Are the Senators done?

An article on the TSN website is reporting that the Senators will run out on money within weeks.Here is the article:

The re-financing involved a sale of the team by Rod Bryden, the current majority owner, to a limited partnership for $186.7-million.

The deal would have given the Senators some badly needed cash and a better lease with the Corel Centre. The terms included injecting $42-million into the team and paying off a $14.3-million loan from the NHL.

The NHL also agreed to lend the team the money if the deal closed.

“The transaction will not proceed,” said Gordon Fox of Norfolk Capital Partners, which managed the limited partnership. “It’s a sad story for everyone.”

Bryden declined comment, as did a team spokesman.

A source told the Globe that the team is likely to run out of cash within weeks.

Another source told the newspaper that the collapse of the refinancing means the franchise is unstable.

Frank Brown, a spokesman for the NHL, said the league was aware the deal fell through and is “working with the club to deal with the reality.”

www.tsn.ca

If this does happen and the team is lost what does that do for other teams that are struggling.I don’t want to say the sky is falling but it has to start somewhere.I hope the Team gets it together because they are for one a good club and also Canada can not afford to loose another team.What probably will happen is the team will move in the offseason.Where?I don’t know but i hope they stay in Canada.


46 Responses to Are the Senators done?

  1. Leaf_Expert says:

    Just like the team, the Organization are PRETENDERS!

  2. montrealbruinsfan says:

    You know goof you keep astounding me. We only have a few Canadian teams left and here you go bashing the team when the organization is in danger of collapsing. The Ottawa fans deserve to keep their team, they’re great hockey fans while they are rivals to my team as well I love seeing them lose but thats a BIG difference from wanting the team to fold.

    Before you were a disgrace to the Maple Leafs well now you are a disgrace to Canadians!

  3. Leaf_Expert says:

    I don’t want the team to collapse…IF YOU HAD A FUCKIN BRAIN YOU WOULD SEE I WAS SAYING THE ORGANIZATION IS SHIT LIKE THE TEAM….

    Maybe if they weren’t such rivals with the Leafs I would be a bit more sympathetic…But I’m not..

    As far as you thinking I’m a disgrace to Canadians/Leaf fans…I must of had 50messages from both supporting me and agreeing with me!…

    Don’t fuckin talk shit…aight cause you obviously are and were born from shit…so don’t talk crap about the Leafs, Leaf fans, or me “Leaf Expert”….

    Fuck the Sens, Fuck Leaf Bashers, and FUCK YOU!

  4. montrealbruinsfan says:

    I’m so sure you’re had “50messages from both supporting me and agreeing with me!.” LOL. You’re killing me goof!

    Now this is the best one of all “Don’t fuckin talk shit…aight cause you obviously are and were born from shit…so don’t talk crap about the Leafs, Leaf fans, or me “Leaf Expert”….

    Let’s break this down, I should stop talking shit, then an obscure word “aight”. I do believe that is alright. Now I was born from shit huh? Wow, that is deep. A well thought out retort. You certainly didn’t dissapoint me with your response, in fact I expected it. The profanity flows once again as that is all you are capable of. I would LOVE to know what your IQ is. Do you even know what that stands for? Now now no checking on the web or the dictionary for the answer.

    Did you notice how in all of my posts I don’t swear?! What a concept huh? You should try it, but then again they don’t cover that until at least Grade 9 which is what I beleive you’re in now right?

    See ya junior!

  5. calflyers says:

    I said it before, and i’ll say it again,

    THE LEAFS SUCK!!!

    yea i know, “what have the flyers won lately”…

    the answer of course is We have more more than your “maple queefs”

    MODERN ERA!!!

  6. montrealbruinsfan says:

    Well said! I too don’t want to see the Sens collapse. I see your a Leaf fan as well but unlike others (Leaf_Expert aka goof) you can seperate a rivalry from being a good canadian and for that I commend you.

  7. Tony says:

    A pretender is a team that always says they are going to win the Cup and never do. Sounds like the Leafs are the biggest pretenders in the NHL right now.

  8. Leaf_Expert says:

    So what I don’t give a fuck…You obviously have no life….See unlike you *TRYING* to make come-back to what ever I say, I suggest you don’t even bother…YOUTH!

