tag:blogger.com,1999:blog-853267891466093489.post7466148331836191450..comments2023-10-17T03:14:34.131-06:00Comments on Hurricane Watch: Canes Hold 2015 AGMPathttp://www.blogger.com/profile/06561850429748347683noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-853267891466093489.post-22142617734313274412015-10-08T17:09:48.777-06:002015-10-08T17:09:48.777-06:00I would agree with some of your assessment Stu, bu...I would agree with some of your assessment Stu, but I'm willing to wait and see what if some success on the ice can bring in more fans. I'll admit, I voted to sell the team and since that horse is dead, I'm just a fan waiting to see how this plays out. 63% of shareholders wanted to sell, but the other 37% thought differently. I'll let those in that 37% figure out ways to help the franchise dig themselves out of the financial hole they're buried under. I'm just a fan now......<br /><br />LaRonAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-853267891466093489.post-19066994994616689452015-10-08T15:43:23.520-06:002015-10-08T15:43:23.520-06:00That is what happens when you have a business mana...That is what happens when you have a business manager who knows nothing about managing a business.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-853267891466093489.post-6189724732123964212015-10-06T11:40:05.171-06:002015-10-06T11:40:05.171-06:00The financials are not all that good. Period. Le...The financials are not all that good. Period. Let me explain. They always project based on increased numbers and not historical trends. Why forecast for increased numbers when that is not the trend? Tickets, advertising etc are projected to be much, much higher. The thing is that they don't budget for the low end which is a more responsible way of budgeting. It's always "this year will be better". Its like people in the oil patch that include overtime and bonuses in their household budget. Look at right now, these things are being greatly reduced or cut all together. You have to look at what is the base we will make. Bonuses and overtime are gravy but should not be considered when looking at paying the bills on a long term basis. This is not a way to budget. You have to look at worst case scenario when budgeting. Look at the boards in the rink to start with. There are a bunch empty spaces not sold. And there are big spaces where the Canes have put their own ads for flex packs and the United Way so these are not revenue generating spaces. These are just so the boards don't look like a 1970s rink without advertising. They are budgeting $374,000 in increased ticket sales. This is a 32% increase!!! 2015 was $1,161,171. They are projecting $1,535,000. If they knew the pulse of the city this is unrealistic in budgeting. They just make up numbers so they are not budgeting for a loss. We all knew last years projections were a joke and so are these increased projections. And ad revenue is expected to increase by $150,000. If the rink ad sales are any indication this is not realistic. Anybody able to read a financial statement could poke massive holes in the report. The most disgusting thing is taking education money into general funds. This is literally the parents breaking open the kids piggy bank to pay for the mortgage and promising to pay it back. How this was allowed to happen is borderline criminal. My father was a founding board member of the Canes and is disgusted that this happened as voiced by others old enough to remember the foundation of the team. The structure of the organization was set up so that education funds were segregated not to be used for anything else than the kids education. <br />I just wish there was actual budgeting that was realistic and not "things will be better this year" thinking. Budgeting should not be optimistic. You should always be conservative and cautious. I fear that things will only get worse when the Canes have to start paying the City back their cash. They won't be able to differ this any more. The team is hanging by a financial shoe string here. By their estimates best case scenario is that the team makes $150,000. I am willing to bet that the team becomes insolvent during the coarse of this season unless there are a ton of $1,000 shares sold. Everything has to go right for the team to turn a profit. As negative as I am with the projected budget and misuse of funds I do commend Peter Anholt. He is not in charge of the accounting but I believe he is doing a good job in being accountable (no pun intended) and changing the ice product. He has brought some stability to the locker room. Unfortunately I don't see that stability translating to a massive increase in revenue. A ship can not turn on a dime. The damage the past 6 years have done to hockey fans in Lethbridge can not be turned around in one year. I hope I am wrong but I believe I am being realistic. <br /><br />SkuAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-853267891466093489.post-38472288906479232442015-10-06T10:47:35.924-06:002015-10-06T10:47:35.924-06:00Having McNaughton leave the Board needed to happen...Having McNaughton leave the Board needed to happen 3 years ago. It's quite possible the franchise wouldn't have had to go through all the crap they went through if he wouldn't have been the President. SO many terrible decisions from a guy who never should've been in charge. According to Hurricanes website, Nick Polychronopolous and Pat Shimbashi also did not put their names foreword for reelection. <br /><br />Hopefully this is the last nail in the coffin of that version of the Canes. What a disaster. It's going to be a long way back, but it sounds like we've got a much more informed and hockey educated Board of Directors. I'd like to see this incarnation succeed. As GM Anholt said last night they've got a "lot of work to do", but I'm hopeful they will remain competitive this year and give the fans something to cheer about. <br /><br />LaRonAnonymousnoreply@blogger.com