There’s a new proposed financial framework to build an NHL-caliber rink in the Toronto suburb of Markham, according to the general partner of the project, GTA Sports & Entertainment.
From the press release:
This new option proposes that GTA Centre, LP would be responsible for funding all costs towards the construction of the GTA Centre above a maximum amount of $162.5 million, which the City of Markham would facilitate through receiving private sector developer contributions.
As a result of this new option for the financial framework, the City of Markham would no longer need to borrow $325 million — as in the original financial framework option that was approved by an 11-2 vote by City Council in April 2012 — and the GTA Centre would be 100% privately funded.
Two leading investment banking firms, Wall Street firm Jefferies LLC and Bay Street firm Canaccord Genuity have joined the GTA Centre team to support this new option.
Concerns were raised last year about the financial framework of the project. It was reported in August that the deal could be dead by September. Hence, the new proposed framework.
“We believe that our new option should be considered seriously by Council members,” said W. Graeme Roustan, Chairman and CEO, GTA Sports & Entertainment. “I have met with several private sector developers who support the GTA Centre and want to make financial contributions to the city towards its development. I am very confident that the City of Markham will come up with a satisfactory way to receive the contributions from the private sector developers.”
Roustan has claimed in the past that an NHL tenant is not required in order for the building to be profitable; however, if a new rink is indeed built, expect the expansion/relocation speculation to heat up again.
The Los Angeles Kings may owe Mike Richards money until 2031 (seriously), but in settling his grievance, the team and player more or less get to turn the page.
Kings GM Dean Lombardi ranks among the NHL’s most outspoken executives. Even so, his discussion of what he calls Richards’ “destructive sprial” is a staggering read from the Los Angeles Times’ Lisa Dillman.
“Without a doubt, the realization of what happened to Mike Richards is the most traumatic episode of my career,” Lombardi said in a written summation he provided to the Los Angeles Times. “At times, I think that I will never recover from it. It is difficult to trust anyone right now – and you begin to question whether you can trust your own judgment. The only thing I can think of that would be worse would be suspecting your wife of cheating on you for five years and then finding out in fact it was true.”
Lombardi provides plenty of eyebrow-raising statements to Dillman, including:
- He believed he “found his own Derek Jeter” in Richards, a player who “at one time symbolized everything that was special about the sport.”
- Lombardi remarked that “his production dropped 50 percent and the certain ‘it’ factor he had was vaporizing in front of me daily.” (Bold claim: the production part was probably the bigger sticking point.)
- The Kings GM believes that he was “played” by Richards.
Again, it’s a powerful read that you should soak in yourself, even if you’re unhappy with the Lombardi and the Kings handled the situation.
Maybe the most pressing of many lingering questions is: will we get to hear Richards’ side of the story?
Despite owning two Stanley Cup rings, there are a healthy number of people who aren’t wild about Jonathan Quick.
Those people might feel validated through the Los Angeles Kings’ first two games, as he followed a rough loss to the San Jose Sharks with a true stinker against the Arizona Coyotes on Friday.
Sometimes a goalie has a bad night stats-wise, yet his team is as much to blame as anything else. You can probably pin this one on Quick, who allowed four goals on just 14 shots through the first two periods.
Things died down in the final frame, but let’s face it; slowing things down is absolutely the Coyotes’ design with a 4-1 lead (which ultimately resulted in a 4-1 win).
A soft 1-0 goal turned out to be a sign of things to come:
Many expected the Kings to roar into this second game after laying an egg in their opener. Instead, the Coyotes exploited Quick’s struggles for a confidence-booster, which included key prospect Max Domi scoring a goal and an assist.
It’s worth mentioning that Mike Smith looked downright fantastic at times, only drawing more attention to Quick’s struggles.
After a troubled summer and a failed 2014-15 season, Los Angeles was likely eager to start things off the right way.
Instead, they instead will likely focus on the fact that they merely dropped two (ugly) games.