[Vulcan]

Originally Posted by N-E-B

To be fair, Eugene Melnyk is a cheap bum who shouldn't own a Canadian NHL team. The Senators aren't able to spend to the cap and I think that's a major reason why they've faltered. Thankfully the Flames will spend to the cap.

Toronto on the other hand, perfectly good argument and I agree with you.

I think it has more to do with Melnyk not having the money than him being a cheap bum.

As a result, none of the seven Canadian-based NHL teams can take advantage of the low-interest credit facility, which is managed by Citi, the vast New York-based financial services company.

The Ottawa Citizen reported Melnyk reworked the Senators’ debt in April, 2013, by lining up $150-million of new financing from two U.S. specialty funds. These loans typically come at high interest rates, often at more than 10 per cent.
That is at least 8 per cent higher than teams such as the Arizona Coyotes are paying for their loans through the NHL’s line of credit.

http://www.theglobeandmail.com/sport...ticle22547432/