Page 7 of 7 FirstFirst ... 567
Results 181 to 203 of 203

Thread: Rhodes not to seek another term

  1. #181
    Join Date
    Dec 2004
    Location
    Squamish, BC
    Posts
    15,490
    vCash
    2000
    Rep Power
    262

    Re: Rhodes not to seek another term

    Fans aren't always rational. If I were a shareholder, there have been several times in the last five years where I'd be worried about getting mouthfuls from the fans, even if I had nothing to do with a decision.
    Out of my mind; back in five minutes.

  2. #182
    Join Date
    Nov 2016
    Location
    Edmonton
    Posts
    525
    vCash
    2000
    Rep Power
    47

    Re: Rhodes not to seek another term

    I’m pretty sure the Eskimos are operated as a “not for profit” organization. This means that any profits generated by the team are not distributed to any owners or shareholders, but rather reinvested in the team or held as savings to be used by the team at a later date. So any “shares” that the Eskimos have out there mean nothing and Have the same worth as any souvenir piece of paper because you are not entitled to any of the revenues or assets of the club.
    Is it game day yet?????

  3. #183
    Join Date
    Feb 2006
    Posts
    7,854
    vCash
    2000
    Rep Power
    107

    Re: Rhodes not to seek another term

    Quote Originally Posted by glenvb View Post
    Fans aren't always rational. If I were a shareholder, there have been several times in the last five years where I'd be worried about getting mouthfuls from the fans, even if I had nothing to do with a decision.
    Exactly

  4. #184
    Join Date
    Sep 2008
    Location
    Campbell River BC
    Posts
    7,667
    vCash
    2000
    Rep Power
    661

    Re: Rhodes not to seek another term

    Quote Originally Posted by TeqEEla View Post
    I’m pretty sure the Eskimos are operated as a “not for profit” organization. This means that any profits generated by the team are not distributed to any owners or shareholders, but rather reinvested in the team or held as savings to be used by the team at a later date. So any “shares” that the Eskimos have out there mean nothing and Have the same worth as any souvenir piece of paper because you are not entitled to any of the revenues or assets of the club.
    Kinda like the riders shares
    #PizStrong

  5. #185
    Join Date
    Jul 2008
    Posts
    3,259
    vCash
    2000
    Blog Entries
    1
    Rep Power
    126

    Re: Rhodes not to seek another term

    Quote Originally Posted by TeqEEla View Post
    I’m pretty sure the Eskimos are operated as a “not for profit” organization. This means that any profits generated by the team are not distributed to any owners or shareholders, but rather reinvested in the team or held as savings to be used by the team at a later date. So any “shares” that the Eskimos have out there mean nothing and Have the same worth as any souvenir piece of paper because you are not entitled to any of the revenues or assets of the club.
    So if this is true then the answer to the original question which generated this whole discussion still holds true in that the Eskimos are not available for sale at any price. If a guy like Katz wanted to buy them for a crazy sum of money just because he was a fan and wanted to own them it could never happen. Say he offered the BOD $25 million (I think that's a crazy high price for a CFL club but if not then just for the sake of this discussion think of a price too high to refuse in this scenario) since this is not a regularly operated business where the board would be obligated to take such an offer to shareholders the club could never be bought. The only scenario in which the Esks could be sold is if they were taking such heavy losses that it could no longer operate and the shareholders (or anyone else) were not willing to cover such losses. Does anyone have information to the contrary indicating that I am wrong here and that the club could indeed be sold to someone with the proceeds going to the shareholders just like any other business?