    The Leafs are anything but pretenders….and If you saw the game in Vancouver your mouth would be shut!…..

    The Sens will anything but collapse…their Bettmans favourite team….So he’ll most likely do whatever it takes to keep them a franchise…besides the city of Ottawa is dead…they have nothing to do their…so most likely the government will bail them out….

  9. cwhockey says:

    Now, I’m not a big fan of the Canadian teams. But I realize how important it is to the country and to its fans to keep as many teams as they possibly can.

    It would be a shame if Ottawa had to move. The fans were patient for four terrible years and have been enjoying their success of late. It’s just a matter of time before they get the playoff monkey off their back and start advancing deeper into the post-season. It would be a slap in the face.

    Unfortunately, economics doesn’t care about the fans and a move might happen if someone cannot step in to help. The Canadian government and its people need to find a way to provide help now (I know that’s a rather obvious statement, but time is growing thin for these franchises). Otherwise, this won’t be the last Canadian team in danger of flying south.

  10. leafbrat says:

    montrealbruinsfan you are right a rivalry can only go so far.I am a hockey fan first and a Leaf fan second.I also can distinguish good hockey from poor hockey.I also think Quinn is a poor coach and more than that he is worse as a GM and should be fired.Also the Leafs are not going to win anything if they don’t start playing hockey instead of watching the eagle stand on his head.But that is for another time and place.But Leaf_Expert has issues.Although a Leaf fan, he is not looking out the same window as the rest of us.Not saying that is wrong but everyone is entitled to their view!!

  11. Aetherial says:

    You are an embarassment to the more interesting, knowledgable and reasonable Flyer fans here who enjoy a FUN rivalry with us Leaf fans.

  12. burky says:

    DAMMIT, this is bad news for Canada, even though I am a bias Canuck fan I root for all the Canadian teams when they arent playing each other (even the Oilers).

    I think I speak for all Canadians when I say “Why can’t the Leafs fold instead?!”

  13. Stanajax says:

    Well, Sens fans….do they exist???

    I’m joking but it’s a shame to see that this great team sold out the Corel Centre only once this season……when Habs fans bought half of the tickets!!!!!

  14. krustymedic1 says:

    It is interesting that you should bring the government in this. With 3 levels of government in Ontario (grade school knowledge), I would like to know which level will be stepping up to help. The local government already has put their best foot forward in making the appropriate land deals to secure a place for the Corel Center. As well, many local politicians step up to bat for the team to push for ticket sales and such as well as assist the Sens in pushing forward their mandate. The Corel center has already had many spinoffs benefitting the local economy. So KUDOS to the local governments of present and past.

    Lets talk Provincial government. They imposed the building of the overpass for the Corel Center, forcing Brydon and Company (or the group from the past) to pay 87 million for the construction and infrastructure to create the exit from the Provincially owned highway to the Corel Center. This is of course 1 KM from the previously built exit that serviced the already overpopulated area. One that should have been upgraded by the provincial government many years ago. When asked for reimbursment for the infrastructure that they put in place they were laughed at. If I was Brydon and Company I would close the ramp and not open it until 2 hours before game time not allowing people to use it and tell the Tories to go screw themselves.

    Lets talk the Federal Government. Manley has clearly stated that there is no money for Hockey teams in Canada. This after saying there was. Why? Pressure from Leafs fans and their cronies in the big tower overlooking the AIR CANADA center. Who owns or at least owned AIR CANADA? Yeah you guessed it. How come their name is plastered on the building? Yes is was the voice of people in Toronto being the nay-sayers behind the money for the teams? Makes me wonder why. Lemme think, there were 5 other clubs in Canada with at least 3 of them capable of winning the cup over the next 5 years. God forbid the Leafs, the self imposed “Canadas Team” not win the cup before a much smaller market team win it. Lets not detract from the grace and glory of the “Pride of Toronto”. You ever wonder why people hate the team/city so much? Because of this kind of crap.

    So there is your ansywer pal.

  15. Stanajax says:

    Yeah, you’ re right…… But the Leafs will collapse after all the other Canadian teams and after many American ones!!!

