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Is the Cupboard that bare?
#21
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Guy saves the team from bankruptcy, is able to keep them in town long term and you criticize how he purchased the team and then call him a plague?

Anyways the two of you are even contradicting yourselves and don't even know it.

If he financed the purchase of the team then it could not be "cleared" of debt. It erases Bryden's debts, but there's a new set of debt that has to be paid off. Half of the purchase was financed.

The Citizen outlined why a few years ago why the debt burden skyrockted as it did. It had very little to do with his other businesses. It was because of the 2008 financial crisis. His debt was held with American banks that collapsed. He then had to secure new financing in 2009 which was only for two years, due to the financial crisis and due to the financial crisis these agreements are now filled with penalties until he could find new lenders. Those "new" lenders didn't show up until 2013 because of the lockout because no one is lending to a business that isn't operating. 

The team took a pretty big ass whooping for a long time. It's not mystery why there is a mantra of austerity now.

Indeed, Melnyk was more exposed to the financial consequences of a lockout than outsiders realized. Prior to the expiry of the players’ collective agreement, he had been negotiating a new loan to cover the team’s $130-million debt — held by a syndicate of eight banks including Scotiabank and CIT Group of New York. The loan had expired at year-end 2011 and had been operating under a series of extensions, with appropriate financial penalties applied. Melnyk was being forced to cover millions of dollars in extra debt interest payments until he could line up a new set of lenders.

It was only after the league returned to action, allowing the Senators to generate revenues from ticket sales, that Melnyk finally arranged $150 million in fresh financing — this, according to Davies, the law firm that helped to negotiate the deal. He signed a four-year deal in April 2013 with a pair of U.S. specialty funds. By this time, the mantra of conservative spending was even more firmly embedded in the Senators’ financial culture. This posture would be an important factor in the ill-fated contract negotiations involving the Senators’ long-serving captain, Daniel Alfredsson.

http://www.ottawacitizen.com/sports/Unde...story.html

Then on top of all this the CAD is about 2/3 of its value when it was during 2007. I would love to see you two Joe Six Packs navigate these financial landmines.

Like I said, very easy to blame bad ownership. But it's getting to be a lot tougher when the fans don't even buy tickets for a team that is on the verge of pulling ahead into first place.
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Go back further.  Travis Yost at TSN did a piece on this in 2013...The team had no debt when Melnyk bought them, he leveraged the team to finance his other enterprises that were failing.  It his right to do that but as a fan I can be critical of this as it has impacted the entertainment value of the product I buy.
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#22
People were spending for years.  Yet all we got was increased ticket prices and a shitty on ice product.  Can't blame people for getting fed up with that.  The fact that Ottawa has more options then ever to spend it's sports dollars on is also an issue...and those options provide a much better game day experience than the Sens. 

And for the record,  I am still spending my money on them.   Taking the family to the game next Saturday.  

Plus, I think you highlighted a major part of thee problem with the whole "his own money" thing.  He just can't afford it to be a "toy" so to speak like the others.  

Illitch net worth =$6B
Pegula net worth = $4B
Melnyk net worth = $1B

The other 2 also own other major  sports franchises in leagues with much higher revenues (Tigers and Bills). I would imagine that helps out a heck of a lot too.  Melnyk owns an AHL franchise in comparison.   

bottom line is short of a miracle, this team isn't going anywhere until it has new ownership. But  he seems unwilling to sell, even though there is obviously interest.  I do concede that's his right as owner,  but I don't have to like it.  

Maybe this season will be the last straw for him.
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#23
As for Yost...

Not saying there is anything to this, but this does seem very strange...

http://www.sbnation.com/nhl/2013/8/25/46...s-finances
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#24
Go back further.  Travis Yost at TSN did a piece on this in 2013...The team had no debt when Melnyk bought them, he leveraged the team to finance his other enterprises that were failing.  It his right to do that but as a fan I can be critical of this as it has impacted the entertainment value of the product I buy.
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The Citizen story quite clearly states that he financed 50% of the purchase in 2003. Hmm who I believe, the Citizen or a random useless blogger or you?

I recall the now deleted Yost stories. Yost was never able to conclude that anything nefarious was going on or that Melnyk was doing what you are accusing him of. We have libel and slander laws, if you are going to say Melnyk is stealing from the team you have to evidence to do that and Yost didn't have any. So he gave the facts that the debt was increasing there was a huge danger they were going to financial issues. This was all confirmed by the Citizen story which was able to detail why. An advantage of not being a random, useless blogger.
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#25
(2016-12-08, 03:37 PM)Heisenberg Wrote: People were spending for years.  Yet all we got was increased ticket prices and a shitty on ice product.  Can't blame people for getting fed up with that.  The fact that Ottawa has more options then ever to spend it's sports dollars on is also an issue...and those options provide a much better game day experience than the Sens. 

And for the record,  I am still spending my money on them.   Taking the family to the game next Saturday.  

Plus, I think you highlighted a major part of thee problem with the whole "his own money" thing.  He just can't afford it to be a "toy" so to speak like the others.  