    Because if I am wrong here and the club could theoretically be sold to realize a significant profit then there is no way this team should be described as community owned. They should in fact be described as privately owned by a phantom number of shareholders who IMO should be open to criticism for any decisions made. This doesn't just include decisions like Tillman but other criticism the club has received in the past such as keeping the Eskimos name as it has been described as politically incorrect (which I disagree with by the way).
    Last edited by adb; 06-23-2019 at 10:17 AM.
    ôRUN THE DANG BALL!" -Leigh Anne Tuohy character from the film The Blind Side

    "Next time, take a case of Pil into the huddle. If you don't get a beer, get the hell off the field!" -New special teams coach for the Riders

    "When the Eskimos are out on defense it looks like there are two or three number 47s out there." -Duane Ford

    "...I guess we'll have to agree to disagree, I enjoy the banter though ..." -Looner

  6. #186
    Join Date
    Nov 2016
    Location
    Edmonton
    Posts
    525
    vCash
    2000
    Rep Power
    47

    Re: Rhodes not to seek another term

    I think we'll need a corporate lawyer to chime in on this discussion. Unfortunately I am a mere CPA, so after a quick look at the Esks financial statements, this is all I can say for sure:

    1. Eskimos are definitely operated as a not for profit (as evidenced by the use of not for profit accounting in the financials)
    2. There is no line for share capital - which would indicate that there are no shareholders (or at least no shareholders that would meet the accounting definition of a "shareholder")

    Ultimately though, I don't know if the Esks could be purchased, but I imagine that they could be. I don't get the sense that the Esks are a "not for profit" in the same way that the Salvation Army or the Canadian Cancer Society are "not for profits", so I'm unsure if the same rules apply that would in the sale of one of those entities (where any net amounts available at the end of the sale, after paying off debts, need to be distributed to another "not for profit"). If we assume the rules are the same, and the Esks are not in financial trouble, there is no financial benefit to selling the organization no matter how much is offered because no one can benefit from it.

    If the Esks were in financial trouble, I'm sure someone could come in and assume the debts in return for ownership of the organization. In fact didn't that almost happen in Winnipeg when they were replacing the stadium. IIRC one of the Asper's put in a bid like this where he would put a bunch of money up to build a new stadium, but then he would assume ownership of the team. Ultimately, taxpayers built the stadium and Asper was cut out.
    Is it game day yet?????

  7. #187
    Join Date
    May 2007
    Location
    Spruce Grove
    Posts
    7,254
    vCash
    100
    Blog Entries
    5
    Rep Power
    149

    Re: Rhodes not to seek another term

    I'm pretty sure they haven't sold any shares for the better part of a decade now. The process to become a shareholder is like the caramilk secret with a special handshake, current shareholders vouching for you etc etc. The actual share itself is like $25 and not transferable to anyone. But like I said, it's been a while since I've been to one of those meetings so who knows if the process has changed.
    Sorry everyone for not contributing anything to this board... My bad?

  8. #188
    Join Date
    May 2010
    Posts
    945
    vCash
    2000
    Rep Power
    36

    Re: Rhodes not to seek another term

    They are considered Not-for-profit in that profits are not re-distributed to shareholders. Instead any operating profit is kept in house to their Stabilization fund.
    But that is my interpretation, and could easily be wrong.

  9. #189
    Join Date
    Jun 2011
    Posts
    5,888
    vCash
    0
    Rep Power
    215

    Re: Rhodes not to seek another term

    Quote Originally Posted by popo View Post
    They are considered Not-for-profit in that profits are not re-distributed to shareholders. Instead any operating profit is kept in house to their Stabilization fund.
    But that is my interpretation, and could easily be wrong.
    Yeah that's pretty much it I work for a not for profit organization that's how we run too
    In Rod we trust

  10. #190
    Join Date
    Jul 2008
    Posts
    3,259
    vCash
    2000
    Blog Entries
    1
    Rep Power
    126

    Re: Rhodes not to seek another term

    Quote Originally Posted by boydo View Post
    I'm pretty sure they haven't sold any shares for the better part of a decade now. The process to become a shareholder is like the caramilk secret with a special handshake, current shareholders vouching for you etc etc. The actual share itself is like $25 and not transferable to anyone. But like I said, it's been a while since I've been to one of those meetings so who knows if the process has changed.
    That’s it $25? Dang I need to learn the secret handshake.
    ôRUN THE DANG BALL!" -Leigh Anne Tuohy character from the film The Blind Side

    "Next time, take a case of Pil into the huddle. If you don't get a beer, get the hell off the field!" -New special teams coach for the Riders

    "When the Eskimos are out on defense it looks like there are two or three number 47s out there." -Duane Ford

