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Tag: Carolina Hurricanes (Page 1 of 2)

The Better Buy For $500 Million: Golden Knights vs. Hurricanes

So you’ve got an extra $500M hanging out in your bank account and you have an interest in owning a franchise in the best league in professional sports? You are presented with two options. 1) Buy an expansion team and bring them to Las Vegas. 2) Buy the Hurricanes and keep them in Carolina. Which way should you go? (Spoiler: This is a website that covers the Vegas Golden Knights. You already know our answer.)

The rumors are swirling in Carolina that Peter Karmonos Jr. is close to selling the team to former Texas Rangers owner Chuck Greenberg. The asking price should sound very familiar for Golden Knights fans. Of course while writing this article Forbes put out a story calling the Bloomberg report fake news, but who are we to get in the way of the McGregor/Mayweather battle of business website reports.

The first thing to realize when comparing which franchise is the better buy is the fact that $500M does not equal $500M when it comes to these two organizations. There’s a massive operating cost to get an expansion team to the same organizational framework as a team that’s been in Raleigh since 1997 and been in the NHL since 1972. Vegas needed a staff, an office, a practice facility, retirement plans, health care options, and a ton of “start-up business” marketing. It’s just an estimate based on what we know about the organization, but we believe The Creator is over $1 billion into the Golden Knights franchise, and their first game is still 84 days away.

Back to the Hurricanes. In cutting a check to the Karmanos family for $500M, what are you actually getting? First, a fully operational organization from team president to street teamers. Next is a hockey history. Now I’m not about to go out and say it’s a rich one, but the Hurricanes do have more Stanley Cups than the Capitals, Sharks, Senators, Predators, Panthers, Sabres, Canucks, Blues, and… the Golden Knights. Last is a roster of players and a pretty solid one at that.

But, the Hurricanes are ranked last in value on the Forbes “Business of Hockey List.” According to Forbes, they operate at a $15M a year deficit. They have the worst attendance in the NHL, filling just 64% of the building a night, and the team hasn’t been in the playoffs since 2009.

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A 2018 5th Round Pick For…

There’s an old saying, “there’s more than one way to skin a cat.” There’s another saying, “a bird in the hand is worth two in the bush.” There’s even another one that goes, “you can only see the tip of the iceberg.” Then there’s a trade in which the Vegas Golden Knights acquired Marcus Kruger for “future considerations” on Sunday and a 2018 5th round pick for Marcus Kruger on Tuesday. All of that belongs in one paragraph, believe me.

Prior to the Expansion Draft the Chicago Blackhawks were one of the many teams that appeared to be in a bit of a pickle. They were hampered with seven NMCs and a salary cap situation that needed to be resolved. So, George McPhee and Stan Bowman got to work.

An agreement was made, Vegas would select Trevor van Riemsdyk at the Expansion Draft, trade for Marcus Kruger afterwards, and the Blackhawks would take “The Pledge” to not make a move get in the way of any of it. It took some time to complete the process, because of a $2M bonus in Kruger’s contract that was to be paid by Chicago, but on Sunday night the deals were done and Vegas and Chicago’s interaction with expansion was over.

George McPhee then flipped both players selected to the Carolina Hurricanes. In the end, here’s what happened…

Vegas Golden Knights receive 
2017 2nd Round Pick (Jake Leschyshyn)
2018 5th Round Pick

Carolina Hurricanes receive
Trevor van Riemsdyk
Marcus Kruger
2018 7th Round Pick (from Vegas)

Chicago Blackhawks receive
Expansion Draft Considerations
Future Considerations
(Cap relief)

There are so many ways to look at what went down here, and all fans/armchair GMs are free to look at it which ever way they please because you as you know, there’s more than one way to skin a cat.

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TSN Reporter Offers Three Ideas For Expansion Silence

The wheels inside the head of one of the best reporters in hockey, Gary Lawless, were spinning after the first week of May came and went without any significant expansion news.

Lawless, who brought us this huge news last week suggested relocation, a year long expansion delay, and a timeline that has the official announcement coming before the Stanley Cup Finals. Here’s the recap of what he wrote…

One other rumour making the rounds on Friday has expansion being announced this spring but pushed back by a year until the 2018-19 season.

