New York Cosmos surive & move to Coney Island
- Thread starter NYCFCfan
- Start date
By coincidence I am working at the Cosmos "stadium" in Uniondale today. Empty as hell.
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For those (like me) who do no the follow NASL and USL closely, this is a useful explanation of the goings on as of late: http://www.si.com/planet-futbol/2016/12/03/nasl-new-york-cosmos-future-us-soccer-usl-meetings
U.S. Soccer could vote Tuesday to grant the NASL the waivers it needs to remain D2, thus maintaining the status quo. It could try to find a way to create one all-encompassing second division. Or it could “promote” the USL and “relegate” the NASL, which very well could result in the movement of some teams and the folding of others.
Goes into detail on individual team ambitions in both leagues, beyond just the Cosmos
i dont think they want status quo....status quo seems to be what brought this situation at hand....plus if rumors are to be true NASL has only 4/5 teams left....no way they let it be a D2.
Yeah, the article starts out with the premise that NASL still has 10 teams right now "in theory" and then plays out the various possible moves/rumors with individual teams. I guess we'll know more soon
i see the argument but i dont think it will happen with the debt involved plus potential lawsuits from those that are not getting paid. i feel someone will buy the image rights of it and keep it until someone else has the Cosmos itch to start it again.....all this assuming they are going under.
Apparently today is D-Day USSF is to meet and determine what will happen in DIV 2/3
Plus it would really cheese off their more sanctimonious fans.
BossNYC
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If they're bankrupt/ceasing operations can't you simply "buy the brand" from whomever owns it and leave the debt to the old Cosmos LLC?
I supect, very strongly, we will see thrice in a lifetime...
Very common in bankruptcy for the debtor to sell off assets with the proceeds going to pay down the debt. In other words, yes.
Yeah, but what happens when the USL Kosmos outdraw RB in attendance???
BossNYC
Registered
I actually had the exact same thought as soon as I finished typing it. haha
I think at this point they'll just be glad to have people coming to the stadium, no matter who they've come to see!
Welp. They got it now, Robbie.
Interesting. Thanks for the update. Maybe also in order to not lead into MLS Cup with "negative news". Some (myself included) would say positive news if NASL were to die... but in some ways it would certainly distract from MLS Cup and could be a negative if a number of teams dissolve (rather than switching into USL, etc.).
Only teams I see dissolving aside from the Cosmos are Rayo OKC and the Ft Lauderdale Strikers. Their owners are pretty much MIA at this point.
You should see the DIP loans we used to negotiate back in my boutique IB days. The old creditors would have gotten jack shit and we'd take an option on all the upside.
ETA: FootyLovin going back to our off board talks and to answer my own question, thats why you force bankruptcy on a borrower. Gain control for less than the cost of assets. DIP loans are pretty damn awesome. You can subrogate everyone and boss the game. Restructuring is a fun business.
If anyone has an extra couple mil and wants to take over struggling small businesses with limited downside, hit me up. Let's go get super fucking rich due to shitty bankruptcy laws.
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Here's an off-topic tangent for you: the NWSL. Reading this, I had the thought that the NWSL and the MLS should essentially "merge", and MLS teams should also be fielding women's teams, much like the Premier League teams do. More revenue for the MLS stadiums, and hopefully a better deal and better exposure in better markets for female professional soccer players.
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