|
|
Post by thenewboss on Apr 11, 2011 10:08:06 GMT -5
As some have pointed out, I messed up my original question. It's a Monday morning and my brain wasn't working.
Same question applies: will the NHL own parking lots attached to an empty arena if the team moves? Will TNSE own them, if the team is sold to them?
Neither of these scenarios make sense at all. I'd be willing to bet that they'll be "sold back" to the CoG for $1 dollar, or quietly be owned and run by the CoG once this shakes out. I would love to hear the CoG's answer if the team gets sold as to whether they own the parking lots at that stage.
|
|
|
|
Post by pegcity1 on Apr 11, 2011 10:16:33 GMT -5
City of Glendale owns jobing.com arena
|
|
|
|
Post by thenewboss on Apr 11, 2011 10:18:20 GMT -5
City of Glendale owns jobing.com arena That's GWI's claim, but the CoG is basing a large chunk of this deal on the basis of them needing to buy the arena back. I don't think it's quite as clear cut as that, and I'm curious what the CoG's explanation is... |
|
|
|
Post by Trent Steele on Apr 11, 2011 10:19:00 GMT -5
They are buying the parking rights, not the arena.
|
|
|
|
Post by pegcity1 on Apr 11, 2011 10:20:53 GMT -5
They are buying the parking rights, not the arena. Correct  The parking rights are the issue. The arena didn't go into bankruptcy because Jerry Moyes company didn't own it, the City of Glendale did. |
|
|
|
Post by bullboy on Apr 11, 2011 10:22:20 GMT -5
The NHL only purchased the Coyotes not the arena.
|
|
|
|
Post by maniaaron on Apr 11, 2011 10:23:12 GMT -5
wait a sec, i don't think the nhl owns the arena the city does that why they want to pay MH to run it (over pay that is ) then sellit to him later
|
|
|
|
Post by StaticPrevails on Apr 11, 2011 10:24:44 GMT -5
The NHL doesn't own jobing.com, they are just rent-free tenants from what I understand.
If the team gets sold to TNSE then they own the parking rights and have another income stream.
|
|
|
|
Post by bullboy on Apr 11, 2011 10:24:59 GMT -5
The parking is not part of the arena .
|
|
|
|
Post by LT on Apr 11, 2011 10:26:15 GMT -5
I've been trying to wrap my head around GWI and the CoG's respective position about the "true" owner of Jobing.com Arena. Here's my question: say the team moves (for the sake of simplicity, and, just because if they move everyone knows it'd be to the Peg, we'll say it gets sold to TNSE). The Arena would no longer be where the Coyotes play and therefore someone would want to start booking concerts, and other events. If the CoG is right, than the NHL currently owns Jobing.com; that's a pretty big asset for them! If the team got sold, would it be the position of the CoG that TNSE would then own the Arena? Or would they say that the NHL would retain ownership (depending on the structure of a deal with TNSE)? I doubt it - I think that the Arena will somehow fall within the control of the CoG. Either the NHL will "sell" it to them for $1, or it'll just somehow magically end up back under the CoG's control. And if that happens, we'll really know how much of a sham this deal was. I would love clarification from those here, or from guys on HF Boards that have read the material documents (I don't have an account there, so someone else that's interested feel free to put it to those guys on that site) about what they think would happen re Jobing.com if the team moved. Ya dude you're mixing up the arena ownership with the parking rights ownership. The city of Glendale has always owned the arena, they have only paid people to manage the arena and have apparently turned over the parking rights to I guess Moyes in the past, which was in turn passed on to the NHL through the bankruptcy as I understand it. The biggest dumbest question is if the team has owned these rights, why the heck did they not start charging for parking in the past? You know why, because they can't get people to attend the games as it is, so how the heck are they going to now charge for parking...lol. |
|
|
|
Post by davebabych on Apr 11, 2011 12:29:35 GMT -5
It's never been shown that Moyes owned parking rights. If the city did transfer parking rights to Moyes there should be a transaction record showing Moyes purchased those rights from the city. GW has stated they have not received any documents showing the parking rights were transferred to Moyes.
|
|
|
|
Post by Domi on Apr 11, 2011 12:43:42 GMT -5
My best understanding of the Parking Lot situation is this:
- The City of Glendale gave 99 year leases on parcels of land for development about 10 years ago.
