boco357 Posted June 16, 2020 Posted June 16, 2020 https://www.syracuse.com/buffalo-bills/2020/06/buffalo-bills-owner-no-negative-financial-situation-will-impact-franchises-ability-to-extend-sean-mcdermott-brandon-beane.html
IgotBILLStopay Posted June 16, 2020 Posted June 16, 2020 (edited) stating the obvious - Beane and McDermott cost peanuts relative to the 220 + mill salary bill for 2020 and are arguably more important than any player on the team. Edited June 16, 2020 by IgotBILLStopay 5
Mr. K Posted June 16, 2020 Posted June 16, 2020 If you missed the Sabres Presser today (I know not all Bills fans are sabres fans) they sounded like keeping the Sabres a float was a challenge and talking about how his oil/energy business "isnt doing well but at least were not in debt." I hope the Sabres level of fragility does not seep down to one bills drive. 1
Don Otreply Posted June 16, 2020 Posted June 16, 2020 I would expect that the Sabres is legally and financially a separate business entity to the Bills, so as one would not bring down the other under financial strain, that and being that their gas and oil business carries no debt they are in good shape to weather out this present economic storm. Jmo.
WhoTom Posted June 16, 2020 Posted June 16, 2020 25 minutes ago, Jaraxxus said: Talk about a misleading title I don't know about misleading, but it's a convoluted way of saying, "We've got enough money to keep McDermott and Beane." 2
Malazan Posted June 16, 2020 Posted June 16, 2020 This question feels like the reporter didn't do their homework and was looking for a cheap bump 1
Doc Posted June 16, 2020 Posted June 16, 2020 “There is no financial situation," Terry Pegula said. “I don’t know where that rumor started. If you look at every oil and gas company, which is our core business outside sports, they’re all — you might use the word — hurting. But we don’t have any debt on our oil and gas business.”
CNYfan Posted June 16, 2020 Posted June 16, 2020 (edited) I read in Barron's a few weeks back that Jerry Jones' energy company (CRK a Texas Oil Company) was a total flop. With annualized returns of -15% over the past 15 years (the exact figures escape me but one can probably find the article). The bonds were below junk grade, but the company was bailed out by asset purchases by the Federal Reserve. There's a guy who needs a taxpayer bailout. Edited June 16, 2020 by CNYfan 15 years
zonabb Posted June 16, 2020 Posted June 16, 2020 zero debt and being asset owners (in oil/gas) means they are on sound financial ground all around. Let's be honest, the Bills make money. And they paid cash for them and have zero stadium debt (why I have long stated and will continue to state that they are not in favor of a new stadium carrying that debt... imagine no fans this year and what that would mean if they were carrying $500M in stadium debt). Bills are fine and will always be fine in this market, it's just that the greedy owners like Jones and Kraft aren't fine with it, they want more profit. But they are profitable. I think they made a major mistake trying to get into other areas of sports with PS&E. They feel like deep pockets make them capable of anything but as I have also stated, this is a guy who is a geologist/rock jockey who was smart and made billions. She's a Houghton College grad who was waiting table in Olean and about to leave to be a fisherwoman in Alaska before the golden goose came along. She worked in oil and gas and she's in over head in sports and entertainment. PS&E was a loser and they apparently lost big, but again, just because you have billions doesn't guarantee success in other business ventures outside the one you made your millions. And by many accounts, she's not a leader or visionary, just a rich entitled micromanager. The Sabres are a problem, and although clearly a standalone LLC, they must be looking at the Bills as a way to keep the Sabres afloat and hopefully still profit. I wouldn't be the least bit shocked to find out that they're interest in the Bills was as a way to offset losses with the Sabres, who every single owner has claimed is a loser. Smart move for the same reasons as above... they have zero debt on either team or facility, which minimizes any losses. In the end, they are sitting on a football team that has appreciated in value significantly since they bought it, far more than oil and gas has. And when oil and gas inevitably increases in price due to global conflict and geopolitics or pure supply and demand, the Pegulas will drill baby drill and make their billions. In the end, all is well for them and always will be.
Bobby Hooks Posted June 16, 2020 Posted June 16, 2020 6 minutes ago, zonabb said: zero debt and being asset owners (in oil/gas) means they are on sound financial ground all around. Let's be honest, the Bills make money. And they paid cash for them and have zero stadium debt (why I have long stated and will continue to state that they are not in favor of a new stadium carrying that debt... imagine no fans this year and what that would mean if they were carrying $500M in stadium debt). Bills are fine and will always be fine in this market, it's just that the greedy owners like Jones and Kraft aren't fine with it, they want more profit. But they are profitable. I think they made a major mistake trying to get into other areas of sports with PS&E. They feel like deep pockets make them capable of anything but as I have also stated, this is a guy who is a geologist/rock jockey who was smart and made billions. She's a Houghton College grad who was waiting table in Olean and about to leave to be a fisherwoman in Alaska before the golden goose came along. She worked in oil and gas and she's in over head in sports and entertainment. PS&E was a loser and they apparently lost big, but again, just because you have billions doesn't guarantee success in other business ventures outside the one you made your millions. And by many accounts, she's not a leader or visionary, just a rich entitled micromanager. The Sabres are a problem, and although clearly a standalone LLC, they must be looking at the Bills as a way to keep the Sabres afloat and hopefully still profit. I wouldn't be the least bit shocked to find out that they're interest in the Bills was as a way to offset losses with the Sabres, who every single owner has claimed is a loser. Smart move for the same reasons as above... they have zero debt on either team or facility, which minimizes any losses. In the end, they are sitting on a football team that has appreciated in value significantly since they bought it, far more than oil and gas has. And when oil and gas inevitably increases in price due to global conflict and geopolitics or pure supply and demand, the Pegulas will drill baby drill and make their billions. In the end, all is well for them and always will be. Good stuff. I just wonder if the Sabres are on stable ground as far as the Pegula’s go. For whatever reason they simply can’t seem to get that train going. And it seems to me they’re far more interested in the Bills. Makes me wonder if the Sabres are in their long term plans.
