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Post by Hobble on Apr 27, 2009 21:59:26 GMT -5
MONTREAL -- Quebec's finance minister says the provincial government is willing to provide an unsecured bond to help investors who are interested in buying the Montreal Canadiens. Raymond Bachand said Monday he has told Jacques Menard, the chairman of BMO Nesbitt Burns, that Quebec is ready to provide a modest amount, "like $100 million of debentures." Habs majority owner George Gillett has retained the services of BMO to assess all alternatives regarding a potential sale of the team. Bachand stresses that any financial support would have to be available to all Quebec investors interested in acquiring the team. He also made it clear Quebec would not be a shareholder in the NHL club. It's been reported that up to 10 potential buyers have signed confidentiality agreements with BMO to get a look at the franchise's books. Bachand made his comments after a news conference where he announced the creation of Teralys Capital Fund, an $825-million technology investment fund. www.tsn.ca/nhl/story/?id=276699Did the province of Manitoba offer any help to keep the Jets in Winnipeg?!? I know the Canadiens are obviously in a different situation than the Jets were, as the Canadiens would NEVER EVER relocate, and Bettman should be shot for ever considering it in the slightest in the future, but seeing how the province is helping to get new owners for the Canadiens made me wonder if Manitoba ever tried the same thing?!?
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Post by White-Out on Apr 27, 2009 22:50:46 GMT -5
but seeing how the province is helping to get new owners for the Canadiens made me wonder if Manitoba ever tried the same thing?!? McFayden in the 2007 Elections... Result: Ridicule and lost it.
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Post by buffalobrian on Apr 28, 2009 10:17:40 GMT -5
This has got to be a real kick in the crotch to anyone who was a Nordiques fan. The province tells Marcel Aubut Quebec won't help him, but the Canadiens on the other hand, oh sure.
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Post by gee on Apr 28, 2009 21:07:37 GMT -5
not helping the canadiens, helping a quebecer to aquire the canadiens. the canadiens don't need help, the team itself made over 2 million per game with a profit of 40+ million on the year - not including what the concert promoter pulled in.
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Post by JETStender on Apr 28, 2009 22:34:45 GMT -5
MONTREAL -- Quebec's finance minister says the provincial government is willing to provide an unsecured bond to help investors who are interested in buying the Montreal Canadiens. Raymond Bachand said Monday he has told Jacques Menard, the chairman of BMO Nesbitt Burns, that Quebec is ready to provide a modest amount, "like $100 million of debentures." Habs majority owner George Gillett has retained the services of BMO to assess all alternatives regarding a potential sale of the team. Bachand stresses that any financial support would have to be available to all Quebec investors interested in acquiring the team. He also made it clear Quebec would not be a shareholder in the NHL club. It's been reported that up to 10 potential buyers have signed confidentiality agreements with BMO to get a look at the franchise's books. Bachand made his comments after a news conference where he announced the creation of Teralys Capital Fund, an $825-million technology investment fund. www.tsn.ca/nhl/story/?id=276699Did the province of Manitoba offer any help to keep the Jets in Winnipeg?!? I know the Canadiens are obviously in a different situation than the Jets were, as the Canadiens would NEVER EVER relocate, and Bettman should be shot for ever considering it in the slightest in the future, but seeing how the province is helping to get new owners for the Canadiens made me wonder if Manitoba ever tried the same thing?!? This is not free money, it would have to be repaid.
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Post by omnimaga on Apr 29, 2009 17:04:48 GMT -5
Yeah this is pretty much insulting to Nords fan. The governement fed the Habs over 1 million by renting luxury boxes at the bell center this season, yet nothing is being done to help financing a new hockey rink suitable for NHL. And now it offers to buy the habs...
At least Marcel Aubut didn't add fuel to the fire by saying he wants to buy the Habs too. That would most likely be the biggest hit at Nordiques fans if he didn't refused to buy them.
Heck, the Nordiques weren't even losing money in the years before they got sold and relocated. In the years before, they apparently even made profits. They were just expecting to lose money in 1995 (about $10 millions) and the future years and decided to sell the team before it happens.
I so wish that on September 20th 2009, almost the entire crowd will wear Quebec Nordiques jerseys and t-shirts at the Boston vs MTL exhibition game.
Had Bettman not been commisoner, maybe things would have went differently during the 1994 lockout
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Post by davebabych on Apr 29, 2009 17:33:10 GMT -5
The government is authorizing the sale of bonds to help prospective owners purchase the team. A bond isn't free money. The money raised through the sale of the bonds has to be repaid over time. I think the sale of the bonds is to help local investors pay for any unforseen costs while in the process of obtaining the team. The Canadiens are so profitable, whoever takes over the team will easily be able to repay the bond purchasers in a short period of time.