- One of those parcels of land ended up containing the arena and parking lot
- When Moyes went bankrupt, the land lease was placed in trust, and the NHL was given the right to utilize it or not (no one knows if they utilized it or not).
- The land can only be leased to an entity as long as its used in the development of Glendale.
So to answer your question, if TNSE buys the Coyotes. Its safe to assume they will not keep them in Glendale, so they will lose the lease on the land because they are serving no developmental purpose for Glendale.
The arena is owned by Glendale clean and clear. TNSE likely won't be buying any of the arena management corporations, so that won't be an issue.
|
|
|
|
Post by potrzebie on Apr 11, 2011 13:13:59 GMT -5
If the team gets sold to TNSE then they own the parking rights and have another income stream. 100% incorrect. |
|
|
|
Post by rtabaracci on Apr 11, 2011 13:19:50 GMT -5
If the team gets sold to TNSE then they own the parking rights and have another income stream. 100% incorrect. lol |
|
|
|
Post by wt on Apr 11, 2011 13:24:17 GMT -5
The league does not own the parking rights.
The city owns the parking rights and already charges a parking fee on the lots around the arena. The fact the the CoG says otherwise is nothing more than a smoke screen to explain away the 100 million dollar give away.
When the team moves .. the city of Glendale will continue to own the arena and parking lots.
|
|
|
|
Post by dmcpherson on Apr 11, 2011 13:25:57 GMT -5
If the team gets sold to TNSE then they own the parking rights and have another income stream. 100% incorrect. Exactly. COG's contention is that parking rights belong to the leaseholder. True North would not be taking over the lease. |
|
|
|
Post by StaticPrevails on Apr 11, 2011 13:28:11 GMT -5
If the team gets sold to TNSE then they own the parking rights and have another income stream. 100% incorrect. Haha, waited for somebody to catch that. |
|
|
|
Post by gilligan on Apr 11, 2011 13:32:42 GMT -5
It's never been shown that Moyes owned parking rights. If the city did transfer parking rights to Moyes there should be a transaction record showing Moyes purchased those rights from the city. GW has stated they have not received any documents showing the parking rights were transferred to Moyes. If Moyes could prove that he didn't own the parking, and wanted to stick it to the NHL, he could come forward with that proof and kill the entire deal. However, it is unlikely that he'd want to burn bridges with COG. The deal is dead without any help from Moyes. |
|
|
|
Post by No Longer Cautious! on Apr 11, 2011 13:38:23 GMT -5
There is some question as to the fact that the team has the contractural right to earn revenue from the parking but the city still owns the land and therefore, the parking. If the team leaves, the agreement between the team, the city and the arena would no longer be in force so the team no longer would have the right to earn the parking revenue - that is if they ever did and GWI does not think they even had that right let alone owning the parking.
|
|
|
|
Post by dmcpherson on Apr 11, 2011 13:40:01 GMT -5
It's never been shown that Moyes owned parking rights. If the city did transfer parking rights to Moyes there should be a transaction record showing Moyes purchased those rights from the city. GW has stated they have not received any documents showing the parking rights were transferred to Moyes. If Moyes could prove that he didn't own the parking, and wanted to stick it to the NHL, he could come forward with that proof and kill the entire deal. However, it is unlikely that he'd want to burn bridges with COG. The deal is dead without any help from Moyes. Whether Moyes, the NHL, or anyone else currently own the parking rights is not relevant. COG claims that Hulsizer will be assigned the parking rights as part of the lease they have/will sign. It is under that pretense that they claim to be able to purchase them back. Moyes' lease, and the NHL's lease have no bearing on that either way. |
|
