Lebreton Flats Redevelopment

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    Hoff-Machine
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    Re: Lebreton Flats Redevelopment

    Post by Hoff-Machine on Tue Feb 02, 2016 1:42 pm

    No for sure, I don't envision Euge selling unless his bid goes tits up or NCC chooses the other bid.

    I do think devcore will take away a big chunk of Euge's business even if melnyk decides not to sell and keep the team in Kanata. I don't think there's anything preventing artists from performing in downtown as opposed to CTC. Bigger part of it, I don't think devcore would be handcuffed to use capital tickets, they could just go to ticketmaster and that takes away a significant earning from the Euge.

    I agree, it would take about $600M to get the Euge's attention. If someone were to offer $750M, I think melnyk would sell. That includes CTC, the team, and capital tickets.

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    Re: Lebreton Flats Redevelopment

    Post by Flo The Action on Tue Feb 02, 2016 2:13 pm

    Michallica wrote:No for sure, I don't envision Euge selling unless his bid goes tits up or NCC chooses the other bid.  

    I do think devcore will take away a big chunk of Euge's business even if melnyk decides not to sell and keep the team in Kanata.  I don't think there's anything preventing artists from performing in downtown as opposed to CTC.  Bigger part of it, I don't think devcore would be handcuffed to use capital tickets, they could just go to ticketmaster and that takes away a significant earning from the Euge.  

    I agree, it would take about $600M to get the Euge's attention.  If someone were to offer $750M, I think melnyk would sell.  That includes CTC, the team, and capital tickets.
    Well that's it. If Eugene loses the bid then they can probably buy the team for less than 500K so it's a weird game of chicken. I'm not even sure if Melnyk can follow through with such an elaborate project that was proposed for Lebreton flats. I imagine he could probably seek co-investors if worst came to worst.

    It will all really depends on who decides wins the bid. Melnyk would be furious not to win and might hold his ground on the sens on an asking price if he was asked to sell. And really, what could the other proposal do? They might have to meet his price anyways. I don't see why Melnyk is holding onto the team apart from selling it at a high price. It's not lIke he can really afford to run it anymore. He has to be conscious of that by now.

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    Re: Lebreton Flats Redevelopment

    Post by tim1_2 on Tue Feb 02, 2016 2:19 pm

    I think that if, for some reason, the Devcore bid is chosen with the Sens still owned by Eugene, than they just won't end up building an arena. You can't justify building an arena downtown without a pro sports team to put in it.
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    Re: Lebreton Flats Redevelopment

    Post by wprager on Tue Feb 02, 2016 2:46 pm

    Michallica wrote:

    I'm all for it, just don't see melnyk giving up the reigns that easily.  Plus it would appear the NHL is on Melnyk's side as well.  

    Just for Dung and giggles, if we take the current value of the senators (~400M), plus how much expansion franchise fees are worth (~500M), and defiance of melnyk to entertain the idea of selling, how much would devcore have to offer to get NHL/Melnyk's attention?

    Good old Uncle Euge:

    "Economically, you just can't justify building an arena when you have one, just for the sake of building an arena — even if the land was given to us," Melnyk said later.


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    Re: Lebreton Flats Redevelopment

    Post by Ev on Tue Feb 02, 2016 2:47 pm

    They will build an arena because Eugene will definitely sell. This is his legacy. He either wins or he doesn't.
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    Re: Lebreton Flats Redevelopment

    Post by wprager on Tue Feb 02, 2016 2:50 pm

    Michallica wrote:No for sure, I don't envision Euge selling unless his bid goes tits up or NCC chooses the other bid.  

    I do think devcore will take away a big chunk of Euge's business even if melnyk decides not to sell and keep the team in Kanata.  I don't think there's anything preventing artists from performing in downtown as opposed to CTC.  Bigger part of it, I don't think devcore would be handcuffed to use capital tickets, they could just go to ticketmaster and that takes away a significant earning from the Euge.  

    I agree, it would take about $600M to get the Euge's attention.  If someone were to offer $750M, I think melnyk would sell.  That includes CTC, the team, and capital tickets.

    They have no intention of keeping it in Kanata. Win or lose (the bid) they've come out and said the Sens will be playing closer to the center. I took that as them having a contingency plan in place.


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    Re: Lebreton Flats Redevelopment

    Post by Hoff-Machine on Tue Feb 02, 2016 2:52 pm

    Not according to this TSN/Bell media report:

    If the Senators fail win the bid, the team has said they will be looking at a nine-figure renovation of their current home in suburban Ottawa, the Canadian Tire Centre.

    http://www.tsn.ca/report-devcore-hopes-to-buy-senators-in-bid-1.431824
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    Re: Lebreton Flats Redevelopment

    Post by wprager on Tue Feb 02, 2016 3:03 pm

    I'm pretty sure I heard Melnyk say that they will be playing in a downtown arena (or at least closer to downtown) whether they win or lose. I think the "9 figures" reno costs are just from when they were exploring other options and probably used in the counter argument against staying put. Spend $100M+ to fix an old arena, or build a new one with better revenue streams, instantly adding a couple hundred thousand to the value of your franchise. He would need to borrow money to pay for the renos, but to build a new arena he would get new partners (including public money).

    By the way, if the arena needs $100M in maintenance costs, then shouldn't it affect its assessment? He could argue that he should be paying less in taxes on the grounds that the assessment should be lower.


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    Re: Lebreton Flats Redevelopment

    Post by Hoff-Machine on Tue Feb 02, 2016 3:26 pm

    wprager wrote:I'm pretty sure I heard Melnyk say that they will be playing in a downtown arena (or at least closer to downtown) whether they win or lose.  I think the "9 figures" reno costs are just from when they were exploring other options and probably used in the counter argument against staying put.  Spend $100M+ to fix an old arena, or build a new one with better revenue streams, instantly adding a couple hundred thousand to the value of your franchise.  He would need to borrow money to pay for the renos, but to build a new arena he would get new partners (including public money).

    By the way, if the arena needs $100M in maintenance costs, then shouldn't it affect its assessment?  He could argue that he should be paying less in taxes on the grounds that the assessment should be lower.

    No way would Melnyk say that.
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    Re: Lebreton Flats Redevelopment

    Post by tim1_2 on Tue Feb 02, 2016 7:21 pm

    Sorry Prags, he never said that. He said they'd stay put if they had to.

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