High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

  1. You have chosen to ignore posts from SanDogBrewin. Show SanDogBrewin's posts

    High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    *Sunrise Sports pays about $4.6 million of the arena’s annual debt service of $14.6 million, with the remainder coming from county hotel-tax revenue and state funds. If the arena generates more than $12 million a year of profit, Sunrise Sports gives part of the excess to the county. That’s happened once, according to the county


    *Broward projected at the time that profit-sharing would have returned $76.6 million to taxpayers by now. The county has received $331,000


    *The Florida Panthers finished this season with the 2nd lowest points total in the NHL and drew the 2nd lowest average attendance of 14,200 fans per home game. The team is losing $25 million annually. All of this is the exact opposite situation of the team's owner - Vincent Viola of HFT firm Virtu Financial infamy. As Bloomberg reports, Viola, whose high-frequency trading firm plans to raise millions in an initial public offering next month, is seeking tax dollars to help cover the bills for the hockey team he bought six months ago. Viola asked lawmakers in South Florida’s Broward County to use $64 million in taxpayer funds for arena bond payments owed by the team. In addition to taking over bond payments, which would be made over the next 14 years, the team wants concessions that would cost county taxpayers another $14 million in the same period.


    *Events at the facility helped generate annual profit ranging from about $4.1 million to $9.6 million during the past five fiscal years, county records show.


    Broward Commissioner Chip LaMarca cited revenue from events as a reason not to give the Panthers more tax money. “The entertainment side is going well, but the hockey team isn’t,” he said. “I don’t think we want to subsidize the operation of the team.”


    Apparently, selling tickets to ice hockey games in an area with an average daily high temperature of 83 degrees is just slightly more difficult than the 100% success rate you can achieve by rigging stock markets. Thanks for playing Vincent.


     


    And Viola another scam on taxpayers. Go pound sand!


     


    Playoffs: Reilly Smith > Tyler Seguin

     
  2. You have chosen to ignore posts from 50belowzero. Show 50belowzero's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    Better move the team to Vegas,Anschutz entertainment group is willing to take the gamble! They have the cash as well.

     
  3. You have chosen to ignore posts from Bruinfaninnewjersey. Show Bruinfaninnewjersey's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    In response to SanDogBrewin's comment:
    [QUOTE]


    Apparently, selling tickets to ice hockey games in an area with an average daily high temperature of 83 degrees is just slightly more difficult than the 100% success rate you can achieve by rigging stock markets. Thanks for playing Vincent.


    [/QUOTE]



    just to combat the class-warfare talking points... it's impossible to manipulate the stock market with 100% success

     
  4. You have chosen to ignore posts from Not-A-Shot. Show Not-A-Shot's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    “If we lose the Panthers and the arena operators, we would devalue our asset,” said Broward Mayor Barbara Sharief, referring to the $220 million BB&T Center arena near Fort Lauderdale. “The building could stay vacant for six months out of the year. That’s a significant loss.”


    The value of the 20,000-seat arena would drop 70 percent if the Panthers fold or relocate, Sharief said. The arena would probably lose its concert promoter, Live Nation Entertainment (LYV) Inc., and forfeit a $2 million annual state subsidy if the team left, she said.

     
  5. You have chosen to ignore posts from SanDogBrewin. Show SanDogBrewin's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    In response to Bruinfaninnewjersey's comment:[QUOTE]


    Apparently, selling tickets to ice hockey games in an area with an average daily high temperature of 83 degrees is just slightly more difficult than the 100% success rate you can achieve by rigging stock markets. Thanks for playing Vincent. [/QUOTE]

    just to combat the class-warfare talking points... it's impossible to manipulate the stock market with 100% success [/QUOTE]


    But Viola will give 100% effort in trying to get money out of the taxpayer less than a year after buying the team. The county is already footing the bill to help pay back some debt in bond and hotel tax. Maybe 20% of his Vinny's 50% success rate should be used to fix his own problem.


    My bleeding heart goes out to him...sincerely.  

     
  6. You have chosen to ignore posts from Not-A-Shot. Show Not-A-Shot's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    In response to SanDogBrewin's comment:
    [QUOTE]



    But Viola will give 100% effort in trying to get money out of the taxpayer less than a year after buying the team. The county is already footing the bill to help pay back some debt in bond and hotel tax. Maybe 20% of his Vinny's 50% success rate should be used to fix his own problem.


     


    My bleeding heart goes out to him...sincerely.  


    [/QUOTE]

    Can you think of one reason why he wouldn't want to get more taxpayer money?