    "...I guess we'll have to agree to disagree, I enjoy the banter though ..." -Looner

  11. #191
    Join Date
    May 2010
    Posts
    945
    vCash
    2000
    Rep Power
    36

    Re: Rhodes not to seek another term

    "With the changes at the top of both the board and the business side, with former president and CEO Len Rhodes stepping down in February, the search continues to find a replacement, while senior vice-president of finance Mandy Johnston has taken over the interim duties."

    https://edmontonsun.com/sports/footb...his-off-season

    Looking over her LinkedIn, Accountant with an MBA from Alabama. So she must like football She seems to have career hopped around a bit; not sure why she'd end up in Edmonton.
    I don't mind the marketing side of the Esks business so far this year, but the damage was already done on the Season ticket base.

  12. #192
    Inquiring Mind's Avatar
    Inquiring Mind is offline We're looking for dick to floor. Let's call that D2F

    2009 & 2014 V-Bookie Champ

    Join Date
    Nov 2004
    Location
    Silicon Valley
    Posts
    13,155
    vCash
    2000
    Rep Power
    78

    Re: Rhodes not to seek another term

    Quote Originally Posted by TeqEEla View Post
    I think we'll need a corporate lawyer to chime in on this discussion. Unfortunately I am a mere CPA, so after a quick look at the Esks financial statements, this is all I can say for sure:

    1. Eskimos are definitely operated as a not for profit (as evidenced by the use of not for profit accounting in the financials)
    2. There is no line for share capital - which would indicate that there are no shareholders (or at least no shareholders that would meet the accounting definition of a "shareholder")

    Ultimately though, I don't know if the Esks could be purchased, but I imagine that they could be. I don't get the sense that the Esks are a "not for profit" in the same way that the Salvation Army or the Canadian Cancer Society are "not for profits", so I'm unsure if the same rules apply that would in the sale of one of those entities (where any net amounts available at the end of the sale, after paying off debts, need to be distributed to another "not for profit"). If we assume the rules are the same, and the Esks are not in financial trouble, there is no financial benefit to selling the organization no matter how much is offered because no one can benefit from it.

    If the Esks were in financial trouble, I'm sure someone could come in and assume the debts in return for ownership of the organization. In fact didn't that almost happen in Winnipeg when they were replacing the stadium. IIRC one of the Asper's put in a bid like this where he would put a bunch of money up to build a new stadium, but then he would assume ownership of the team. Ultimately, taxpayers built the stadium and Asper was cut out.
    The legal entity couldn't be "sold" per se, but they could sell the franchise rights and all the assets to a private entity... most of the CFL franchises stated as NFP's and eventually got converted, except Edmonton, Saskatchewan and Winnipeg which remain (though, Winnipeg under their initial stadium deal with the Asper's providing funding they too would have been privatized, of course that imploded spectacularly). If such a sale did take place, they'd have to settle up any outstanding debts with the sale proceeds and liquidation of assets, and whatever is left over is supposed to be donated/spent for the good of the community as a whole along the lines of how the NFP operated... so with sports teams, they'd probably donate it to build a bunch of sports fields and start programs for kids and the like.

    That's how it's supposed to work in theory anyway. Typically they only get privatized when they're in financial trouble, but if say tomorrow the Esks were sold, that is how the proceeds and reserves would be disbursed.

    NFP's can sell share's, in name, like the Riders have... but they really aren't ownership shares in any practical sense. More of a glorified donation. They don't provide any right to the underlying assets of the entity, nor do I believe they are liable for the debts. Really the BOD runs everything, and while they shouldn't be able to enrich themselves they could conceivably be held liable if they are found to have neglectful in their management/oversight.
    Look. We can go round and round about this all the live long day. Let's keep it simple. I embody amazement. Can you dig on that? Good. Then meet me on the corner of rock and roll, and bring a flask of something that burns.

