Quote:
Originally Posted by Northendzone
anywas, can you image if the flames were for sale, and the new owner wanted the city of calgary to give him all c-train revenues on game days......back in the good old days, billionaires bought sports teams with money, rather than financial hocus-pocus.....
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Why would you buy something with money when it's in a distressed state and you can take advantage of that leverage? That's how billionaires become billionaires, not by throwing down the amex black card and paying full price, by finding opportunities in the market to earn more millions. I don't know that professional sports provides that, seems like a poor investment (if you discount the intrinsic value of owning a team), but we've seen lots of owners get massive concessions from government that have helped them earn many times their investment. In general I'm not a fan of the concept, but here Glendale finds itself in a lose lose situation, financing this sale is really the only option they have left to recoup some of the cost of building the arena in the first place. This is a case of an otherwise bad deal being the only way to improve a bad situation.