    The Sens may fold quickly, but Flames and Oilers are not far behind…..Only a wise salary structure (only one player over $3M, goalie Tommy Salo) allows the Oilers to stay alive.

    Nucks and Habs may also be in trouble in the future…. There’s no problem for the moment, as the teams make the play-offs (not that sure for Montréal however), but if they were to miss them several times again, that would be rude….

  16. LEAFS4EVER says:

    If your such a hockey fan or an expert, you are missing it, not only are you immature and most likely a teen on acid, your bio is very childish. You are the reason us real LEAF fans get ridiculed here, say something smart, hockey opinionated with some flare and you will get a good discussion, not your rapper swear talk like your the man. I am sure you were born after 1980.

    Ottawa is a good team that does not need to be swallowed up, ofcourse I do not like them at all as it is a hockey rivalry, we do not need more Canadian teams folding. But I will say that if the bills cannot be paid, the obvious will surely happen

    I will not consider you a Leaf fan Mr EXPERT.

  17. LEAFS4EVER says:

    Well burky I am Canadian and you do not speak for me, and your statement I root for all Canadian teams but why cant the Leafs fold instead, that is garbage, your just as bad as Leaf Expert. Typical no brain statement from a someone who does not care about the game, our Country, or our game

  18. titans says:

    Ya know what… I want the Sens to collapse! Because it’s gonna take something that drastic to wake the NHL up from it’s slumber and realize it’s in a real crisis! Gary Bettman get your head out of the sand and look around!!

  19. mikster says:

    We need to talk….

  20. Rushing says:

    Sorry, but I have to agree with Leaf_Expert here. So far this year, the Senators have still sold over 87% of their tickets at home. Now, that might not be how many people showed up to the game but that is how many tickets have been sold. That is an average of 16,259 tickets a game. Last year they were at 91.5% sold. Ottawa is making money folks. It’s just what is/are the owners doing with it?

    http://sports.espn.go.com/nhl/attendance?

    year=2003

    Quantity wise, three of the Canadian teams are in the top 10. So, evidently they are pulling in a good bit of money as well with Montreal being the #1 team selling the most tickets at home.

  21. burky says:

    I don’t consider the most profitable team in the NHL to be “Canadian”, therefore i don’t consider them part of our country or our game, not to mention the team has no good Canadian players on it.

  22. Leaf_Expert says:

    Yeah I forgot Roberts was garbage!….

    Juss remember 3 words Leaf hater:

    Go Leafs GO!

  23. rojoke says:

    1. The reason why Manley withdrew the pledge for federal assistance was because people ACROSS THE WHOLE COUNTRY told their elected MPs they didn’t support the plan.

    2. Air Canada WAS a federal agency, then a Crown corporation, and now a publicly-traded corporation. It went from OTTAWA’s control to just another corporate entity.

    3. Air Canada’s name is on the building because they bought the naming rights. To the best of my knowledge, the actual building was privately-funded by MLSE. The provincial government may have provided some loan guarantees, but I don’t think one dollar of public money went into the construction of the building.

    4. The whole off-ramp deal was a screw-job, pure and simple. I have a better idea though. Put a toll booth on it, and make the ramp toll-free 90 minutes before and after games. Or, since it is a private thoroughfare, send the Ontario government a bill for its use, or close it to tarffic as you suggest.

    5. They never should have built the thing out in Kanata. Teams rarely do well in the suburbs. The Stars couldn’t do it in Bloomington. The Panthers aren’t doing it in Sunrise, FL. The Devils want desperately to move into Newark. And without the accompanying development deal Coyotes ownership has for their new arena, they’d probably die out in Glendale.

  24. rojoke says:

    Just because you sell a lot of tickets doesn’t mean you’re making money. Don’t forget, you’re paying the vast majority of your expenses in US funds, while all the revenues are in Canadian dollars. Ottawa’s payroll for the year is sitting at just over $30 million US. Based on a 63¢ exchange rate, the team has to generate in excess of $47 million CDN in revenues, just to play the players. Toss in expenses for management, travel, equipment, building maintenance, support staff. Then pay a 9-figure mortgage on top of all that. And there’s no tax breaks like they get south of the 49th.

