Jump to content

Photo

New Devils Financial News


  • Please log in to reply
204 replies to this topic

#101 Marv4Life

Marv4Life

    Senior Devil

  • Members
  • PipPipPipPip
  • 958 posts

Posted 05 November 2011 - 09:38 AM

Anyone else wish they should have build the arena in Hoboken. The town is filled with people people 18-35 years old with decent jobs who would be steps away from the arena, and the PATH and NJTransit rail (light and regular) have hubs there... Driving would have been tougher than Newark, but the town is great and would have been so much cooler to go out before an after games in that town.

Would have been a disaster logistically(not including being too close to Ranger country). The place almost flooded from Irene. There's a reason why Hoboken didn't want it. The arena's location isn't why they are in this situation; buses, PATH, light rail and rail are all "right there" too. You don't have to drive in anymore. And the area's being redeveloped as we speak.

Edited by Marv4Life, 05 November 2011 - 09:43 AM.

  • 0

#102 GoArmySports

GoArmySports

    Assistant Coach

  • Members
  • PipPipPipPipPipPip
  • 2,134 posts

Posted 05 November 2011 - 10:03 AM

Anyone else wish they should have build the arena in Hoboken. The town is filled with people people 18-35 years old with decent jobs who would be steps away from the arena, and the PATH and NJTransit rail (light and regular) have hubs there... Driving would have been tougher than Newark, but the town is great and would have been so much cooler to go out before an after games in that town.



I drive in from New York, so it wouldn't be favorable for me.
  • 0

#103 justdo3043

justdo3043

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,042 posts

Posted 05 November 2011 - 10:13 AM

Is it possible that Vanderbeek loves owning the Devils so much that he would do something unwise in a desperate move to hold on?


yes...past owners have done weird things to own a franchise...he's already losing money on the devils...im glad he's been our owner
  • 0
"The $297,297 Kovalchuk missed today is money he will never, ever get back. And the more cheques he misses, the better the deal is going to have to be for the players to justify him sitting out. And unlike the owners, the players can direct their leadership to get a deal done regardless of how disadvantageous it is to them."

#104 Triumph

Triumph

    A Legend

  • Mod
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 27,564 posts

Posted 05 November 2011 - 10:37 AM

Colin:

Your claims just don't add up. A franchise not in trouble doesn't do what the Devils have been doing, even if on-ice operations haven't been affected yet.
  • 0

http://drivingplay.blogspot.com - The blog with three first lines
 


#105 njdevil26

njdevil26

    Hall of Famer

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 6,336 posts

Posted 05 November 2011 - 10:55 AM

I have yet to hear a reason why he signed a guy to an $100 million dollar contract (over 15 years but still it's a huge financial commitment) and missed a $90 million dollar loan payment a year later. I've yet to hear why Lehman Brothers failed.


Only thing I can think of is this: People always call Kovy the "One Hundred Million Dollar Man" and refer to his deal as "100 Million Dollars."

He got paid 6 mil last year, and 6 mil this year. His final earnings are not going to add up to 100 mil either because obviously he's not playing out the whole contract. (Also that's just my opinion... not intended to be fact). So far Kovy has gotten 12 million compared to the loan amount of 90 million. JVB is paying Kovy 100 mil (theoretically) over 15 years when the 90 mil loan payment is immediate. There's a big difference.

I just think I trust Vanderbeek. The Devils are an expensive team on the ice. I don't think he would have made this gigantic commitment to one player if he's got financial troubles. I really think once this ownership situation is figured out that things will be better.



  • 0

#106 Marv4Life

Marv4Life

    Senior Devil

  • Members
  • PipPipPipPip
  • 958 posts

Posted 05 November 2011 - 11:13 AM

Is it possible that Vanderbeek loves owning the Devils so much that he would do something unwise in a desperate move to hold on?