  13. #193
    Join Date
    Mar 2004
    Location
    Edmonton
    Posts
    13,427
    vCash
    2000
    Rep Power
    96

    Re: Rhodes not to seek another term

    "Len Rhodes, the former president of the Edmonton Eskimos who ran for the UCP in the last election, is the new chair of the agency overseeing alcohol, gambling and cannabis. He is joined by Craig Corbett, Gerard Curran and Elan Harper in new appointments."

    Boo ya! Nice to have friends in high places.

  14. #194
    Join Date
    Jun 2011
    Posts
    5,888
    vCash
    0
    Rep Power
    215

    Re: Rhodes not to seek another term

    Don't worry about Len cause I know we were all worried and ready to take up a collection for him

    Len Rhodes, former CEO of the Edmonton Eskimos and a failed candidate for the UCP in the provincial election, will now be the board chair of the AGLC.
    In Rod we trust

  15. #195
    Join Date
    May 2007
    Location
    Spruce Grove
    Posts
    7,254
    vCash
    100
    Blog Entries
    5
    Rep Power
    149

    Re: Rhodes not to seek another term

    Great so now when I buy my medical marijuana I'm going to get a coupon for $5 off my next tire rotation...
    Sorry everyone for not contributing anything to this board... My bad?

  16. #196
    Join Date
    Oct 2005
    Location
    Victoria, BC
    Posts
    12,448
    vCash
    8537
    Rep Power
    988

    Re: Rhodes not to seek another term

    Quote Originally Posted by boydo View Post
    Great so now when I buy my medical marijuana I'm going to get a coupon for $5 off my next tire rotation...
    "No dress rehearsal, this is our life" - Gord Downie

  17. #197
    Join Date
    Jun 2011
    Posts
    5,888
    vCash
    0
    Rep Power
    215

    Re: Rhodes not to seek another term

    Quote Originally Posted by boydo View Post
    Great so now when I buy my medical marijuana I'm going to get a coupon for $5 off my next tire rotation...
    post of the year candidate
    In Rod we trust

  18. #198
    Join Date
    May 2007
    Location
    Spruce Grove
    Posts
    7,254
    vCash
    100
    Blog Entries
    5
    Rep Power
    149

    Re: Rhodes not to seek another term

    Quote Originally Posted by boydo View Post
    Great so now when I buy my medical marijuana I'm going to get a coupon for $5 off my next tire rotation...
    Or if I'm lucky they might include an MC Hammer cassette single of "2 Legit 2 Quit"....
    Sorry everyone for not contributing anything to this board... My bad?

  19. #199
    Join Date
    May 2010
    Posts
    945
    vCash
    2000
    Rep Power
    36

    Re: Rhodes not to seek another term

    Talk about failing upwards!
    He now gets a 6 figure salary to chair a board of an agency he knows nothing about, and no experience in...
    Unless you want to argue that his concert headliner ideas were made while very drunk/high and in that case he has some experience heading into the appointment at the ALGC.
    Conservatives were silly to airlift him into that riding when they had local leaders ready to run, well connected, who had been pounding the pavements in what had historically been a Conservative riding. But Edmonton was an anomaly last election, the only place in the province that actually wanted to keep the NDP.

  20. #200
    Join Date
    Feb 2006
    Posts
    7,854
    vCash
    2000
    Rep Power
    107

    Re: Rhodes not to seek another term

    Len's new job:


  21. #201
    Join Date
    Dec 2004
    Location
    Squamish, BC
    Posts
    15,490
    vCash
    2000
    Rep Power
    262

    Re: Rhodes not to seek another term

    But I thought he said that winning isn't everything.
    Out of my mind; back in five minutes.

  22. #202
    Join Date
    Jun 2011
    Posts
    5,888
    vCash
    0
    Rep Power
    215

    Re: Rhodes not to seek another term

    Quote Originally Posted by Uncle Bobby View Post
    Len's new job:

    Don't worry I'm sure he'll find a way to **** that up too.
    In Rod we trust

  23. #203
    Join Date
    Mar 2005
    Posts
    1,385
    vCash
    100
    Rep Power
    30

    Re: Rhodes not to seek another term

    Quote Originally Posted by Uncle Bobby View Post
    Len's new job:

    Cheeez , he's no Vanna White! What a grotesque smile.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •