10-02-2014, 03:08 PM
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#1
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Some kinda newsbreaker!
Join Date: May 2004
Location: Learning Phaneufs skating style
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Barroway buys controlling interest in Coyotes
http://nypost.com/2014/10/02/spurned...yotes-instead/
Quote:
The NHL’s problem child franchise in Phoenix is about to change hands again, The Post has learned.
Andrew Barroway, who attempted to buy the Devils two years ago and believed he had an agreement to buy the Islanders earlier this year before Charles Wang switched course and instead reached a deal with Jonathan Ledecky, is in advanced negotiations to purchase 51 percent of the rebranded Arizona Coyotes, according to informed sources.
The sale of the troubled franchise, which has been in financial distress even prior to moving from downtown Phoenix to Glendale in 2003-04 after previously relocating from Winnipeg for the 1996-97 season, is expected to be completed within the month.
As part of the deal, Barroway would agree to drop his $10 million lawsuit against Wang in which he alleges that the Islanders’ owner reneged on an agreement to sell him the Brooklyn-bound franchise.
NHL deputy commissioner Bill Daly declined comment when contacted by The Post. Barroway did not respond to email requests, and a Barroway associate also declined comment when reached by phone.
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update:
Darren Dreger @DarrenDreger
Paperwork has been processed for sale of 51% of Arizona Coyotes to Barroway. Expect announcement tonight.
Last edited by sureLoss; 10-10-2014 at 05:22 PM.
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10-02-2014, 03:10 PM
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#2
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Franchise Player
Join Date: Apr 2012
Location: Maryland State House, Annapolis
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Any timetable on when he's moving them to Seattle or Quebec City or Las Vegas?
__________________
"Think I'm gonna be the scapegoat for the whole damn machine? Sheeee......."
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10-02-2014, 03:11 PM
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#3
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Could Care Less
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What the....didn't the Calgary group just buy them?
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10-02-2014, 03:12 PM
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#4
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Norm!
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So RSE bought it for 170 million and are selling controlling interest for about $150 million.
They probably lost their stuff at their first year losses.
They basically lost about 45 million in the fist year with this sale
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10-02-2014, 03:23 PM
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#5
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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They're getting sold again? I thought they just got bought?
Its like the NHL hot potato.
__________________
The Beatings Shall Continue Until Morale Improves!
This Post Has Been Distilled for the Eradication of Seemingly Incurable Sadness.
The World Ends when you're dead. Until then, you've got more punishment in store. - Flames Fans
If you thought this season would have a happy ending, you haven't been paying attention.
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10-02-2014, 03:24 PM
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#6
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Lifetime Suspension
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Joke of a franchise.
Joke of a City.
Joke fans.
The 'Arizona' Coyotes are the hemorrhoid of the NHL that just wont go away. What an embarrassment to the NHL.
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10-02-2014, 03:24 PM
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#7
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Franchise Player
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Wow, how much longer does this go on. By "this" I mean how the league and Glendale appear willing to move mountains to keep this team afloat.
__________________
Quote:
Originally Posted by JobHopper
The thing is, my posts, thoughts and insights may be my opinions but they're also quite factual.
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10-02-2014, 03:26 PM
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#8
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Franchise Player
Join Date: Feb 2006
Location: Calgary, AB
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Quote:
Originally Posted by saillias
Wow, how much longer does this go on. By "this" I mean how the league and Glendale appear willing to move mountains to keep this team afloat.
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What mountains are they moving here? A guy wants to buy 51% of the franchise from the current owners. That happens all the time in sports and other businesses.
__________________
Turn up the good, turn down the suck!
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10-02-2014, 03:26 PM
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#9
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Franchise Player
Join Date: Jan 2010
Location: Maple Bay, B.C.
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I'm betting the deal is finalized on a Monday.
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10-02-2014, 03:27 PM
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#10
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Jordan!
Join Date: Jul 2009
Location: Chandler, AZ
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What the ####?
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10-02-2014, 03:32 PM
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#11
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Franchise Player
Join Date: Oct 2006
Location: San Fernando Valley
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If the Coyotes leave that arena is kind of wasted no?
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10-02-2014, 03:35 PM
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#12
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Lifetime Suspension
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Quote:
Originally Posted by Erick Estrada
If the Coyotes leave that arena is kind of wasted no?
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It already is.
Nobody shows up there regardless of if the Coyotes use it or not. Except for staff I guess.
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10-02-2014, 03:42 PM
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#13
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Franchise Player
Join Date: Aug 2007
Location: Vancouver
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Quote:
Originally Posted by pylon
It already is.
Nobody shows up there regardless of if the Coyotes use it or not. Except for staff I guess.
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Hey! come on.
Retired Calgarians too.
The amount of friends I have that are Coyotes "fans" just because their Daddy has a place in PHX is annoying for sure.
Tough to run a business when 3/4 of your customers don't even live in the city.
__________________
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10-02-2014, 03:43 PM
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#14
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In the Sin Bin
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Quote:
Originally Posted by CaptainCrunch
So RSE bought it for 170 million and are selling controlling interest for about $150 million.
They probably lost their stuff at their first year losses.
They basically lost about 45 million in the fist year with this sale
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They paid $170 million for 100% of the team and would practically get all of that back now by selling 50% of it. That puts them about $135 million to the good (sale price plus value of remaining share), less whatever operating losses were, after only one year.
At this point, RSE is making a killing, really.
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10-02-2014, 03:45 PM
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#15
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Norm!
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That really only works though if someone is really willing to step up to buy that other chunk of the ownership puzzle.
the only thing that they have right now is the right to absorb half of the team losses til they dump the loser.
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10-02-2014, 03:47 PM
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#16
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Some kinda newsbreaker!
Join Date: May 2004
Location: Learning Phaneufs skating style
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according to Brooks RSE is claiming $24 million in loses last season and by the terms of the new lease agreement the franchise can leave if total losses exceed $50 million over a 5 year period (starting last year)
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10-02-2014, 03:49 PM
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#17
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Franchise Player
Join Date: Aug 2007
Location: Vancouver
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Quote:
Originally Posted by sureLoss
according to Brooks RSE is claiming $24 million in loses last season and by the terms of the new lease agreement the franchise can leave if total losses exceed $50 million over a 5 year period (starting last year)
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Sad that they're halfway there after one season.
__________________
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10-02-2014, 03:51 PM
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#18
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Franchise Player
Join Date: Jan 2010
Location: Maple Bay, B.C.
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I think I'm going to start calling him Boots Barroway, it has a nice ring to it.
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10-02-2014, 03:52 PM
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#19
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Some kinda newsbreaker!
Join Date: May 2004
Location: Learning Phaneufs skating style
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it does seem odd that Barroway just didn't buy the team straight up last year when he could have gotten 100% of the team for close to what he is paying for 51% of the team now
either he sees an opportunity that he didn't see before (e.g. moving the team or reassured by the lease agreement) or Brooks is completely out to lunch on this one
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10-02-2014, 03:57 PM
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#20
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Jordan!
Join Date: Jul 2009
Location: Chandler, AZ
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There's definitely something to this story
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