Such as...?
  • 0

#107 NJDevs4978

NJDevs4978

    A Legend

  • Members
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 23,192 posts

Posted 05 November 2011 - 11:21 AM

With all of this financial mess, I would think that this year will be the last one for Lamoriello.


Lou never really cared about spending money before the lockout, especially in the McMullen days. If he leaves it won't be about money. It could be about control (since people accuse JVB of doing everything from the Kovy contract to forcing Lou to do all these PR promos like Throwback night), possibly about the fact Lou's no spring chicken and might not want to rebuild once Marty's gone, especially if Zach leaves too...or if we miss the playoffs again it could be a departure not by Lou's choice.

Edited by NJDevs4978, 05 November 2011 - 11:23 AM.

  • 0
"The Devils have high standards, that's the difference. We have a standard to live up to every year, and a couple of teams in our area don't have the standards we do." - Pat Burns

The New Jersey Devils win Stanley Cups everywhere:
-NHL record for most road wins in the playoffs - 10-1 in '95 and 10-2 in '00
-NHL record for most home wins in the playoffs - 12-1 in '03

#108 2L3MI3UX2

2L3MI3UX2

    Prospect

  • Members
  • Pip
  • 20 posts

Posted 05 November 2011 - 04:28 PM

Would have been a disaster logistically(not including being too close to Ranger country). The place almost flooded from Irene. There's a reason why Hoboken didn't want it. The arena's location isn't why they are in this situation; buses, PATH, light rail and rail are all "right there" too. You don't have to drive in anymore. And the area's being redeveloped as we speak.

Only a few streets had flooding in certain areas... if there were to build over the train station as planned I don't think this would have been a problem. And "Ranger Country"...the whole area is ranger country.
  • 0

#109 Marv4Life

Marv4Life

    Senior Devil

  • Members
  • PipPipPipPip
  • 958 posts

Posted 05 November 2011 - 04:39 PM

Only a few streets had flooding in certain areas... if there were to build over the train station as planned I don't think this would have been a problem. And "Ranger Country"...the whole area is ranger country.

And how are you going to drive and park there? I'm not just talking about the fans, I mean employees, deliveries, media production crew, etc. Logistically it would have been idiotic. There's no room in that area. Think Red Bull Arena and the new Nets arena, times the density. Both poorly placed. Plus the NEC, RVL and NJCL(which all serve the bulk of the fanbase) don't stop in Hoboken; they'd have to take 2, maybe even 3 trains to get there as opposed to one. Add on the extra train fare(at least $2-$3 extra to get there each way as opposed to Newark Penn).

Edited by Marv4Life, 05 November 2011 - 04:47 PM.

  • 0

#110 Jerrydevil

Jerrydevil

    Hall of Famer

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 6,901 posts

Posted 05 November 2011 - 07:55 PM

Was the possibility of bankruptcy discussed during the pre-game show? I missed it.
  • 0

#111 newarkdev01

newarkdev01

    Senior Devil

  • Members
  • PipPipPipPip
  • 897 posts

Posted 06 November 2011 - 09:44 AM

I did find it interesting that the Ledger & Record didnt' run with the story at all. Regardless, no one knows the real situation and if it doesn't affect our on ice product we won't even care. I have loved having JVB as an owner and that he brought the devs to my city and given everyone an arena to be proud of. I am not going to panic because the value of the team is that arena and the tv contract and nothing that's been stated fundamentally changes that.
  • 0

#112 njdevsfn95

njdevsfn95

    Senior Devil

  • Members
  • PipPipPipPip
  • 537 posts

Posted 06 November 2011 - 10:44 AM

The Devils signed that 20yr deal with MSG in 2004. I'm guessing it will run to the 2024/25 season.

They are getting what, $20-25M a year in that deal? So, over the next 13 seasons, that's more $ than the amount of debt this team is in.

Of course, the debt is due a lot sooner than they will acquire that money from MSG; however, it is something to keep in mind. Someone that buys the team will know there is guaranteed money coming in for a long time. Granted, for the next 6 or 7 years about 1/2 of the TV money "goes straight to Kovalchuk."

