You'll forgive me if I am sceptical about representations made by a CEO who has quit (or was fired) about a pet project of his.
I stand by what I said.
Yes... They will finanlly get it
No.... They will screw this up royally
hmmm... not sure? how much money will they make from this?
You'll forgive me if I am sceptical about representations made by a CEO who has quit (or was fired) about a pet project of his.
I stand by what I said.
“What the world needs is more geniuses with humility; there are so few of us left.”
Originally Posted by ensco
Guess we'll know in two weeks.
I think this quote pretty much sums up the corporate mentality of the owners; Rogers and Shaw announced a new service, the "Canadian Netflix" they're calling Shomi with this: "There comes a point where you just have to get at it."
"A point." How inspiring. They might as well have said, "Well, we really don't want to bother with this but we can't come up with any more excuses, so here it is."
Which is often how it sounds to me when they make announcements about their sports teams.
Time will tell Ensco!
Its full steam ahead from what I know. I had a couple talks with the guys these past few weeks. Mind you, I haven't seen drawings but its all being pushed forward.
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They signed an agreement with the city and have put contracts out, and by most accounts have signed people to do the job.
That and the stock market doesn't care who is selling this and would have done any discounts when this was announced.
Re the contracts, when are we in a penalty phase? What would it cost MLSE to pull out?
My point about the markets is a broader one than just this project, relating to just how many $100M cheques in aggregate Rogers and Bell can write for MLSE for speculative purposes.
I would need to do a much longer post about that. The structure of MLSE, the debt load, the need to deconsolidate, all of that.
It's a bit boring but I think has tons to do with why Leiweke left. This is a leveraged buyout with no free cash flow. They cannot spend big under the current structure.
Last edited by ensco; 08-27-2014 at 01:45 PM.
“What the world needs is more geniuses with humility; there are so few of us left.”
Tim L will be here until end of June 2015....this project isn't going anywhere.
As in it won't get off the ground, or as in won't be shelved?
What is the most recent construction start date for this? Was it in September or October?
I don't think it'll be shelved. I doubt they replace him before that date either, he's going to get this started at the very least.
Well, I don't know if the BMO renovation will happen, but here is one thing I do know: Leiweke today is a figurehead with zero influence, in fact probably less than zero - in these abrupt CEO change scenarios, the departed/departing CEO's corporate priorities usually become radioactive overnight.
Any journalist worth his breath wouldn't report anything Leiweke has to say about anything MLSE-related without corroboration from the Chair or a shareholder.
Last edited by ensco; 08-27-2014 at 02:52 PM.
“What the world needs is more geniuses with humility; there are so few of us left.”
I am under the impression that they were to start construction of the new/back/upper east stand as soon as the Ex had cleared out.
Another thing we do know, is TFC is selling tickets for a "new BMO field"
We also know that MLSE likes money, this addition will generate plenty with the additional fans for TFC, plus other events it'll be able to hold and profit from.
The city has signed off on the money.
This expansion is also for the Pan Am Games, which surely ARE happening.
There's a hell of a lot of backtracking to stop this, without even concerning yourself with what TL has said. Can you imagine the stories that will fly if TL leaves and everything goes to shit? MLSE will look awful.
If the media in this town had any backbone they already would look awful. This is about as flakey of a plan as I've ever seen and the Feds more or less told them to stuff it... But nobody has called them on it, doubt that will change.
why do hate the guy so much...the guy has done a lot of stuff in a short time,has I think you said way back they are not building for TFC its for the argos and for the leafs so that they can play a bunch of outdoor games every year...come on man
how so?
reggie: I don't hate him, far from it, see Leiweke thread for detailed answer, I put it there just now, trying not to derail this threadwhy do hate the guy so much...the guy has done a lot of stuff in a short time,has I think you said way back they are not building for TFC its for the argos and for the leafs so that they can play a bunch of outdoor games every year...come on man
Last edited by ensco; 08-27-2014 at 05:15 PM.
“What the world needs is more geniuses with humility; there are so few of us left.”
Leiweke and MLSE said today that they are looking at a massive upgrade for the ACC. Leiweke may be leaving in the future but he is still putting things in motion.
makes sense ... no one put money into rogers centre for 20 years and its terrible now.
Good they are doing this to ACC and new bmo/"sponsor here" stadium now
http://nypost.com/2014/08/29/bon-jov...ing-for-bills/
http://www.thestar.com/sports/football/2014/08/29/jon_bon_jovi_out_of_buffalo_bills_bid_group_report .html
New York Post says Bon Jovi out of NFL bid. Star suggests bid could be stronger now. 'Rogers is serious'
Last edited by Haddy; 08-29-2014 at 11:06 PM.
I believe building permits were to be available after Labour Day.
What possible source could you have to claim no free cash flow for MLSE? Under what scenario was the purchase an LBO leaving a 'debt load' which you imply is large enough to be restrictive?
these comments are not based on any of the coverage at the purchase or since. If anything, businesses invest in infrastructure when they have too much free cash ( ie , they are paying taxes so the infrasturcture builds create depreciation expenses) and spend on variable expenses like large personel wages/transfers because they are generating so much cash that if it isnt spent the company tax bill becomes too large.
If you have sources that back your claims, i am very interested in seeing them. Professional curiousity. PM mee if necessary
"What possible source...."? How about doing some simple math before taking a haughty tone like this?
Bell and Rogers each put $500M into MLSE. Tanenbaum rolled and got a bump to 25% (so that's valued at $333M). Therefore total equity in the deal is $1.33B.
Purchase price was $2.1B, so MLSE has borrowed the difference, probably close to $800M. MLSE has maybe $100M in cash flow so all that cash is going to debt service (interest expense is probably around $50M ish, and there would also be mandatory principal repayments of around the same amount). Why the media has not written about this is a damning question. They have had huge demonstrations in Manchester about the debt load on Man Utd.
Last edited by ensco; 09-01-2014 at 10:22 AM.
“What the world needs is more geniuses with humility; there are so few of us left.”
so when does everything start
no idea if plans have changed but originally wasn't it right after labour day? so possibly tomorrow....anyone have some rollerblades and can check tomorrow?
38-45M for San Antonio to to this to their stadium.
We're paying 130M for what exactly?
Pretty sure I heard before that due to the wind at the lake it added a significant amount of expense to the BMO plans. I don't recall exact figures but it was a huge chunk of the total cost.
We need to winterize the pipes and build the new concourse (I know it will not cost THAT much) and having to build in the winter here is probably more expensive.
38-45M for San Antonio to to this to their stadium.
We're paying 130M for what exactly?
I seem to recall when Houston had theirs built there was much discussion as to the dramatic differences in labour costs between the south west and the rest of north america.
They're using all Mexican slave labour though.
38-45M for San Antonio to to this to their stadium.
We're paying 130M for what exactly?
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