Wednesday, May 14, 2014
Melnyk Must Go
It is truly amazing how much time, money, thought and energy I spend into my passion for the only professional sports team I like, the Ottawa Senators. And I hate how it's owner, Eugene Melnyk, is treating it.
This guy sure likes to come across as a shining knight in armour who "saved" the team just over 10 years ago, when former owner Rod Bryden filed for bankruptcy. Making out like he bought the team because he's a saint, he did Senators fan a huge favour, nothing more, when he bought the team (from anywhere between $95 to $125 million depending on who you believe). And it hasn't been all sunshine and lollipops since buying the team for him. For you see, Melnyk claims he's been losing about $10 million a year since acquiring the franchise. I'm not sure if that includes the 1/2 season played because of the last lockout (did he lose "just" $5 million for that year?) or if he lost any money for the full season that was lost to a different lockout, but that's what he claims. So if you figure the maximum $125 million he paid for the team (and arena), the approximate $110 million or so he lost operating the team, $235 million spent for the sake of being a saint seems pretty steep. But wait! You see, Forbes magazine estimates the Senators value at $380 million. So, big shock, a rich old white man claims to be poor but in essence acquired an asset that has appreciated in value and will net him about $145 million if he sells the team.
Melnyk is sneaky. And while he's also maddening to the fan base, he isn't stupid. He's crying poor to land a casino to build right beside his rink. No one seems to be buying this "I'm poor" business, and I'm one of them. But it doesn't matter what I think, for me all that matters is that he tries to run a team effectively to bring the Stanley Cup back to Ottawa one day. But if he wants to run the team into the ground, what can we do?
Judging though from the actions of the team in the last year, it has to go down as one of the worst in history. Not points-wise (the early expansion years have that honour) but in terms of expectations and handling of their roster. They started out by not resigning their franchise player Daniel Alfredsson, their Captain and most loyal soldier since the mid 90s. Then Melnyk starting spouting out the word "budget" any chance he'd get, pretty much telling the fans he isn't interested in signing the best talent potentially available. Then the team tanked and missed the playoffs. And lastly, the current captain Jason Spezza looks to be traded in the next month. Another franchise player gone, two Captains leaving in a year.
I blame Melnyk for this entire mess and unfortunately as the owner of the team he can run it any way he wants. But to sit there and claim the Ottawa Senators are a money loser and he's some sort of good person for buying the team in the first place...c'mon Eugene. This summer and next season must just be the longest in Sens history, and the only way I can see it getting better is if he gets out of the NHL and sells it to someone else.
This guy sure likes to come across as a shining knight in armour who "saved" the team just over 10 years ago, when former owner Rod Bryden filed for bankruptcy. Making out like he bought the team because he's a saint, he did Senators fan a huge favour, nothing more, when he bought the team (from anywhere between $95 to $125 million depending on who you believe). And it hasn't been all sunshine and lollipops since buying the team for him. For you see, Melnyk claims he's been losing about $10 million a year since acquiring the franchise. I'm not sure if that includes the 1/2 season played because of the last lockout (did he lose "just" $5 million for that year?) or if he lost any money for the full season that was lost to a different lockout, but that's what he claims. So if you figure the maximum $125 million he paid for the team (and arena), the approximate $110 million or so he lost operating the team, $235 million spent for the sake of being a saint seems pretty steep. But wait! You see, Forbes magazine estimates the Senators value at $380 million. So, big shock, a rich old white man claims to be poor but in essence acquired an asset that has appreciated in value and will net him about $145 million if he sells the team.
Melnyk is sneaky. And while he's also maddening to the fan base, he isn't stupid. He's crying poor to land a casino to build right beside his rink. No one seems to be buying this "I'm poor" business, and I'm one of them. But it doesn't matter what I think, for me all that matters is that he tries to run a team effectively to bring the Stanley Cup back to Ottawa one day. But if he wants to run the team into the ground, what can we do?
Judging though from the actions of the team in the last year, it has to go down as one of the worst in history. Not points-wise (the early expansion years have that honour) but in terms of expectations and handling of their roster. They started out by not resigning their franchise player Daniel Alfredsson, their Captain and most loyal soldier since the mid 90s. Then Melnyk starting spouting out the word "budget" any chance he'd get, pretty much telling the fans he isn't interested in signing the best talent potentially available. Then the team tanked and missed the playoffs. And lastly, the current captain Jason Spezza looks to be traded in the next month. Another franchise player gone, two Captains leaving in a year.
I blame Melnyk for this entire mess and unfortunately as the owner of the team he can run it any way he wants. But to sit there and claim the Ottawa Senators are a money loser and he's some sort of good person for buying the team in the first place...c'mon Eugene. This summer and next season must just be the longest in Sens history, and the only way I can see it getting better is if he gets out of the NHL and sells it to someone else.
Subscribe to Posts [Atom]