    There is one thing I’ll say about Rod Bryden. He tried to come up with the most novel ways of keeping the franchise alive in Ottawa. He put the team into a chiartable trust, for God’s sake, for the tax concessions. If he says the team’s losing money, then I believe him.

  25. rojoke says:

    There were an awful lot of sports people who wondered, at the the time, why Ottawa got the franchise over Hamilton. Hamilton had a building ready to go. The Sens played their first year in the Civic Centre for the first year (maybe two), and build a new arena out in the burbs. Then the province threw the whole off-ramp BS at them. But on the ice, this team has been run about as perfectly as anyone could expect. They had their growing pains with Daigle and Yashin, but now, they’re right where they want to be. If the business side had worked out as well as the hockey side, this team could have a Cup, or at least a Final appearance. Maybe some of the naysayers from 12 years ago knew more than others gave them credit for.

  26. Rushing says:

    As I said in one of my other posts…..in ’96(meaning it’s even more now) over $1.35 Billion was made off of selling NHL merchandise which is divided evenly amongst all teams. Let’s just say we use ’96 numbers, since some of this would go to the NHL itself, that would be another $45 million going to each team.

    Again……don’t forget your advertising as well(ads hanging in arenas). That alone is another several million dollars too. These owners are pulling in far more than they lead us to believe.

  27. edmontonrules says:

    Disgusting. That’s what it is. Another Canadian hockey team may go under because of the stupidity of Americans (some). And greedy people. We should really rebel and get a real guy into the position of power. Gary Bettman is really starting to piss me off. First it was the Jets and Nordiques now its the Senators and Flames.

  28. cwhockey says:

    Rojoke named some of the bigger expenses that teams have. But there are quite a few more than he mentioned.

    The owners probably are getting more revenue than the public sees, but they also have many more expenses than the public knows of as well. Total disclosure from both sides of the ledger, if allowed, would be horribly long and mind-numbingly boring to try and sift through. Even then it would be tough to get a handle on the whole picture.

    I’m not saying all the owners are saints, but they’re not all crooks either. We don’t get enough of the true story to tell one way or the other if they are truthful in their public statements. And without that proof, any of our opinions don’t mean a hell of a lot. Just comes out as venting our frustrations, I guess.

  29. hockeywhore says:

    Try telling him to pull his head out of his American tattooed ass.

  30. Rico71 says:

    Mik…

    I hope you mean talking to that stupid idiot?

    He needs to be banned or something. He constantly slams people who reply to his stupidities, rants like a high-school teen and is generally annoying.

    I thought this site did not support people who were abusive and obnoxious? Guess I was wrong. I would think that he busted his 3 strikes months ago, but I guess not also.

  31. Rico71 says:

    I agree with you on this 100%.

  32. TC_4 says:

    Excellent point man! But I think that everyone would agree that it would take about 4 of those southern teams(Anaheim, Floida, Phoenix, and Nashville for ex.)to get Betteman’s head out of, not the sand, it’s in a place that’s probably warmer, the sick fu…….ck!

  33. TC_4 says:

    What I don’t get is that a team like Ottawa could be done for, but a team like Calgary keeps losing and aren’t going anywhere? What is that about??? If there is a Canadian team that should go(and don’t get me wrong, this is the last thing I would want)it should be the Flames. There whold f’n organization needs to start from skratch.

  34. wayne2 says:

    Sorry for the name calling but look at the facts,MOST NHL teams dont have more fans that go to the games than the sens right now,almost every attendance is the same the difference is the canadian dollar cant compete with the us dollar,plain and simple.

  35. TheShack says:

    And what do you have to say for Leaf_expert! He’s an embarassment to this site, all Leaf fans, Torontonians and all man kind.

    Leaf_expert:

    I think you be best seek some help with your rage. I can understand where its coming from (your Leafs haven’t won shit in 50+ years), but there is no need to take it out on the others.

  36. revolution says:

    The Flames are still attracting decent amounts of fans to their games, the Senators aren’t.

  37. Aetherial says:

    Did you have a point or just a problem with basic mathematics?

  38. Aetherial says:

    Where are you from Einstein?

    When another Canadian team can have crowds of fans chanting “Go Go” in opposing teams arenas then perhaps you will be able to relate.

