Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 Does anyone get the feeling that because this is being conducted by a search firm, that this will be a protracted process, meaning that qualified candidates will be taking jobs as the Jets go through a "process"? Link to comment Share on other sites More sharing options...
SayNoToDMC Posted December 31, 2012 Share Posted December 31, 2012 Does anyone get the feeling that because this is being conducted by a search firm, that this will be a protracted process, meaning that qualified candidates will be taking jobs as the Jets go through a "process"? My only expectation is for this to go horribly wrong Link to comment Share on other sites More sharing options...
Marco Posted December 31, 2012 Share Posted December 31, 2012 Does anyone get the feeling that because this is being conducted by a search firm, that this will be a protracted process, meaning that qualified candidates will be taking jobs as the Jets go through a "process"? I would imagine it would be based on the mandate that Woody has given them and the deadline with it. After all, he is their client. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 My only expectation is for this to go horribly wrong You mean, like having Rex be involved with the process? Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 I would imagine it would be based on the mandate that Woody has given them and the deadline with it. After all, he is their client. By the mere fact that their is a sourcing company involved, means that the process is more layered than teams that can do this themselves. Link to comment Share on other sites More sharing options...
SayNoToDMC Posted December 31, 2012 Share Posted December 31, 2012 You mean, like having Rex be involved with the process? I mean like not filing a restraining order immediately after todays press conference having him and Tanny banned from all team facilities Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 Early prediction on my part-It will be Tom Heckert ultimately signed. It will give Woody someone that has experience, it will be someone that other teams won't snap up quickly, and Heckert won't have many other options. Just a guess at this point. Link to comment Share on other sites More sharing options...
jack48 Posted December 31, 2012 Share Posted December 31, 2012 If Woody likes having Rex around so much, he should offer him a job as his butler--at the same pay rate, of course. You cannot hamstring a new GM like this. We should have a GM who does not want to run a 3-4, who wants an offensive minded head coach, and who wants a tight ship (no leaks). Rex dies bit fukk any if tghiose requirements. If we pick our GM to match Rex's coaching requirements, where have we progressed exactly. We would need a troglodyte GM. Link to comment Share on other sites More sharing options...
Lil Bit Special Posted December 31, 2012 Share Posted December 31, 2012 Does anyone get the feeling that because this is being conducted by a search firm, that this will be a protracted process, meaning that qualified candidates will be taking jobs as the Jets go through a "process"? I think Woody is a stupid football person and needs as much help from others that he can get. I think its a good move now. Keep that footballstupid owner out of the process for as long as possible and have a search committee find the best possible person for the job. Link to comment Share on other sites More sharing options...
JohnnyHector Posted December 31, 2012 Share Posted December 31, 2012 woody is plenty rich. it's easy for the message board to say eat all these contracts but no one likes wasting money. Clearly you haven't met my wife. Link to comment Share on other sites More sharing options...
SouthernJet Posted December 31, 2012 Share Posted December 31, 2012 Early prediction on my part-It will be Tom Heckert ultimately signed. It will give Woody someone that has experience, it will be someone that other teams won't snap up quickly, and Heckert won't have many other options. Just a guess at this point. I think its a surprise and we get Giants Marc Ross. Woody finally waved flag. Ex Giants GM Arcorsi hired by panthers to find new GM. He recommended Ross #1. Owner Richardson/Panthers were in negotiations and Ross pulled out the other day. Seems odd unless he found out he could get a GM job and not have to move his family Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 I think its a surprise and we get Giants Marc Ross. Woody finally waved flag. Ex Giants GM Arcorsi hired by panthers to find new GM. He recommended Ross #1. Owner Richardson/Panthers were in negotiations and Ross pulled out the other day. Seems odd unless he found out he could get a GM job and not have to move his family Interesting thought process. The Jets have supposedly been talking with this firm about the position for over a month. Link to comment Share on other sites More sharing options...