WhoTom Posted June 16, 2020 Posted June 16, 2020 28 minutes ago, zonabb said: I wouldn't be the least bit shocked to find out that they're interest in the Bills was as a way to offset losses with the Sabres, Their interest in the Bills is the same as their interest in the Sabres: Kim is a fan. Buying the Bills in order to to keep the Sabres afloat doesn't make sense - they'd have been better off taking a chunk of the $1.4B that they spent on the Bills and spend it directly on the Sabres.
Augie Posted June 16, 2020 Posted June 16, 2020 Go cheap on the front office, and you are the Bengals. THAT is NOT a good business plan. 6 2
Doc Posted June 16, 2020 Posted June 16, 2020 8 minutes ago, WhoTom said: Their interest in the Bills is the same as their interest in the Sabres: Kim is a fan. Buying the Bills in order to to keep the Sabres afloat doesn't make sense - they'd have been better off taking a chunk of the $1.4B that they spent on the Bills and spend it directly on the Sabres. Their interest in the Bills was keeping the team in Buffalo. I'm not sure how big fans they were of the Bills, while I know they were big Sabres fans.
delirious Posted June 17, 2020 Posted June 17, 2020 Hope things turn out better for the Sabres. Troubling times when my Penguins went through bankruptcy. Took a chapter 11 bankruptcy protection, a potential HOF goaltender, a HOF winger and a gift wrapped lottery HOF center to dig us out of the pits.
CBennett Posted June 17, 2020 Posted June 17, 2020 6 minutes ago, delirious said: Hope things turn out better for the Sabres. Troubling times when my Penguins went through bankruptcy. Took a chapter 11 bankruptcy protection, a potential HOF goaltender, a HOF winger and a gift wrapped lottery HOF center to dig us out of the pits. Just sell the Sabres they will run them into the ground with their INEPT ownership 1 1
oldmanfan Posted June 17, 2020 Posted June 17, 2020 Double Beane’s salary and have him help oversee the new Sabres GM.
JohnC Posted June 17, 2020 Posted June 17, 2020 2 hours ago, Augie said: Go cheap on the front office, and you are the Bengals. THAT is NOT a good business plan. For the long haul dramatically cutting staff will damage your product and keep you in a bottom tier status. But as a short term survival mode strategy of austerity it is a reasonable or at least understandable approach to take. The hotel, restaurant and airline industries are stripping down in order to survive for today so tomorrow they will still exist. The Pegulas for sure have made plenty of rookie owner mistakes in the football and hockey business. In football you can make foolish mistakes and still make money. However, in hockey there isn't much profit margin to begin with even in the best of times for this market. This pandemic environment is probably going to still exist when the next season occurs. Right now they are just trying to weather the storm and remain viable. In the sports industry the world of yesterday is not the same as it is for today and tomorrow. They are doing their best to adapt. 1
Beast Posted June 17, 2020 Posted June 17, 2020 3 hours ago, zonabb said: zero debt and being asset owners (in oil/gas) means they are on sound financial ground all around. Let's be honest, the Bills make money. And they paid cash for them and have zero stadium debt (why I have long stated and will continue to state that they are not in favor of a new stadium carrying that debt... imagine no fans this year and what that would mean if they were carrying $500M in stadium debt). Bills are fine and will always be fine in this market, it's just that the greedy owners like Jones and Kraft aren't fine with it, they want more profit. But they are profitable. I think they made a major mistake trying to get into other areas of sports with PS&E. They feel like deep pockets make them capable of anything but as I have also stated, this is a guy who is a geologist/rock jockey who was smart and made billions. She's a Houghton College grad who was waiting table in Olean and about to leave to be a fisherwoman in Alaska before the golden goose came along. She worked in oil and gas and she's in over head in sports and entertainment. PS&E was a loser and they apparently lost big, but again, just because you have billions doesn't guarantee success in other business ventures outside the one you made your millions. And by many accounts, she's not a leader or visionary, just a rich entitled micromanager. The Sabres are a problem, and although clearly a standalone LLC, they must be looking at the Bills as a way to keep the Sabres afloat and hopefully still profit. I wouldn't be the least bit shocked to find out that they're interest in the Bills was as a way to offset losses with the Sabres, who every single owner has claimed is a loser. Smart move for the same reasons as above... they have zero debt on either team or facility, which minimizes any losses. In the end, they are sitting on a football team that has appreciated in value significantly since they bought it, far more than oil and gas has. And when oil and gas inevitably increases in price due to global conflict and geopolitics or pure supply and demand, the Pegulas will drill baby drill and make their billions. In the end, all is well for them and always will be. The stadium is rapidly deteriorating and for you to think they are OK just because the rent is free is ignorant. State tax money will not be there after this Covid 19 crisis.
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