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Post by Dcmac on Apr 29, 2009 23:14:32 GMT -5
Yeah this is pretty much insulting to Nords fan. The governement fed the Habs over 1 million by renting luxury boxes at the bell center this season, yet nothing is being done to help financing a new hockey rink suitable for NHL. And now it offers to buy the habs... At least Marcel Aubut didn't add fuel to the fire by saying he wants to buy the Habs too. That would most likely be the biggest hit at Nordiques fans if he didn't refused to buy them. Nord fans seem to have been getting kick after kick in the face, this is just brutal.
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Post by jaylon1970 on Apr 29, 2009 23:14:54 GMT -5
Yeah this is pretty much insulting to Nords fan. The governement fed the Habs over 1 million by renting luxury boxes at the bell center this season, yet nothing is being done to help financing a new hockey rink suitable for NHL. And now it offers to buy the habs... At least Marcel Aubut didn't add fuel to the fire by saying he wants to buy the Habs too. That would most likely be the biggest hit at Nordiques fans if he didn't refused to buy them. Heck, the Nordiques weren't even losing money in the years before they got sold and relocated. In the years before, they apparently even made profits. They were just expecting to lose money in 1995 (about $10 millions) and the future years and decided to sell the team before it happens. I so wish that on September 20th 2009, almost the entire crowd will wear Quebec Nordiques jerseys and t-shirts at the Boston vs MTL exhibition game. Had Bettman not been commisoner, maybe things would have went differently during the 1994 lockout if the '94 lockout came out with the salary cap and some revenue sharing, i think winnipeg and quebec would've probably stayed however in the future both cities needed new arenas to generate more revenue..
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Post by buffalobrian on Apr 30, 2009 9:37:40 GMT -5
The government is authorizing the sale of bonds to help prospective owners purchase the team. A bond isn't free money. The money raised through the sale of the bonds has to be repaid over time. I think the sale of the bonds is to help local investors pay for any unforseen costs while in the process of obtaining the team. The Canadiens are so profitable, whoever takes over the team will easily be able to repay the bond purchasers in a short period of time. Surely these potential buyers could raise capital by going to the BANK, not the province and borrowing money like any other business. Why is it the province's responsibility to take on debt to help finance the purchase?
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Post by davebabych on Apr 30, 2009 14:27:46 GMT -5
The government is authorizing the sale of bonds to help prospective owners purchase the team. A bond isn't free money. The money raised through the sale of the bonds has to be repaid over time. I think the sale of the bonds is to help local investors pay for any unforseen costs while in the process of obtaining the team. The Canadiens are so profitable, whoever takes over the team will easily be able to repay the bond purchasers in a short period of time. Surely these potential buyers could raise capital by going to the BANK, not the province and borrowing money like any other business. Why is it the province's responsibility to take on debt to help finance the purchase? Typically, the investors probably would go to a bank; however, the recession right now is making it difficult to borrow large amounts of money. Even the group responsible for rebuilding the WTC has put their project on hold for now due to an inability to borrow required funds from lenders.
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Post by omnimaga on May 1, 2009 18:18:05 GMT -5
Yeah this is pretty much insulting to Nords fan. The governement fed the Habs over 1 million by renting luxury boxes at the bell center this season, yet nothing is being done to help financing a new hockey rink suitable for NHL. And now it offers to buy the habs... At least Marcel Aubut didn't add fuel to the fire by saying he wants to buy the Habs too. That would most likely be the biggest hit at Nordiques fans if he didn't refused to buy them. Nord fans seem to have been getting kick after kick in the face, this is just brutal. I agree. They almost lost their team in 1976 and 1988 and by 1992 they were just starting to have a stanley cup contender team after Lindros trade, but no, Aubut sells it, it moves to the States then they win a cup the year afterward. And this is not all. After the Nords moved, Quebec city got a IHL team: the Atlanta Knights, becoming the Quebec Rafales (another Atlanta hockey failure, eh?). Even thought the team drew 12000 fans a game the first season and close to 8000 the second one, the managers decides it's not enough and folds the team. 1 year later, Bettman puts another team in Atlanta. x.x In 2009, the Colorado Avalanche draws smaller crowds than the Nords did in their misery years and the Quebec Remparts junior team manages to draw better than the Avs some evenings That was supposed to be the Quebec Nordiques Jerseys for the '95-96 season, btw (which were announced in the press in March '95):
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