Illitch net worth =$6B
Pegula net worth = $4B
Melnyk net worth = $1B

The other 2 also own other major  sports franchises in leagues with much higher revenues (Tigers and Bills). I would imagine that helps out a heck of a lot too.  Melnyk owns an AHL franchise in comparison.   

bottom line is short of a miracle, this team isn't going anywhere until it has new ownership. But  he seems unwilling to sell, even though there is obviously interest.  I do concede that's his right as owner,  but I don't have to like it.  

Maybe this season will be the last straw for him.

The problem is that Ottawa, as a City, does not have billionaires living around town like Pegula and Illitch. It's a government town with about a million people. No Molson or Katz families here.

I am not sure there has been any interest in the team. There was speculation that the Cirque guys would have done it for their arena but nothing concrete.

People need to realize that this team can't operate like a lot of teams. They need to follow the Nashville, Florida and Winnipeg structures rather than the Pittsburgh or LA ones. This is a reality of the economics of the market and professional sport.
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#26
(2016-12-08, 03:51 PM)andreroy Wrote: Go back further.  Travis Yost at TSN did a piece on this in 2013...The team had no debt when Melnyk bought them, he leveraged the team to finance his other enterprises that were failing.  It his right to do that but as a fan I can be critical of this as it has impacted the entertainment value of the product I buy.

The Citizen story quite clearly states that he financed 50% of the purchase in 2003. Hmm who I believe, the Citizen or a random useless blogger or you?

I recall the now deleted Yost stories. Yost was never able to conclude that anything nefarious was going on or that Melnyk was doing what you are accusing him of. We have libel and slander laws, if you are going to say Melnyk is stealing from the team you have to evidence to do that and Yost didn't have any. So he gave the facts that the debt was increasing there was a huge danger they were going to financial issues. This was all confirmed by the Citizen story which was able to detail why. An advantage of not being a random, useless blogger.
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Whatever AR,   call him a useless blogger but he has since been picked up by TSN and was well into analytics long before it was fashionable..

The point is that team has been bleeding money at a rate that exceeds any posted losses and these losses are similar to what he has lost in his new start up enterprises.

And I stated as owner he has the right to do this, but as a fan who buys season tickets I have very right to be critical of being a budget team leading to a crap product...
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#27
I heard on the radio that we may actually trade the cupboard for a 2nd and a conditional 4th.
Guess what? I got a fever, and the only prescription is more cowbell!
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#28
(2016-12-09, 07:53 AM)Nimmsens Wrote:
(2016-12-08, 03:51 PM)andreroy Wrote: Go back further.  Travis Yost at TSN did a piece on this in 2013...The team had no debt when Melnyk bought them, he leveraged the team to finance his other enterprises that were failing.  It his right to do that but as a fan I can be critical of this as it has impacted the entertainment value of the product I buy.

The Citizen story quite clearly states that he financed 50% of the purchase in 2003. Hmm who I believe, the Citizen or a random useless blogger or you?

I recall the now deleted Yost stories. Yost was never able to conclude that anything nefarious was going on or that Melnyk was doing what you are accusing him of. We have libel and slander laws, if you are going to say Melnyk is stealing from the team you have to evidence to do that and Yost didn't have any. So he gave the facts that the debt was increasing there was a huge danger they were going to financial issues. This was all confirmed by the Citizen story which was able to detail why. An advantage of not being a random, useless blogger.

Whatever AR,   call him a useless blogger but he has since been picked up by TSN and was well into analytics long before it was fashionable..

The point is that team has been bleeding money at a rate that exceeds any posted losses and these losses are similar to what he has lost in his new start up enterprises.

And I stated as owner he has the right to do this, but as a fan who buys season tickets I have very right to be critical of being a budget team leading to a crap product...
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You see that? That's the joke over your head.

http://www.thewhig.com/2013/08/16/ottawa...gotiations
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#29
(2016-12-07, 08:45 AM)Heisenberg Wrote: White went back to BC,  has 10 goals 7 assists in 17 GP, so he still seems to be playing well.  

Chabot and Brown are back in junior.  While Murray should certainly face some criticism for his 1st round choices,  his strength is in the later rounds, so we may just need to be patient with development on the guys no one has ever heard of.  

Hoffman, Stone, Dzingel,  Wideman, Boro...all late round Murray picks currently on the team.  Varying degrees of talent, but some of those guys are pretty damn good.

Both Hoffman and Chabot are products of the Saint John SeaDogs. Chabot has only 14 games here under his belt since coming back from the Senators. He is going to a good one guys.

So far 14 Games 5 Goals, 15 Assists 18 PIM and his +/-, +8. Watch for him on the Canadian Junior team this Christmas season! We love him here folks!
After All, Life Goes On!!
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#30
(2016-12-09, 07:14 PM)andreroy Wrote: You see that? That's the joke over your head.
http://www.thewhig.com/2013/08/16/ottawa...gotiations

Over my head?  What was he suppose to say in that interview, sure the rumors are true?
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