Lizard King Posted December 31, 2012 Share Posted December 31, 2012 I would be interested to find out. This is all compounded by a terrible economy and having two super bowl winning teams in or close to your market. As promised: $650 Million in outstanding debt under "Jets Stadium Development LLC," which New York Jets LLC is the obligor. I excluded any retired debt, so these are all outstanding issues: $200M - private placement - floating - Quarterly US Libor + .50 - Maturity 4/1/2047 - Sinkable Call 4/1/2013 @ 102 (ie can be paid off on this date using fund already set aside to assure the bonds are repaid) $85M - private placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $97.5 M - private placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $200M - Reg S (foreign investors) - Euro dollar - Floating Quarterly Libor + .50 - Maturity 4/1/47 - Sinkable Call 4/1/13 @ 102 $85M - Private Placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $85M - Private Placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $97.5M - Reg S- Eurodollar - auction - coupon undisclosed - 4/1/47 - sinkable call undisclosed $97.5 M - private placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $97.5M - Reg S Eurodollar - auction - 0.9% - 4/1/47 - sinkable call undisclosed $85M - Reg S Eurodollar - undisclosed coupon - 4/1/47 - sinkable call undisclosed $85M - Reg S Eurodollar - undisclosed coupon - 4/1/47 - sinkable call undisclosed $85M - Reg S Eurodollar - undisclosed coupon - 4/1/47 - sinkable call undisclosed Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 As promised: $650 Million in outstanding debt under "Jets Stadium Development LLC," which New York Jets LLC is the obligor. I excluded any retired debt, so these are all outstanding issues: $200M - private placement - floating - Quarterly US Libor + .50 - Maturity 4/1/2047 - Sinkable Call 4/1/2013 @ 102 (ie can be paid off on this date using fund already set aside to assure the bonds are repaid) $85M - private placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $97.5 M - private placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $200M - Reg S (foreign investors) - Euro dollar - Floating Quarterly Libor + .50 - Maturity 4/1/47 - Sinkable Call 4/1/13 @ 102 $85M - Private Placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $85M - Private Placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $97.5M - Reg S- Eurodollar - auction - coupon undisclosed - 4/1/47 - sinkable call undisclosed $97.5 M - private placement - auction - 0.9% - 4/1/2047 - Sinkable Call 1/31/13 @ 103 $97.5M - Reg S Eurodollar - auction - 0.9% - 4/1/47 - sinkable call undisclosed $85M - Reg S Eurodollar - undisclosed coupon - 4/1/47 - sinkable call undisclosed $85M - Reg S Eurodollar - undisclosed coupon - 4/1/47 - sinkable call undisclosed $85M - Reg S Eurodollar - undisclosed coupon - 4/1/47 - sinkable call undisclosed Awesome work! Thanks! Most Billionaires are Billionaires on paper and carry a tremendous amount of debt through their businesses that create profit. Ofcourse this debt is tied to an asset that most likely has equity in it (asset vs liability). But who knows how his cash flow is going with this franchise considering the bad economy, and a bad franchise. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 Awesome work! Thanks! Most Billionaires are Billionaires on paper and carry a tremendous amount of debt through their businesses that create profit. Ofcourse this debt is tied to an asset that most likely has equity in it (asset vs liability). But who knows how his cash flow is going with this franchise considering the bad economy, and a bad franchise. Any NFL owner has positive cashflow, if you discount ammortized debt. Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 Any NFL owner has positive cashflow, if you discount ammortized debt. Kinda hard to discount it. Unless you want them to default. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 Kinda hard to discount it. Unless you want them to default. But, as you said, it is collateral against an asset. The jets as a franchise are worth more than what Woody borrowed for the new stadium. Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 But, as you said, it is collateral against an asset. The jets as a franchise are worth more than what Woody borrowed for the new stadium. Which has nothing to do with cash flow (money brought in vs money taken out). Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 Which has nothing to do with cash flow (money brought in vs money taken out). Correct, with TV contracts, with merchandising, Woody should have a positive cash flow, unless he is totally inept. It is hard to lose money s an NFL owner in today's climate Link to comment Share on other sites More sharing options...
SouthernJet Posted December 31, 2012 Share Posted December 31, 2012 Any NFL owner has positive cashflow, if you discount ammortized debt. I think TV revenue flows on Day One of season Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 Correct, with TV contracts, with merchandising, Woody should have a positive cash flow, unless he is totally inept. It is hard to lose money s an NFL owner in today's climate He has additional debt to pay for (the loans listed) He has to make payments on them every month, or week or year. He also took out that debt expecting a certain cash flow from ticket sales. Those sales are not what were expected. I'm sure it is positive - but not as positive as you might think and certainly not as positive as other owners without that debt. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 He has additional debt to pay for (the loans listed) He has to make payments on them every month, or week or year. He also took out that debt expecting a certain cash flow from ticket sales. Those sales are not what were expected. I'm sure it is positive - but not as positive as you might think and certainly not as positive as other owners without that debt. All I said is that he has "positive" cash flow. If he does not, he is a horrible businessman Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 All I said is that he has "positive" cash flow. If he does not, he is a horrible businessman Then every business owner in america must be "horrible" businessmen since they all go through it at one time or another. He took out a loan for a stadium in a bad economy, for a team that hasn't won much in the last two years. I'm sure all of his sales are down. Meanwhile you see the debt he needs to pay on annually. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 Then every business owner in america must be "horrible" businessmen since they all go through it at one time or another. He took out a loan for a stadium in a bad economy, for a team that hasn't won much in the last two years. I'm sure all of his sales are down. Meanwhile you see the debt he needs to pay on annually. Revenue is at an all time high in the NFL. TV money, Interactive money, merchandising monies have not been affected by the economy. They actually have grown at record rates. Again, Woody has a positive cash flow Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 For RSJ http://xfinity.comcast.net/slideshow/sports-valuableNFLteams2012/5/ Link to comment Share on other sites More sharing options...
