Uhh $1.7B?? No. Definitely need a source on this one.
Stadium Discussion
- Thread starter Gene
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Uhh $1.7B?? No. Definitely need a source on this one.
I'm not so sure about that. Even during the bleak times of MLS1.0 when contraction took place, Kraft has only owned one team whereas Hunt had a few and AEG had multiple teams outright with partnerships in 7 MLS teams at different times. Perhaps Kraft sunk money in the league as strictly a flow of cash (behind the scenes- i.e. A league bank account), although there isn't really even info on this to even verify the hypothesis, but Hunt and AEG are the sole reasons MLS didn't fold altogether.
I'm happy to be wrong if data shows Kraft's philanthropic sinking of funds into MLS, but all info points to him being an absentee owner that's happy with the status quo of running a shitty team with zero interest in improvement nor building a home SSS.
I'm a little late on the Golden Gate front, but a private equity firm buys a stake in a company because they see locked up value that can be easily unlocked -- given that elevator buyers don't likely care where they are manufactured, one would think valuable land sitting underneath an elevator factory would be a textbook example of underutilized value that can be unlocked.
Net/net, I think private equity involvement in GAL is a very positive development.
Net/net, I think private equity involvement in GAL is a very positive development.
No way Krafts are out $1.7 Billion.
They spend about $6 million right now in salary. There's no way they've spent that each year for the past 20 years, but let's say they did. $6 million times 20 years is $120 million. Let's assume they break even operationally on non player salaries and game day costs.
With recent expansion fees, they're in the black. That's without including Adidas money, tv money, merchandise sales or ticket money
They spend about $6 million right now in salary. There's no way they've spent that each year for the past 20 years, but let's say they did. $6 million times 20 years is $120 million. Let's assume they break even operationally on non player salaries and game day costs.
With recent expansion fees, they're in the black. That's without including Adidas money, tv money, merchandise sales or ticket money
Yeah, but that's in an LBO followed by an IPO -- hard to imagine that GAL would be going public.
Right, so the only exit for Golden Gate for GAL is a strategic buyer (i.e. another elevator or machinery company.)
Yeah, but that's in an LBO followed by an IPO -- hard to imagine that GAL would be going public.
Yep, after they've sold the land in the Bronx, moved the company somewhere with less valuable real estate (which would probably come with some serious tax breaks from either the state, the city or both) and paid themselves a fat dividend from the proceeds of the sale.
While we don't know what the company sold for, you have to think that it will take a while to find a strategic buyer and the resale isn't going to be a high multiple valuation. So the biggest payout Golden Gate will receive is the land sale in the Bronx. So fuck, CFG should just fork up the hundreds of millions now.
CFG is obviously going to be economic in its approach and not fork up three commas for the land, but fuck me, just get it done. A SSS in the New York City will pay dividends.
So this article about the Krafts was from April 2014 :
The Krafts Are the Worst Owners in the League
http://www.bostonmagazine.com/news/article/2014/03/25/bob-kraft-worst-owner-new-england-revolution/
This is the part that worries me when i hear NYCFC saying things in a similar vein.
When I spoke to Bilello, I asked him what everyone wants to know: Was there any new progress to report on the stadium?
“We’ve made progress on a number of sites,” Bilello said, failing to give specifics. “Some of those we’re no longer looking at, but a number of them we still are engaged on and trying to work some issues through. What I can say is we’re extremely committed to getting the project done. We think it’s critical to not only the Revolution but for the sport of soccer in this region to take this next-level jump. We all believe in it, but we also believe it needs to be in this urban region of Boston.”
That was 2014.
The truth is its all lip service. The Revs aren't doing anything. They are MLS 1.0 personified.
Im not saying NYCFC are this bad though as im sure they want a stadium. I just think they are struggling with the stadium situation.
Also, there is no doubt Kraft did help in saving MLS, how much he sank into it is anyones guess though.
However, its Phil Anschutz and Lamar Hunt that everyone says did the most work. Don Garber also should be applauded for his role.
The sad thing is that Boston would be a great MLS city. It really needs better owners.
What also annoys me is that for the 2026 World Cup bid , who is the honorary chairman of the board ?
Robert Kraft.
The Krafts Are the Worst Owners in the League
http://www.bostonmagazine.com/news/article/2014/03/25/bob-kraft-worst-owner-new-england-revolution/
This is the part that worries me when i hear NYCFC saying things in a similar vein.
When I spoke to Bilello, I asked him what everyone wants to know: Was there any new progress to report on the stadium?
“We’ve made progress on a number of sites,” Bilello said, failing to give specifics. “Some of those we’re no longer looking at, but a number of them we still are engaged on and trying to work some issues through. What I can say is we’re extremely committed to getting the project done. We think it’s critical to not only the Revolution but for the sport of soccer in this region to take this next-level jump. We all believe in it, but we also believe it needs to be in this urban region of Boston.”
That was 2014.
The truth is its all lip service. The Revs aren't doing anything. They are MLS 1.0 personified.
Im not saying NYCFC are this bad though as im sure they want a stadium. I just think they are struggling with the stadium situation.
Also, there is no doubt Kraft did help in saving MLS, how much he sank into it is anyones guess though.
However, its Phil Anschutz and Lamar Hunt that everyone says did the most work. Don Garber also should be applauded for his role.
The sad thing is that Boston would be a great MLS city. It really needs better owners.
What also annoys me is that for the 2026 World Cup bid , who is the honorary chairman of the board ?
Robert Kraft.
Three commas? CFG gonna join the three comma club?
All in, I can seem them spending $1B on the stadium from lobbying to land to construction to other things to pay for...
Minnesota have started construction on their stadium
he often attends Columbia soccer games (as do I), have seen him there a few times
Yeah, I took his Principles of Economics class. Great professor.
how about one of these It can be done
https://www.bing.com/images/search?...A&thid=OIP.tXHKkxpEuzfholGyclT4BQEsDS&q=float
ing+soccer+pitch&simid=608017897360525498&selectedindex=15&mode=overla
https://www.bing.com/images/search?...A&thid=OIP.tXHKkxpEuzfholGyclT4BQEsDS&q=float
ing+soccer+pitch&simid=608017897360525498&selectedindex=15&mode=overla
In its way, this has been suggested a few times before:
http://nycfcforums.com/index.php?search/19544806/&q=etihad+island&o=date&c[node]=10
