Quote:
Originally Posted by khabibulin
What about this? If there is any truth to this, it looks like all the hype and drems of a Dec. 31 deadline and the team returning have been dashed again.
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This is true; the report is not false at all
but the wording by the CoG is misleading. It leads one to believe that the 25 million dollar deposit means the new potential owner, Matthew Hulsizer (a Chicago businessman, CEO of PEAK6 i believe) will now be fronting the losses.
It does no such thing. The deal is that the CoG has 25 million in escrow, meant for covering the NHL's losses this season. The CoG did not expect this, and expected a full sale to go through this past summer.
This is bad for the CoG as the $25 in escrow was from "parking garage funds" but is essentially hidden tax payer money.
This is just a deposit, which is entirely refundable btw, that shows the Glendale his financial capacity (after being burned by IEH over the summer; although IEH has reportedly been linked to this new guy, who is loaded with $$$)
It is intended to show the NHL he is the buyer they were looking for, thus fulfilling their part of the deal to find a buyer before December 31st.
Its another way for the CoG to buy more time. Don't be deceived by this tactic. If anything, its a desperate move.
That said, it DOES show the buyer has serious intent to purchase the team. But we dont know what his MOU looks like yet. We dont know anything.