There’s the possibility the league will wait until the beginning of June. Bettman may want to squeeze the announcement into the days between the conference finals and the Stanley Cup to not take any attention away from the games on the ice.

One National Hockey League Players’ Association insider suggested this week that Carolina relocating to Las Vegas is a storyline to watch. –Gary Lawless, TSN

Let’s start with the 2018-19 idea. According to sources in direct contact with the organization here in Las Vegas, 2018-19 has never been suggested to The Creator at any point.

Next, the Carolina stuff. No matter who you talk to, or what is written in the media, relocation rumors are nearly impossible to decipher. Could it happen? Maybe. Is it likely? No.

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SinBin.vegas Podcast #18: Our Lunch And The New Timeline

We’ve got plenty of details directly pertaining to the expansion announcement. From our lunch with The Creator to the new expected date we’ll hear the good news to the Quebecor/Carolina saga. This one is chock full of real news. Hosted by Ken Boehlke.

  • The Creator offered up some pollen, we’re here to spread it.
  • As much as we can tell you about our super special lunch that we can’t stop talking about.
  • The new expansion timeline.
  • Quebecor turned down an offer of $500 million to purchase the Carolina Hurricanes.
  • Why the NHL cares more about Las Vegas than Quebec City or any other proposed expansion location.
  • Ken and Dana have a hard time conversing through text and Twitter.
  • Is Dana a jealous person?

And much more…

We are on iTunes as well as Stitcher. Subscribe now!

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Not Shopping Hurricanes To Vegas, Good News For Expansion

Logic has always been that Quebecor, the company behind the efforts to bring the National Hockey League back to Quebec, would be better off being the landing spot for a current franchise in need of a new home.

The league has no interest in leaving the Phoenix market no matter how many columns guaranteed the Coyotes were Vegas bound last Summer. They may move out of Glendale eventually but the moving vans are not headed to Vegas, they will probably head to downtown Phoenix where the team belongsThe Panthers are staying in Surprise, Florida until at least 2023 thanks to a Broward County $86 million financial package.

That brings us to the Carolina Hurricanes who are filling only 65% of the PNC Arena. The obvious reason is because the Hurricanes will once again not take part in the postseason…which doesn’t inspire the folks of Raleigh to attend… which sparks talk of relocation. To give this proper perspective the Columbus Blue Jackets are second from the bottom while filling only 77.7% of the Nationwide Arena.

Owner Peter Karmanos has talked about how stupid it would be to leave with ten years on their lease which really just runs through 2024. He receives 100% of all parking and concessions for all non-North Carolina State events and a discount on utilities.  The reality is that no matter how good of a deal Karmanos has he needs to either fill his arena or sell the team which he has been trying to do for some time.

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Canadian Rumor Mill Indicates Hurricanes Moving To Quebec, Announcement Coming April 7th

Remember that insurance plan we discussed earlier in the week? Yeah, the one in which we get denied an expansion team and end up with the Carolina Hurricanes relocating to Las Vegas. Well it looks like that may have to be thrown out the window as soon as this time next week.

According to multiple radio hosts in Quebec City, an April 7th press conference scheduled out in front of the Videotron Center (the new arena in Quebec) will bring the announcement that the Canes are moving to Quebec City to become the Nordiques.

Peter Karmanos as minority partner, would settle soon in Quebec and give rebirth to the Nordiques. –Carl Dombroski, NHLNordiques.com

The reports were almost immediately denied by officials with Quebecor, the potential expansion ownership group. However, they really have no choice but do deny even if a deal is done.

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Hurricanes Offer Vegas Interesting Fallback Plan

It seems like we’ve all come to the conclusion the league will expand and Las Vegas will be the recipient of a shiny new NHL franchise, the league’s 31st. But, that Gary Bettman is a tricky little (mean word of your choice) and as long as there has been an announcement there’s always the chance he and the league pull the plug on The Creator.

Our favorite Wyshynski, Greg Wyshynski, laid out a pretty nice backup plan if indeed the expansion rug is indeed pulled out from under Las Vegas.

It would even out the conferences at 15 and 15. It would give Vegas a team that’s closer to contention than an expansion draft would provide. And it would potentially take a team that’s losing money with ownership looking to get out to a city where revenues could be more consistent and new ownership. It does make a little sense. -Greg Wyshynski, Puck Daddy

In fact, it would actually get The Creator a team at a discounted rate, and if you aren’t buying the loose expansion draft rumors, Las Vegas could actually get a team closer to contending quicker via this route.