I remember reading that 'small market teams' that are in 'big markets' do not want to be considered such for the purposes of revenue sharing. The Devils are in a big market but we are not a 'big market' franchise. We do not have NY in the name. The CBA renegotiations could impact the team favorably by a) allowing the Devils to be part of revenue sharing, b) lowering the salary cap floor (worst case in the selling/bankruptcy aspect) and c) potentially rolling back player salaries.
  • 0

#113 TheMazz

TheMazz

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,282 posts

Posted 06 November 2011 - 11:48 AM

Anyone else wish they should have build the arena in Hoboken. The town is filled with people people 18-35 years old with decent jobs who would be steps away from the arena, and the PATH and NJTransit rail (light and regular) have hubs there... Driving would have been tougher than Newark, but the town is great and would have been so much cooler to go out before an after games in that town.


While I don't mind what we have now...takes about 45 minutes w/out traffic for me and my pops to get to the Rock and it's easier to get to the CAA ever was, I personally would have prefered the arena to be have been built in Parsippany. I know a lot of people are going say it wouldn't make sense mass transit wise but it would be easier to get to then going to Newark. The traffic there on Fridays is outrageously awful. Hoboken is a great city but from what I remember hearing the parking situation would have made it a terrible choice. I remember hearing if it was in Hoboken that there would be this underground parking lot or rooftop parking lot (something like that). That would have been a disaster. A disaster of the old Meadowlands caliber where it took you FOREVER to leave (especially if there was horseracing going on). The land over in Parsippany might have been more expensive to obtain then the land over in Newark but putting an arena there wouldn't have been too far-fetched. A lot of the area by there is wooded. You could have easily created it's own exit (A'la PNC Bank Arts Center)

Whenever I pass by Parsippany to go to games I always wonder why they never thought of moving the team over there. The land in Newark must have came really cheap.
  • 0

n2eg.jpg


#114 mmajeski06

mmajeski06

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,997 posts

Posted 06 November 2011 - 12:13 PM

Kevin Smith should buy part of the team.


He's an Edmonton fan now.

Thank god the Barclays Center is not being developed for hockey, otherwise I'd start to worry this team would go the way of the Nets. Maybe not a realistic worry, but did anyone expect the Nets to be in Brooklyn when the Rock was built?

Edited by mmajeski06, 06 November 2011 - 12:21 PM.

  • 0
Posted Image Posted Image

#115 devlman

devlman

    Head Coach

  • Members
  • PipPipPipPipPipPipPip
  • 3,911 posts

Posted 06 November 2011 - 03:55 PM

I'm agreeing with Colin here. I think short term, with the Nets not playing and the recession, jvb will be finding things a bit tough financially, but the team is worth more than the debt on the arena. I think jvb and chambers were only on the hook for $125 mill which isn't all that bad. It's just when you throw in no nets, historic recession, lousy playoffs record that things get a bit hairy. But, I think jvb will and the devils will come thru this.

Edited by devlman, 06 November 2011 - 04:59 PM.

  • 0

#116 NewarkDevil5

NewarkDevil5

    Head Coach

  • Members
  • PipPipPipPipPipPipPip
  • 3,176 posts

Posted 06 November 2011 - 04:26 PM

While I don't mind what we have now...takes about 45 minutes w/out traffic for me and my pops to get to the Rock and it's easier to get to the CAA ever was, I personally would have prefered the arena to be have been built in Parsippany. I know a lot of people are going say it wouldn't make sense mass transit wise but it would be easier to get to then going to Newark. The traffic there on Fridays is outrageously awful. Hoboken is a great city but from what I remember hearing the parking situation would have made it a terrible choice. I remember hearing if it was in Hoboken that there would be this underground parking lot or rooftop parking lot (something like that). That would have been a disaster. A disaster of the old Meadowlands caliber where it took you FOREVER to leave (especially if there was horseracing going on). The land over in Parsippany might have been more expensive to obtain then the land over in Newark but putting an arena there wouldn't have been too far-fetched. A lot of the area by there is wooded. You could have easily created it's own exit (A'la PNC Bank Arts Center)

Whenever I pass by Parsippany to go to games I always wonder why they never thought of moving the team over there. The land in Newark must have came really cheap.


