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Old 07-13-2017, 11:30 AM   #1
sureLoss
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Icon23 Canes sold for ~$500 million and will stay in Carolina

Scott Soshnick @soshnick
BREAKING: Former @Rangers CEO Chuck Greenberg close to ~ $500M deal to buy @NHL's @NHLCanes, who'll stay in Carolina, sources say #sportsbiz

Scott Soshnick is a reporter for Bloomberg Sports

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Old 07-13-2017, 11:32 AM   #2
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It amazes me that there are people out there not only with the money but also the appetite to purchase a flailing sports team in a questionable market.
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Old 07-13-2017, 11:36 AM   #3
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It amazes me that there are people out there not only with the money but also the appetite to purchase a flailing sports team in a questionable market.
They still tend to appreciate in value while losing money. If you have billions and like the city, why not? It is probably the first thing I would buy
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Old 07-13-2017, 11:37 AM   #4
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$500 million for that market? Wow.
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Old 07-13-2017, 12:03 PM   #5
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$500 million was always going to be the minimum price otherwise the NHL loses credibility the next time it asks for an expansion fee.

This pending sale could also explain why the Canes have been throwing around some cash lately (Slavin and Williams contracts) when it has been widely reported that Kormanos is in financial trouble.
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Old 07-13-2017, 12:06 PM   #6
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Bettman wouldn't want to make enemies of the boys in Vegas by selling the Hurricanes at a discounted price. He has watched the movie Casino too many times!
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Old 07-13-2017, 12:07 PM   #7
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This is good news. It's never good when the owner of his team is having personal finance issues and it starts bleeding down into team operations. Hopefully the new ownership can provide Francis with the resources he requires to see this team through as they are building a nice foundation.
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Old 07-13-2017, 12:07 PM   #8
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$500 million was always going to be the minimum price otherwise the NHL loses credibility the next time it asks for an expansion fee.

This pending sale could also explain why the Canes have been throwing around some cash lately (Slavin and Williams contracts) when it has been widely reported that Kormanos is in financial trouble.
Yah I think if they sold for less than $500 million Foley would be asking for some money back.
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Old 07-13-2017, 12:08 PM   #9
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The market gets crapped on because the franchise has struggled for more than a decade and the vast majority of CP has never ventured to North Carolina. Tickets were scarce when they were new to town or making the conference or cup finals, but with 14 losing seasons in 19 years, people don't want to watch the home team get shelled every night.

The Canes still get way more media attention than other US hockey cities I have been in and people genuinely are excited when they string 3-4 wins in a row. If Francis can turn them into a consistent playoff team they will have the support to be another Nashville or San Jose.

This is the perfect time for someone with deep pockets to buy low and bet that Francis can build a winner.
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Old 07-13-2017, 12:08 PM   #10
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Bad news for Quebec City I suppose.
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Old 07-13-2017, 12:10 PM   #11
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Bad news for Quebec City I suppose.
The worst news for Quebec City is that they're Quebec City.
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Old 07-13-2017, 12:11 PM   #12
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The market gets crapped on because the franchise has struggled for more than a decade and the vast majority of CP has never ventured to North Carolina. Tickets were scarce when they were new to town or making the conference or cup finals, but with 14 losing seasons in 19 years, people don't want to watch the home team get shelled every night.

The Canes still get way more media attention than other US hockey cities I have been in and people genuinely are excited when they string 3-4 wins in a row. If Francis can turn them into a consistent playoff team they will have the support to be another Nashville or San Jose.

This is the perfect time for someone with deep pockets to buy low and bet that Francis can build a winner.
People also tend to have short memories about that market.

When they won the cup in 06, and then hosted what was a very successful all-star game a couple years later they were talked about in very much the same vein that people talk about Nashville now.

They had a stretch from 05/06 to 12/13 where they had decent attendance. http://www.hockeydb.com/nhl-attendan...h.php?tmi=5154

In southern US markets if your team sucks it's going to have a trouble drawing attendance, it's as simple as that.
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Old 07-13-2017, 12:11 PM   #13
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sports anchor in Carolina confirming the report:
Jeff Gravley @jgravleyWRAL
.@NHLCanes have signed a letter of intent to sell to former Texas Rangers owner Chuck Greenberg. Agreement keeps Canes in Raleigh. #wral
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Old 07-13-2017, 12:15 PM   #14
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Interesting bio: https://en.wikipedia.org/wiki/Chuck_...g_(businessman)


Grew up in Pittsburgh and was neighbours with Mark Cuban growing up.

