the admiral

NHL Anti-Thread: Bad Business Decision Aggregator

Recommended Posts

How funny would it be if they put images of crowd shots on the curtains to make the place look full?

They can do stuff like that now...

DSC_1920.jpg

http://articles.sun-sentinel.com/2014-04-04/news/sfl-florida-panthers-submit-new-proposal-to-county-20140404_1_florida-panthers-ceo-michael-yormark-doug-cifu

The Florida Panthers have submitted a new request to Broward County, after the team's first plea for public funds bombed.

But the essence of the team's request has not changed. The Panthers, who say they're losing millions each year, are still asking the county for a package worth more than $80 million.

The new request looks largely the same. County officials have not analyzed the new paperwork; it was received in County Hall before close of business on Thursday.

Some small tweaks: The original request to get rid of a reserve fund is no longer in the documentation, and there is a change in how profits are figured, when it comes to premium seating.

But the underlying profit-sharing formula that has gotten so much attention from county commissioners remains the same: After the threshold of $12 million in profits is reached, the county gets 20 percent.

Here's the excerpt:

Second, to the extent that Net Operating Income or other funds remaining in the Operating Fund exceeds $12,000,000 during Operator’s Fiscal Year (if any), Operator shall pay Team eighty percent (80%) and County twenty percent (20%) of such Net Operating Income or other funds remaining in the Operating Fund.

The Panthers are still asking for:

* Relief from paying any more debt on the arena. The request would shift the Panthers' $4.5 million annual debt payment to the county, increasing the county's share from $8 million a year to $12.5 million, to be paid in hotel taxes for the remainder of the 2028 contract. That's $67.5 million, including this year's payment.

* A $500,000 contribution each year from the county into the arena maintenance fund. That's $7.5 million in all.

* Relief from paying more than $1 million a year in property insurance on the arena. The county would pick up the tab over $1 million. Based on a county estimate of $600,000 a year, which of course could change, the total would be $9 million.

* Relief from paying an increasing amount each year into an arena renewal and replacement fund. The annual contribution would be capped at $250,000. A previous audit found the Panthers were under-funding the account already.

Those deal points haven't changed.

The team would still:

* Contribute $500,000 a year to tourism efforts, as it does now.

* Repay two outstanding county loans early. They total $10.1 million, Babich said.

Damn I hate "creative accounting" like this.

Share this post


Link to post
Share on other sites

So, hey, about Vinnie Viola becoming a billionaire because of his company's IPO...

http://mobile.nytimes.com/blogs/dealbook/2014/04/02/virtu-high-frequency-trading-firm-is-said-to-delay-i-p-o/

And the State's Attorney General is sniffing around because Vinnie's Totally Legitimate Trading Corp somehow only had one trading day in the red in FIVE YEARS, which does not seem suspicious in the least. Also, the feds probably won't be far behind, because HFT was on "60 Minutes", and the last remaining redeeming quality of that show is that it manages to get federal regulators to nominally do their jobs every couple years or so.

But hey, bet those Panthers still plan on spending to the cap this offseason!

Share this post


Link to post
Share on other sites

So the Panthers announced that they're going to put up the curtains full time next year, except when building-packing opponents like Pittsburgh and Montreal come to town.

10253957_644950145554337_905453552851050

They're out-Glendaling Glendale!

Nah. Glendale would tarp the middle and upper decks and stick-in some fan-made Fatheads to make it look like there are fans there.

If they really want to be crafty, they'd have hydraulic levers move around those posters to make it look like actual humans want to see a Coyotes game.

Share this post


Link to post
Share on other sites

So, hey, about Vinnie Viola becoming a billionaire because of his company's IPO...

http://mobile.nytimes.com/blogs/dealbook/2014/04/02/virtu-high-frequency-trading-firm-is-said-to-delay-i-p-o/

And the State's Attorney General is sniffing around because Vinnie's Totally Legitimate Trading Corp somehow only had one trading day in the red in FIVE YEARS, which does not seem suspicious in the least. Also, the feds probably won't be far behind, because HFT was on "60 Minutes", and the last remaining redeeming quality of that show is that it manages to get federal regulators to nominally do their jobs every couple years or so.

But hey, bet those Panthers still plan on spending to the cap this offseason!

This smells like Rigas 2.0

Share this post


Link to post
Share on other sites

19eo5xdskea9ppng.png

Hey maybe they can paint people on the curtains and give the allusion of fans.

Share this post


Link to post
Share on other sites

As a southerner that's never been farther than Southern ohio in the summer, I feel bad for every city in Canada without an NHL team with disasters like the Panthers and Coyotes.

