/……. Cons. are in the forgiving mood…interesting…Debt being written off …for what purpose ?Some feel it’s clearing the way for a private acquisition of IGF and the Bombers?..Could True North be a player?
Well, everyone knew the chances of the bombers paying off their portion of the debt was very remote - - - the question has to be asked about writing off the debt - - -
Why does it have to be done so soon?
Why not continue with the bombers paying a small share of principal and interest every year (3 or 3.25 million) so long as they’re able.
Perhaps the FIX WAS IN - and MillerWad has already come cap in hand to Pallister, knowing that the re-payment wasn’t sustainable.
In any event - David “Dizzy” Asper, Dr. Demento Greg Sellinger and many others pulled off one of the great bank hoists in Manitoba history!
Expect to hear the lawsuit(s) closed out this fall.
Then True North offers to help us out, just need a gross of those 90/10 slots in The Pinnacle Room and kapow we got us a program.
We hear that the remains of Wellington Waste are packaging a deal to sell shares to those of us who’ve been told we already are the shareholders…
the irony is that if True North does Shark Club it, that’s the only way the true Bomber fans will ever get into The Pinnacle of IGF.
Well maybe with this extra money we can BUY a Grey Cup.
……True North is very well heeled…BUT would they be willing to take on an entity that may never be in the black…I guess if the model was changed to their way of doing business…it could work…IGF could be a gold mine if it ever reaches it’s potential…That would have to be a coach like Bud Grant and a decade of Cups…The potential is there for True North on the compass but a few more hurdles would have to be overcome before they’d move on it…I know govts. like Pallisters do not like holding crown corps. rather they would have them privatized…Never know what’s going on behind the scenes
I think Mr. Chipman and True North could be enticed into a purchase by various factors.
The acquisition of IGF field - to be utilized for more than just 10 exhibition & regular football games per year (plus the odd playoff encounter, a Grey Cup every 8 or 9 years)
The acquistion of the football team - without a significant debt load (like the 85 million payback)
Ability to select and employ their own management, coaches & stadium personnel
Ability to select food & beverage concessionaires with better service levels than current
Ability to control parking and bumper parties with allied revenues
Concert availability on a preferred basis - in concert with University of Manitoba
Reservation of Stadium grounds for special events from City of Winnipeg, Govt. of Canada, Manitoba government.
I also think the thing shouldn’t be handed over to the True North on a silver platter (ie. FOR FREE)
Perhaps market value (without stadium debt) could be $15 to $25 million - half of which would go to city general coffers, other half to provincial general revenues.
I think continuance for at least 10 years of a board of directors would be helpful but no more sycophants like D. Asper
……Geez Lyle some of things you have listed, that would/could happen with a True North take over, sounds like we would have a AAA rated franchise…Fans in Wpg. aren’t used to that level of competence………………….but I suggest they sure’d like to try…Go Chipman and company
…I believe the Calgary Flames and the Stamps are under the same umbrella and they seem to make it work quite well…Looking at overall success of those two franchises,the Stamps hold up their end, but the Flames are a little burnt out and can’t hold a candle to the Jets
Lots of folks, include the majority of the living mopes who post on local bomber chat sites would disagree with me for 1 basic reason - that the Chipmans, Billionaire Thompson, and almost all True North executives have zero to no football knowledge!
I would counter that during the last 30 years we’ve had many folks who purport to have football knowledge but in the end have the collective knowledge that 1st down sticks stretch approx. 10 yds - and that competitors usually wear helmets.
ie. Lord Lyle Bauer, Dave Asper, Hillbilly Jim Bell, Brendan Taman, Ross Hodgkinson, Tim Burke, Barf “Glostick” Buchko, Mike “Maggot” Kelly, Wad “Never Managed Football” Miller, Doogeyman Berry, Marcel Bellefiuelle, Gomer Kyle Walters, Mike O’Shea, Richie “Golfcart” Hall, many more.
Most Bomber GMs & coaches are no longer working professionally in the sport, are banned (ghost-banned) from the CFL or are working in far lower level jobs.
Burke (aged out)
A professional organization would insure they are hiring best man for the jobs vs. the current mantra of hiring whoever is available and wants to work in the circus!
I would bet that a billion dollars could buy lots of football knowledge. Let’s do it ! I want a cup.
……I have to look at how Chipman and Thompson have methodically built the Jets and are close to a Stanley with the talent they have amassed …Of course they have some well qualified people working for them…one of which is Chevynevertakeadayoff…I have to admit I was a little worried about the way Chev was handling things recently but my concerns were quelled with the way the team played last year…
Now if they (the super monied guys) can do that with a franchise I would have no qualms about them taking over the Bombers and IGF… There is however a certain faction that want everything to remain status quo and keep the club community owned…It worked back in the day but times have changed and the intelligent organizations are the ones that change with it
The new soccer league starts next May, probably couldn’t afford to run both teams without the debt being forgiven?
Thats a great point. However, I think the soccer team is working with a 1 million annual budget - perhaps a tad higher. However, the upfront costs in establishing the team (coaches, managers, trainers, preparation, travel, uniforms, logos, marketing/advertising, far more) are hitting the rod. Also, the Bombers (WFC) had to kick in a certain amount to kickstart the league, not insignificant. They've probably gone at least a half million down without selling any gate tickets, concessions, parking, game magazine advertising, etc. so perhaps close to 2 million in the red currently.
They've also budgeted for crowds of 5,000/game to break even - thats gonna be a challenge for lower tier pro soccer. (no known stars, couple of locals placed on the team just for local interest, etc.). If the team flounders into the depths of 2,000 to 2,500 fans a game there's gonna be problems. Team might get an injection/subsidy for an extra year but if they don't clear 5,000 fans - BIG PROBLEMS.
Hope it works, soccer is a great sport. an extra 20 to 24 gates a year is really required. Although another problem i thought of - artificial turf - few professionals want to play soccer on Artificial turf - getting their skin seared continually!
“Writing off” doesn’t mean the debt goes away. It is simply an accounting measure to show that the party owed the debt doesn’t have a reasonable expectation of recovering it (at least not completely) and how the charge is carried on the books. They do still expect the Bombers to make some payments and could come up with some formal arrangement. The alternative is to put the Bombers into bankruptcy - politically unpalatable.
…….Unpalatable indeed...UNLESS you have an immediate suitor waiting in the wings, who will rescue the bankrupt team with a realistic plan in mind, saving political face
Not that he needs any more ideas - but please don’t give WadMiller any more ideas. If he gets any hint whatsoever, a plan to sell the team & the stadium to a private entity is afoot - I suspect he’ll start draining the financial coffers with massive front-loaded contracts for himself and his friends. One of the conditions of loan write-off should have been a provincial representative, approved by the auditor-general of Manitoba that oversees all financial transactions so that Miller can’t use the team’s bank accounts as his own personal clearinghouse!