I wonder if this will mean that the TFC matches next year that would be on GolTV will be on the Score instead.
I wonder what this all means:
Nadir Mohamed stepping down as CEO of Rogers
http://www.theglobeandmail.com/repor...rticle8710887/
MLS is a tough, physical league, that emphasizes speed, and features plastic fields, grueling travel, extreme weather, and incompetent refs. - NK Toronto
The news came out internally last night. He'll retire in 2014 and Ed Rogers will not be considered as a candidate.
Not sure it means much. It is being telegraphed long in advance, which means it's orderly and not likely a sign of friction.
Mohamed has been making $10 million a year ish for the the past 5 years, and working 90 hour weeks for years. It's not actually fun to be a CEO, if you are a normal person, and Mohamed always strikes me as a regular guy at heart. Most of us would want out after 5 years too.
Mohamed's legacy is the MLSE deal which, I have argued elsewhere, was a masterstroke for Rogers.
I think he was one of the good guys and am sorry to see him go.
“What the world needs is more geniuses with humility; there are so few of us left.”
Rumours are that he (and his family) don't really dig the Rosedale life.
I think he's going back to the West Coast.
The "bid book" prepared by the bankers who advised the NBA is an exhibit in the Sterling lawsuit.
http://a.espncdn.com/pdf/2014/0723/Exhibit_43.pdf
It is the most informative financial disclosure in pro sports I've seen in years. This presentation has the numbers for everything that matters, especially TV rights, which we rarely/never see broken out like this.
It's interesting to compare the MLSE deal to the Clippers sale:
- MLSE was bought for an identical price to that paid for the Clippers ($2.1 billion Canadian),
- MLSE had around $200M in revenues and $80M in EBITDA when sold (as compared to about $180M and $20M for the Clippers, in Canadian dollars).
- Both were sold for very high multiples of current revenues (MLSE 10.5x, Clippers 12x), in both cases this was way,way through the industry metrics. Amazing to see how recently these traded for 2-3x revenues.
- Profitability of the two entities will be similar once the new local TV deal for the Clippers comes on line with $100M incremental revenue). Don't forget the Leafs got a bit of a boost (somewhere between $10-20M) with the new Rogers national NHL deal.
- MLSE comes with a piece of downtown real estate worth hundreds of millions. The Clippers are renters.
- MLSE is a much more diversified asset and is a monopoly across all platforms. The Clippers aren't (they're not even close to the number one team in their market, current Laker woes notwithstanding).
- MLSE comes with an iconic global brand. The Clippers don't.
- There is some effort in that document to "adjust" for demographics (ie adjust for LA's larger population) but the case they make is lame. They never connect that to dollars (or anything else)
I though Bell/Rogers overpaid, but seeing this, they got one hell of a deal.
Last edited by ensco; 07-24-2014 at 09:12 PM.
“What the world needs is more geniuses with humility; there are so few of us left.”