I agree. It should've been put in the middle of a forest in western NJ with it's own exit off of 287 so that people all throughout NJ can get there in about three and a half hours of driving through various different traffic clogged highways that are particularly clogged outbound from the metropolitan center during the hours between 5 and 7. Then you could have paid to build a rail link from that exit in the woods to the nearest rail station for an additional cost of millions of dollars that people who don't live off the Morris & Essex lines would have to take a connecting train to get to (while passing Penn Station Newark to get to that connection, mind you). Yes, overall now that I think about it, I can't see why it wasn't more obvious even then!
  • 0

Newark: The City of New Jersey

gallery_45_180_172422.png


#117 Marv4Life

Marv4Life

    Senior Devil

  • Members
  • PipPipPipPip
  • 958 posts

Posted 06 November 2011 - 05:49 PM

The Nets won't provide much income as a major concert would. They were able to survive without the Nets for 3 years so how do you explain that?

Make a deep playoff run, trim the fat and get rid of useless contracts(on and off the ice), and lower the prices already.
  • 0

#118 SterioDesign

SterioDesign

    Hall of Famer

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 6,747 posts

Posted 06 November 2011 - 06:41 PM

lets just win the cup it should bring a bit of money at least
  • 1

www.SterioDesign.com

 


#119 TheMazz

TheMazz

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,282 posts

Posted 06 November 2011 - 06:49 PM

I agree. It should've been put in the middle of a forest in western NJ with it's own exit off of 287 so that people all throughout NJ can get there in about three and a half hours of driving through various different traffic clogged highways that are particularly clogged outbound from the metropolitan center during the hours between 5 and 7. Then you could have paid to build a rail link from that exit in the woods to the nearest rail station for an additional cost of millions of dollars that people who don't live off the Morris & Essex lines would have to take a connecting train to get to (while passing Penn Station Newark to get to that connection, mind you). Yes, overall now that I think about it, I can't see why it wasn't more obvious even then!


It takes me just as long to get from rt.80 to the exit off of 280 as it does to get from that exit to the Rock if you want to talk about congestion! Let me see rt. 80 or Mulberry St. lol you've got to be kidding...how many hockey fans take the train to Newark, I'm guessing not many. Just think of all the cops you don't need. I'm sure a lot of Devil fans stay away from the Rock because of the crime, the shootings, robberies and just the whole bad Image Newark portrays. On the other hand Parsippany would portray a more family friendly atmosphere.
  • 0

n2eg.jpg


#120 Random Poster

Random Poster

    Head Coach

  • Banned
  • PipPipPipPipPipPipPip
  • 3,512 posts

Posted 06 November 2011 - 07:01 PM

It takes me just as long to get from rt.80 to the exit off of 280 as it does to get from that exit to the Rock if you want to talk about congestion! Let me see rt. 80 or Mulberry St. lol you've got to be kidding...how many hockey fans take the train to Newark, I'm guessing not many. Just think of all the cops you don't need. I'm sure a lot of Devil fans stay away from the Rock because of the crime, the shootings, robberies and just the whole bad Image Newark portrays. On the other hand Parsippany would portray a more family friendly atmosphere.


Putting a professional sized arena or a major pro sports team in Parsippany is about a ridiculous idea as i've ever heard of. I wouldn't even know where to start with explaining allt he reasons why and i live about 15 mins from the town.

Edited by SJP20, 06 November 2011 - 07:07 PM.

  • 0
NJDevs.com 2008-09 Hobey Baker Award Winner, Rookie of the Year.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users