     
  7. You have chosen to ignore posts from Not-A-Shot. Show Not-A-Shot's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    Anyway, here's what I think you're going to see happen this summer:

    The Panthers, already solid in net with Luongo and with youth like Huberdeau, Gudbranson and Barkov, will make attempts for a few big name players.  Not average or below average players at bloated costs (looking at you Bergenheim and Jovanovski), but real deal players with big salary demands.


    If the team is playing well, the building will fill up.  The problem they face now is that no one wants to see the home team.  Everyone goes to see the visitors.  Vs. Original 6 teams, or Philly or Pitt, the joint is packed.  Vs. Buffalo, no one goes because no one wants to see either team.  


    I'm waiting on buying season tickets until after the first week of free agency.  If they do something impressive, I will reward them with my guaranteed business.  If they don't, I'm going to a la carte the season.

     
  8. You have chosen to ignore posts from bim09. Show bim09's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    Anyone who buys hockey bonds in South Florida deserves to be broke.


     


     


    “We don’t think it’s prudent for a student to wear a Boston Bruins jersey” -Mike Cohen, English Montreal School Board

     
  9. You have chosen to ignore posts from SanDogBrewin. Show SanDogBrewin's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    In response to bim09's comment:[QUOTE] Anyone who buys hockey bonds in South Florida deserves to be broke. [/QUOTE]



    I don't know...if the bonds have the BBT and Panther stamp on the them, they might be nice to hang in the office.


    Sunrise Sports are making profits off non-hockey events and Viola is making money as well with his hedge fund but they want taxpayer money to bail out a losing business. The next move will be to get Chip LaMarca county commissioner out so someone, who will play ball, can approve the request.

     
  10. You have chosen to ignore posts from Not-A-Shot. Show Not-A-Shot's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    In response to SanDogBrewin's comment:
    [QUOTE]


    Sunrise Sports are making profits off non-hockey events and Viola is making money as well with his hedge fund but they want taxpayer money to bail out a losing business. The next move will be to get Chip LaMarca county commissioner out so someone, who will play ball, can approve the request.


    [/QUOTE]

    Viola's other business is irrelevant.  


    The fact of the matter is that the county owns the building and without the team, they're up the creek.  In helping the team, Broward County is helping itself.  

     
  11. You have chosen to ignore posts from SanDogBrewin. Show SanDogBrewin's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    Viola has plenty of money to invest back into his new business endeavor. What is "bull" is Viola pandering for money from the county. That organization is a joke and so is a billionaire begging for money.


     


    Playoffs: Reilly Smith > Tyler Seguin

     
  12. You have chosen to ignore posts from bim09. Show bim09's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    And whoever buys a hockey team in South Florida deserves to be broke.  Who did the financial projections for that arena??  The answer to that question would be worth far more than the amount they projected.


    All in all i think Viola is gonna have to eat it.  The slimiest thing about it is, when he bought the team, the taxpayer bailout strategy was probably already in the works.  So, in essence, he leveraged taxpayer money as part of revenue stream..  That is fked up.


     


     


     


    “We don’t think it’s prudent for a student to wear a Boston Bruins jersey” -Mike Cohen, English Montreal School Board

     
  13. You have chosen to ignore posts from WalkTheLine. Show WalkTheLine's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    I was surprised at the attendance numbers. Higher than I thought and not as dreadful as I assumed. However, I imagine the average ticket price is substantially lower than any of the teams that are in traditional hockey markets and therefor their revenue via ticket sales is not so great. That Viola is a dirtbag with lots of non-Panther money doesn't really matter. That the Panthers and Broward County have a co-dependent relationship does matter. So I think they are going nowhere after a whole bunch of pyssing and moaning by all in involved.


    And I think NAS has it right...they will actually be in a situation where they will now have to go spend some dough on a couple of quality players. By the way, how much are season tix down there?


     

     
  14. You have chosen to ignore posts from SanDogBrewin. Show SanDogBrewin's posts

    Re: High-Speed Traders Hockey Team Seeks Taxpayer Bailout: Florida Panthers final demise ?

    In response to bim09's comment:[QUOTE] All in all i think Viola is gonna have to eat it.  The slimiest thing about it is, when he bought the team, the taxpayer bailout strategy was probably already in the works.  So, in essence, he leveraged taxpayer money as part of revenue stream..  That is fked up. [/QUOTE]


    Yah I think in a sense WLH has it right, there will be some pi$ $ing and moaning. For now I'm on the side of the County Commissioner. No way should taxpayers have to cough up a dime.

     

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