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Article in the Star Tribune confirming the purchase price of $13 million is subject to Northern Educate obtaining financing to "close the deal".

http://www.startribune.com/local/east/229153451.html

Who are the financial backers of Northern Educate?

Marty McSorely wrote:Who are the financial backers of Northern Educate?

Good question. But I think it goes without saying that with this purchase they're going to need more of them.

More important than the "academy"....Does this mean we have to go back to playing White Bear teams at the old, dirty, white bear'ish rinks?

Tenoverpar wrote:More important than the "academy"....Does this mean we have to go back to playing White Bear teams at the old, dirty, white bear'ish rinks?

Seeing that NE encourages their kids to play association hockey during the winter, I don't think you will see the White Bear youth program migrate away from VH anytime soon.

No offense to Northern Educate by any means, but whoever spearheaded the turn-down of $10.55M CASH, should be removed of their duties.

fastncrash wrote:No offense to Northern Educate by any means, but whoever spearheaded the turn-down of $10.55M CASH, should be removed of their duties.

The bond holders wanted the Northern Educate bid. They will still get a 50%+ haircut. I believe Northern Educated should be able to find financing to pay $13 million for a facility that cost $26 million to build.

WarmUpTheBus wrote:I believe Northern Educated should be able to find financing to pay $13 million for a facility that cost $26 million to build.

I think the building's actual market value and its projected cash flow will be more important than its original construction cost.

MNHockeyFan wrote:

WarmUpTheBus wrote:I believe Northern Educated should be able to find financing to pay $13 million for a facility that cost $26 million to build.

I think the building's actual market value and its projected cash flow will be more important than its original construction cost.

Seriously. And I'd love to see the assumptions built into any business plan that claims to be able to service that debt. This thing will be back on the market in 3 - 5 years.

I know it won't happen, but I would like to see White Bear move back to Aldrich. Vadnias has the worst seating for fans. Whoever designed it has never been to a hockey game.

goaliewithfoggedglasses wrote:

MNHockeyFan wrote:

WarmUpTheBus wrote:I believe Northern Educated should be able to find financing to pay $13 million for a facility that cost $26 million to build.

I think the building's actual market value and its projected cash flow will be more important than its original construction cost.

Seriously. And I'd love to see the assumptions built into any business plan that claims to be able to service that debt. This thing will be back on the market in 3 - 5 years.

I doubt that The Woodcrofts have plenty of NHL backed money.

Who are the Woodcroft's?

Craig Woodcroft owns NEEHS/Reebok Nats. Based out of St. louis.

The White Bear Press article said Northern Educate is the biggest user of the facility. How do they make a go of it if they are renting time to themselves?

inthetwine wrote:The White Bear Press article said Northern Educate is the biggest user of the facility. How do they make a go of it if they are renting time to themselves?

Now they won't have to use tuition to buy ice time for one thing.

I hope you at kidding.

Ice Arenas are expensive to operate. Last year Braemar, which has been around forever and probably has very little capital depreciation, LOST $640K. The annual interest on 13 million at 5% is $650K, let alone any principal payment. Best of luck to them but I just don't see it. I would have taken the cash offer.

Are you sure about the Braemar figure. It was less than half that the year before (2011). Maybe that's with all the new construction written in ?

Update on Northern Educate's pending purchase of the Vadnais Sports Center and their decision to cut operations in Eagan and at the National Sports Center. The article does not explain what impact, if any, these cutbacks could have on its pending purchase which was subject to obtaining financing.

http://www.startribune.com/local/east/235501011.html

Also, if the purchase falls through what impact might this have on Achiever Academy?

MNHockeyFan wrote:Update on Northern Educate's pending purchase of the Vadnais Sports Center and their decision to cut operations in Eagan and at the National Sports Center. The article does not explain what impact, if any, these cutbacks could have on its pending purchase which was subject to obtaining financing.

http://www.startribune.com/local/east/235501011.html

Also, if the purchase falls through what impact might this have on Achiever Academy?

Sounds like achiever went down with it. Kids have been looking for other places to play for a while.

Is this whole thing done then? NE and AA?

Talk arund the stadium at last Saturday's game was that they are also buying out WBL's contract to play thier games there, and WB wll have to find new home ice for next year. I would love to move back to Aldrich.

I'm just wondering what would of happened if Woodbury had approved the 8 rink complex, privately owned, like 5 years ago..

inthetwine wrote:Talk arund the stadium at last Saturday's game was that they are also buying out WBL's contract to play thier games there, and WB wll have to find new home ice for next year. I would love to move back to Aldrich.

Looks like you will be playing in the the newest Ramsey Co. arena..the Vadnais Sports Center

Sounds to me like they are canceling arena rentals because they have their own arena.