    No team in Canada has as many fans country-wide as the Leafs. You can spew whatever garbage you want but you know it is true. Sucks doesn’t it?!

  39. Aetherial says:

    I feel bad for the people of Ottawa. They are a victim of a poor Canadian dollar and a bad owner.

    As usual with sports franchises the constant whining about losing money is not true. If it was true there would not always be a new home for the lost franchises.

    Players are rich cry-babies. Owners are also rich cry-babies. I find it hard to be sympathetic to anyone except the fans.

  40. booty says:

    Americans are stupid, huh? At least they can build and maintain an economy that supports their sports teams. You do so much anti-American whining, it’s starting to get old.

  41. mikster says:

    Socialists are not good with economic issues. Cretien` (spld?) needs to do something. How long until re-elections in Canada?

  42. wayne2 says:

    If you go on this site:http://sports.espn.go.com/nhl/attendance?sort=home_capacity_avg&year=2003 ,you will find out that Ottawa has a little more fans to their games in average.By the way,Calgary`s franchise is not safe at all,dont get me wrong i`m not happy for your flames either,but its the sad truth.

  43. Bishop7979 says:

    Either the orignal poster altered a portion of the article, or he just got it from a bad source because none of the monitary figures match with the one that i got from the tsn website. It also appears that he has added lines such as “a source told the globe the team would run out of money within weeks”.

    so posted below is an exact copy of the article from tsn’s website, and although it does sound bad, it doesnt sound as bad as it did when i read leafbrats version of events.

    “OTTAWA — A proposal to refinance the Ottawa Senators fell through, raising questions about the team’s financial health.

    The deal was to involve the sale of the team by majority owner Rod Bryden to a limited partnership for $118.7 million.

    The agreement would have given the Senators some badly needed cash and a better lease with the Corel Centre. The terms included injecting $26.7 million into the team and paying off a $9.1 million loan from the NHL.

    “The transaction will not proceed,” Gordon Fox of Norfolk Capital Partners, which managed the limited partnership, told the Globe and Mail. “It’s a sad story for everyone.”

    NHL spokesman Frank Brown confirmed to The Associated Press on Wednesday that the Senators were unable to complete the refinancing.

    “We are working with the club to deal with that reality,” he said.

    Bryden declined comment.

    The website of TSN, a Canadian cable sports network, quoted unidentified sources as saying the players did not receive their paychecks as scheduled Wednesday. Instead, they got a letter from Bryden explaining the financial mess.

    Senators spokesman Phil Legault refused comment when reached by the AP.

    The Senators have lost money in each of the past three seasons, including $9.5 million in 2001-02. The team owes more than $101.7 million to a group of creditors and faces continuing cash shortfalls, documents show.

    This is the second time in the last year that the refinancing has fallen apart. On Jan. 2, 2002, Bryden sold the team to the Norfolk partnership for $118.7 million. However, that deal fell apart when Covanta Energy Corp., a U.S. company that is a major lender to the team, filed for bankruptcy protection in April.

    The Senators were formed in 1990 for a $50 million expansion fee and started play in 1992.”

    Bishop

  44. rojoke says:

    That ad revenue doesn’t necessarily go 100% to the clubs. That may be spilt between the team and the arena, and in some cases a bulk of it goes to the arena. Same with things such as concessions and parking.

  45. rojoke says:

    What the hell does socialism have to do with it? I hate to tell you, but the US isn’t purely capitalist either. Social Security, Unemployment and welfare are SOCIAL PROGRAMS. And when the Leafs and Canadiens wanted new arenas, they didn’t run to local government for a handout. Molson built the Bell Centre from 100% Molson funds. No one red cent of government money, at any level. No tax breaks at any level. How many pro teams south of the border can say that? Can you say SOCIALIST SPORTS?

    For you edification, the Chretien government was prepared to offer assistance to Canadian pro sports franchises, but when the voters sounded their opinion to the contrary, he withdrew the proposal. And regardless of who the Prime Minister is, things won’t change in that regard.

  46. revolution says:

    lol, I’m not a flames fan.I’m a habs fan, but in Ottawa there isnt much corporate support in buying the expansive seats because of the high tech downturn..It is true though, that the Flames, Oilers and the Canucks aren’t exactly in great financial condition.

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