He was the lawyer who helped Mario gain ownership of the Penguins and also helped get a deal done for the new arena in Pittsburgh.

Other than his dealings with Lemieux and the Pens, most of his sports dealings have been baseball related. He was partners with Nolan Ryan in purchasing the Rangers in 2010 and the team made its first ever World Series appearance that fall. He sold his stake in the Rangers after less than a year.


He lives outside Dallas and has no ties to Carolina, as far as I can see. The cities he does have ties to already have NHL teams, so maybe he just wants to own a hockey team.
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Old 07-13-2017, 12:15 PM   #15
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People also tend to have short memories about that market.

When they won the cup in 06, and then hosted what was a very successful all-star game a couple years later they were talked about in very much the same vein that people talk about Nashville now.

In southern US markets if your team sucks it's going to have a trouble drawing attendance, it's as simple as that.
Agreed - There are plenty of options for the "sports entertainment dollar" in places like South Carolina given the popularity of college football and college hoops as well.
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Old 07-13-2017, 12:17 PM   #16
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He lives outside Dallas and has no ties to Carolina, as far as I can see. The cities he does have ties to already have NHL teams, so maybe he just wants to own a hockey team.
He owns a minor league baseball team in South Carolina.

https://www.bloomberg.com/research/s...capId=34816971
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Old 07-13-2017, 12:34 PM   #17
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The market gets crapped on because the franchise has struggled for more than a decade and the vast majority of CP has never ventured to North Carolina. Tickets were scarce when they were new to town or making the conference or cup finals, but with 14 losing seasons in 19 years, people don't want to watch the home team get shelled every night.

The Canes still get way more media attention than other US hockey cities I have been in and people genuinely are excited when they string 3-4 wins in a row. If Francis can turn them into a consistent playoff team they will have the support to be another Nashville or San Jose.

This is the perfect time for someone with deep pockets to buy low and bet that Francis can build a winner.
That's simply not true. When the Canes moved into their new building in Raleigh, the team averaged roughly 12,500 in paid attendance, which is about 67% of capacity. Other than the 2002 playoffs, it took the Hurricanes until 2005-06 to average around 90% capacity. Unfortunately for the Canes, attendance has been dropping since 2013, averaging just under 11,800 fans last season. Here is the remains of an excellent website dealing with the plight of the Hurricanes from 1997-2002:

How's It Goin' Pete?
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Old 07-13-2017, 12:39 PM   #18
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That's simply not true. When the Canes moved into their new building in Raleigh, the team averaged roughly 12,500 in paid attendance, which is about 67% of capacity. Other than the 2002 playoffs, it took the Hurricanes until 2005-06 to average around 90% capacity. Unfortunately for the Canes, attendance has been dropping since 2013, averaging just under 11,800 fans last season.
Another one of those "why is this team even here" franchises if you ask me. The fact that someone bought the team for that much money and is not moving it anytime soon makes you wonder....
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Old 07-13-2017, 12:53 PM   #19
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And Ken King is laughably presaging relocation.

Uh huh, the league just sold one of its worst franchises for $500 million with the commitment that it will not move from Carolina.
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Old 07-13-2017, 01:02 PM   #20
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That's simply not true. When the Canes moved into their new building in Raleigh, the team averaged roughly 12,500 in paid attendance, which is about 67% of capacity. Other than the 2002 playoffs, it took the Hurricanes until 2005-06 to average around 90% capacity. Unfortunately for the Canes, attendance has been dropping since 2013, averaging just under 11,800 fans last season. Here is the remains of an excellent website dealing with the plight of the Hurricanes from 1997-2002:

How's It Goin' Pete?
Not surprising a site based out of Hartford would focus on the negative aspects of the franchise relocating to Carolina. Also without extensive review of the site, the fact remains that the move to Carolina was terribly executed.

The first two seasons playing in Greensboro would be like having the Flames playing in Red Deer and expecting huge turnouts. Then having a team with no community presence move to Calgary and expect big crowds. Then pile on with a consistently poor showing on the ice. Karmanos essentially wrote the book on how to ruin a relocation.

I maintain that the market is strong for hockey in North Carolina. Having lived there for 5 years, it is unique that the NFL does not dominate the discussion since the Panthers are two hours down the road. College basketball will always be number 1, but if the Canes can start to win the college enthusiasm will easily transfer to hockey. I loved tailgating in Nov when The Pens or Buffalo were in town.
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