Share this post


Link to post
Share on other sites

So, hey, about Vinnie Viola becoming a billionaire because of his company's IPO...

http://mobile.nytimes.com/blogs/dealbook/2014/04/02/virtu-high-frequency-trading-firm-is-said-to-delay-i-p-o/

And the State's Attorney General is sniffing around because Vinnie's Totally Legitimate Trading Corp somehow only had one trading day in the red in FIVE YEARS, which does not seem suspicious in the least. Also, the feds probably won't be far behind, because HFT was on "60 Minutes", and the last remaining redeeming quality of that show is that it manages to get federal regulators to nominally do their jobs every couple years or so.

But hey, bet those Panthers still plan on spending to the cap this offseason!

LOL. Vinnie Viola. I laugh every time I hear that name. Not to stereotype because I'm part Italian, but if you hear of someone named "Vinnie Viola," you should probably avoid doing business with him. Same with Boots DelBiaggio. I just looked him up, and it appears he is a middle-aged guy in a business suit. I was picturing a younger, weight-lifting douce in an Ed Hardy shirt. Think Joe Francis with gelled hair.

Share this post


Link to post
Share on other sites

So, hey, about Vinnie Viola becoming a billionaire because of his company's IPO...

http://mobile.nytimes.com/blogs/dealbook/2014/04/02/virtu-high-frequency-trading-firm-is-said-to-delay-i-p-o/

And the State's Attorney General is sniffing around because Vinnie's Totally Legitimate Trading Corp somehow only had one trading day in the red in FIVE YEARS, which does not seem suspicious in the least. Also, the feds probably won't be far behind, because HFT was on "60 Minutes", and the last remaining redeeming quality of that show is that it manages to get federal regulators to nominally do their jobs every couple years or so.

But hey, bet those Panthers still plan on spending to the cap this offseason!

So basically this is just ultra-sophisticated, mass-scale insider trading? Oooh, this ain't good. NHL, you've found another one!

Share this post


Link to post
Share on other sites

As a southerner that's never been farther than Southern ohio in the summer, I feel bad for every city in Canada without an NHL team with disasters like the Panthers and Coyotes.

Hey, these franchises are the future of the league!! /hfboards

Share this post


Link to post
Share on other sites

mbfPXK8.jpg

How about those loyal, diehard Glendale Desert Outlet Mall fans!

And for the record, that's it? Only $209 for the highest-priced Phoenix ticket? For $250, you could drop a non-refundable deposit to be on the waiting list for Maple Leafs season tickets.

Share this post


Link to post
Share on other sites

Do I want that venti white mocha from Starbucks? Or do I want to see an NHL hockey game tonight? Decisions, decisions...

Share this post


Link to post
Share on other sites

Do I want that venti white mocha from Starbucks? Or do I want to see an NHL hockey game tonight? Decisions, decisions...

Why not get some coffee and an order of TimBits which comes with two free tickets?

Share this post


Link to post
Share on other sites

Do I want that venti white mocha from Starbucks? Or do I want to see an NHL hockey game tonight? Decisions, decisions...

Why not get some coffee and an order of TimBits Timbits which comes with two free tickets?

;)

Share this post


Link to post
Share on other sites

Do I want that venti white mocha from Starbucks? Or do I want to see an NHL hockey game tonight? Decisions, decisions...

Why not get some coffee and an order of TimBits Timbits which comes with two free tickets?
;)
Damn Americans :P

Share this post


Link to post
Share on other sites

http://www.azcentral.com/story/news/local/glendale/2014/06/03/coyotes-owner-sued-deal/9942991/

A Scottsdale public-relations firm has sued the owner of the Phoenix Coyotes, arguing that the team stiffed them on nearly a quarter of a million dollars.

The Coyotes owner, IceArizona, had hired the firm, Rose+Moser+Allyn Public & Online Relations, to help the team defeat a referendum attempt in 2013 that could have pushed the Coyotes out of Glendale.

But the public-relations firm claims IceArizona reneged on the deal, which included the sponsoring of the Scottsdale Polo Championships for five years, according to the lawsuit.

The agreement required IceArizona to pay the polo tournament, which is owned by the public-relations firm, about $250,000 if the referendum attempt was defeated, according to the filing with the Maricopa County Superior Court.

IceArizona purchased the Coyotes last summer in a controversial $225 million deal with Glendale. The ownership group hired the public-relations firm to help fight a petition to put the deal up for a public vote.

The firm expected a $25,000 base fee and, if successful, sponsorship for the polo tournament and two front-row hockey tickets for eight games per season over the next five years, according to the filing.

Rose received the base fee and a 2013 sponsorship, but Coyotes general counsel Craig Tindall wrote in an April e-mail that the team would not sponsor the event this year, saying that it did not appear the event would benefit the team.

. . .

Villasenor, who was charged with paying Rose, said checks for the base fee bounced because IceArizona President and CEO Anthony LeBlanc did not wire him money on time.

I wonder what the p.r. firm did to help fight the referendum. Maybe hired some of those dinguses we saw speak in July. Anyway, lol at breaching a contract for a polo tournament.

Oh, also, the city lost like $9 million on the Coyotes this year. Guess people didn't pay for parking.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.