepress.com/local/ ... 57499.html


And of course still yet more concessions

Glendale to vote Tuesday on changes in Coyotes sale

18 comments by Rebekah L. Sanders - Feb. 11, 2011 06:52 PM
The Arizona Republic

The Glendale City Council will vote Tuesday on modest changes to its agreement with the buyer of the Phoenix Coyotes.

According to the new arena lease, Glendale would set aside a $10 million escrow account for the new owner to draw from. The team owner could tap the account if Glendale failed to pay any of the $97 million in arena management fees that the city agreed to shell out over five years.

After seven years, the city could close the account and keep the remaining money.


The updated agreement also clarifies the council's authority to audit the team's financials each year.

Finalizing the agreement with team buyer Matthew Hulsizer requires Glendale to pay him an additional $100 million, planned to be financed by an upcoming bond sale.

Glendale already has reached out to investors about buying the bonds. Moody's Investors Service gave the bonds a medium-high rating.

Moody's reported the bonds were expected to go on sale Tuesday, but sources close to the deal expect it will take until the middle of next week or the week after because of the council vote and the time required for investors to evaluate the offering

http://www.azcentral.com/news/articles/ ... -vote.html


So increasing debt that is five times the national average to give away what you have earned by the sweat of your brow

Sounds like a lady of the night paying instead of being paid to sweat the work

Will Goldwater save the lady from her own insanity?
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Postby Bombs » Mon Feb 14, 2011 3:47 pm

The Free press will have a live video feed on the future of the Coyotes tomorrow at 2pm Wpg time:

The City of Glendale will hold a special meeting on Tuesday to vote on the future of the Phoenix Coyotes at Jobing.com Arena...Glendale city manager Ed Beasley is asking for direction to move forward and finalize the lease agreement ...Beasley will provide an update on the bond issue and what it will cost the city in interest and principal payments going forward. ...
The bond has not yet been put on the market but received a lukewarm review from Moodys Financial Services last week


http://www.winnipegfreepress.com/breaki ... 74794.html

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Postby Hollywood2 » Sun Feb 20, 2011 3:49 pm

The big problem we are seeing in US sports is that for decades they have had these bogus deals being cut where cities would give away land to sports teams who would invest minimal amounts of money yet get the rights to spin-off the investment into other real estate developments. The whole house of cards has now collapsed.

Now franchises which never make economic sense cannot be salvaged by real estate spin-off deals.

Anybody notice that no really wealthy people or companies have any interest at all in Phoenix hockey?
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Postby Splash13 » Fri Feb 25, 2011 8:28 pm

Being down here in Phoenix almost everyone I have talked to are saying sell them to Wpg and maybe we can get our act together and obtain another franchise in the next few years. After reading the latest Free Press article this holding out might backfire on the NHL. This could get very very ugly down here. This is a good hockey team and would realy look good in WPG.
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