T0mShane Posted December 31, 2012 Share Posted December 31, 2012 Judging by this guy's sterling resume, he only seems capable of 1. Bringing Brady Hoke in as head coach and 2. Getting Tannenbaum a job as commissioner of the Big Sky Conference. Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 Revenue is at an all time high in the NFL. TV money, Interactive money, merchandising monies have not been affected by the economy. They actually have grown at record rates. Again, Woody has a positive cash flow In a good year a team makes about 7 million off of Jersey sales (depends on the team). TV revenue pays for the player salaries, plus about 10 million a year. Most of the money above and beyond comes off of tickets, parking, and hot dogs. The NFL is off in this area. http://bleacherrepor...-blackout-rules The Jets operating income (Income after expenses - but before interest and taxes) was 27 million in 2011. Not a lot of room to wiggle with. http://www.forbes.co.../new-york-jets/ Link to comment Share on other sites More sharing options...
Lizard King Posted December 31, 2012 Share Posted December 31, 2012 He has additional debt to pay for (the loans listed) He has to make payments on them every month, or week or year. He also took out that debt expecting a certain cash flow from ticket sales. Those sales are not what were expected. I'm sure it is positive - but not as positive as you might think and certainly not as positive as other owners without that debt. I debated on including that tidbit, but now that you asked, the payments are the 4th Saturday of every month. I'm by no means a bond guru, but in terms of the debt based on quarterly LIBOR, which he is paying +50, he is paying less in interest on those now than he was in 2007, so he's actually better off now on those. The auction rate bonds were offered at 0.9%, but it is not listed at what they were actually priced at on placement, since they were all Rule 144a private placement. Also, all that debt is callable, ie can be repaid in full, at 103% of principal as soon as April 2013. I'd be shocked to see him do that to 650 Million in debt but he can certainly begin to pay it down. It's not like he needs to maintain good faith with the investing public until about 25 years from now, when they'll think again about a new stadium. Cash flow is a funny thing. In my accounting 101 class, our CPA thought that cash flow statements were worthless documents that were included in GAAP due to public pressure. Who knows how they are amortizing the debt- straight line? It doesn't really matter, they aren't public and get a lot of tax incentives I think from the NJSEA as well. Lets not kid ourselves, they make a shtload of money, and the bonds are backed by a $1Billion plus New York sports franchise. Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 For RSJ http://xfinity.comca...NFLteams2012/5/ Look at the Forbes breakdown of value. Most of it comes from its association with the NFL and its name value. Value is a funny term. It does not mean cash. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 In a good year a team makes about 7 million off of Jersey sales (depends on the team). TV revenue pays for the player salaries, plus about 10 million a year. Most of the money above and beyond comes off of tickets, parking, and hot dogs. The NFL is off in this area. http://bleacherrepor...-blackout-rules The Jets operating income (Income after expenses - but before interest and taxes) was 27 million. Not a lot of room to wiggle with. http://www.forbes.co.../new-york-jets/ I may not be the brightest guy, but I believe that constitutes a positive cash flow. Link to comment Share on other sites More sharing options...
Lizard King Posted December 31, 2012 Share Posted December 31, 2012 In a good year a team makes about 7 million off of Jersey sales (depends on the team). TV revenue pays for the player salaries, plus about 10 million a year. Most of the money above and beyond comes off of tickets, parking, and hot dogs. The NFL is off in this area. http://bleacherrepor...-blackout-rules The Jets operating income (Income after expenses - but before interest and taxes) was 27 million. Not a lot of room to wiggle with. http://www.forbes.co.../new-york-jets/ Thanks for that. Expenses include debt service, so they are cash positive. Plus, we don't know how much the NYJ have in free cash, either. Correction: Did not see that you were using EBIT...so they may not necessarily be cash positive!!! Link to comment Share on other sites More sharing options...
RSJ Posted December 31, 2012 Share Posted December 31, 2012 I may not be the brightest guy, but I believe that constitutes a positive cash flow. That was in 2011. You think ticket sales and stadium sales increased in 2012? Like Bleeding said, we do not know how much "cash" the Jets have. Could be that Woody bleed them dry before the stadium. 27 million after taxes can dry up quickly. Mike Tyson made more. Link to comment Share on other sites More sharing options...
Scott Dierking Posted December 31, 2012 Share Posted December 31, 2012 That was in 2011. You think ticket sales and stadium sales increased in 2012? Like Bleeding said, we do not know how much "cash" the Jets have. Could be that Woody bleed them dry before the stadium. 27 million after taxes can dry up quickly. Mike Tyson made more. here you go-I supplied you information that The Jets have a positive cash flow. Now you provide a source that says they do not. Link to comment Share on other sites More sharing options...
JetsFanInDenver Posted December 31, 2012 Share Posted December 31, 2012 I am not sure Forbes report includes all revenue streams. And JETS revenue per fan is just $15. Thats astounding when even the Jags have $59 revenue per person. So something is amiss. Link to comment Share on other sites More sharing options...
Lizard King Posted December 31, 2012 Share Posted December 31, 2012 That was in 2011. You think ticket sales and stadium sales increased in 2012? Like Bleeding said, we do not know how much "cash" the Jets have. Could be that Woody bleed them dry before the stadium. 27 million after taxes can dry up quickly. Mike Tyson made more. See above- did not catch you using EBIT--- my accounting is rusty at best...they may not be cash positive! Link to comment Share on other sites More sharing options...
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