I’ll still argue that an expansion team has a much better chance at succeeding in the long term in the valley, but if the options are the Hurricanes or no one, I’m pretty sure we’re all on the same page with that answer.

We seem to have come far enough that expansion seems like almost an inevitability, but it’s always great to have a fail safe, and Peter Karmanos and the dumpster fire he created in Carolina might just be the perfect safety net.

We should note late last night Deputy Commish Bill Daly said there’s “no chance” the Hurricanes move to Quebec. But, that’s pretty much what he has to say, so we aren’t reading too deeply into it.

Financial Reporters Questioning $500 Million Asking Price

Simple mathematics should be enough to prove the league is overcharging The Creator for his entrance into the NHL. The average value of an NHL franchise approximately $505 million. All six of the original NHL franchises rank in the top eight. The other five teams coming in above the $500 price tag are in massive cities and have gigantic hockey followings (Pittsburgh, Vancouver, Washington, Philadelphia, and Los Angeles.)

Every other team in the league, which accounts for 19 of the 30 teams are valued short of the reported entry fee the league is set to charge The Creator.

We’ve bitched and moaned about this before, but now a well respected business website is questioning the price as well.

Still, sources say the real hiccup in the Pens’ sale is the $500 million asking price for a potential expansion team in Las Vegas, an untested market for professional sports teams. Once the league is able to sell that expansion franchise, it will have a sort of baseline to go on for future team sales, the investment banker said. But is the NHL really justified in asking for $500 million for an expansion franchise? – Michael Brown, TheStreet.com

I highly recommend you give that entire article a read as they relate the expansion fee to the stalled sale of the Pittsburgh Penguins, but for our sake we are going to stay on the Vegas portion of the story.

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Report Strongly Says NHL To Vegas A Done Deal, But Should We Believe It?

It’s the league’s fault. Sometimes I have to look further into any report in hopes of finding a nugget to clue me in to the thinking of the National Hockey League in relation to expansion.

Before I start, I want to make it perfectly clear that there are some points to this report that don’t add up but when you are given nothing more than “The process is continuing” you can’t discount anything. It comes from a good source referencing a different good source. It comes from “Rebel_Westgate” on the UNLV Forum on Rivals.com. Again, grain of salt. 

The post begins by saying that “UNLV and Las Vegas are entering a very exciting time. Its complex, It’s exciting, It’s happening.”

Apparently there has been a large contingency working behind the scenes for two years. The group gets larger as they build momentum.

I’m not part of the group so really how much momentum could they really have.

The mission was to make the City of Las Vegas a destination for world sporting events, to strengthen the community grass roots and build the community’s efforts in developing a professional sports model in the city, and strengthen the UNLV brand locally and regionally.

He was told that nothing would ever happen without the support of UNLV, local businessmen, and politicians. The report went on to say that the Montreal Expos were 50% done, just waiting for the partners to build a stadium. After that fell through the partners reunited with another company to entice a sports franchise. It seemed like it was a matter of when, not if. Then the players involved held up the deal which led to individuals wanting to run the project themselves.

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Imminent Arena Announcement For Coyotes Great News For Vegas

Remember way back when, there was some news that the Arizona Coyotes were picking up and leaving the Phoenix area to relocate here in Las Vegas? Well if you don’t, here’s the now clearly false story.

Talking to an Arizona radio station, Coyotes co-owner Anthony LeBlanc had some positive news to share about his franchise potentially getting a new home, and soon.

I’m very positive that we will have something out in the community if not in the next month or two but certainly by the end of the regular season. -Anthony LeBlanc

Why is this significant for Las Vegas? Because it shores up another situation that could have caused the league to have to move one or more of its franchises. With the Broward County deal bailing out the Panthers (and the fact they are dominating) and now this new stadium on the horizon, only the Carolina Hurricanes remain in a tumultuous position.

Speculation has been Quebec City may be a better place to move a team rather than be home to an expansion team. With just the one team left that might have move, the path is completely clear for the NHL to feel comfortable expanding their league and opening up shop in Las Vegas.

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