I was just coming to post that tweet. Potential prep for that was going to be part of my eventual photo dump from a couple weekends ago.
Maybe I meant the XFL closing down, not MLS. Breaking: The XFL suspended operations Friday morning and laid off nearly all of its staff, multiple sources told @SeifertESPN and @FieldYates.The league currently has no plans to return in 2021. pic.twitter.com/NxZbHAKRsM— SportsCenter (@SportsCenter) April 10, 2020 Thx, Jay!
More than likely they have the ability to dump excess power generation back into the local power grid and receive a credit for it.
One would think that someone doing business with a grifter like Vince MacMahon and his Orange buddy will get stiffed in the end. These guys didn't get rich, if they really are rich, by paying off their legitimate debts. Their MO is get credit advanced and then file for bankruptcy.
As Trump found out, this scam only works until the you run out of lenders willing to give you money. Then you have to take up another avocation, like fleecing Republican primary voters.
My guess is that Trump's actual Plan B had something to do with laundering dirty money for Russian mobsters. His next scam after involved renting out the use of his name to financial hustlers before moving on to reality TV, where played a successful businessman named Donald Trump. Then, he took up fleecing Republican primary voters.
I wonder what the out of pocket costs were for converting and maintaining the field for football, opening the stadium for 2 game days that they're still on the hook for about 350 grand. It wouldn't surprise me if they're losing money on the deal. I know my golf buddy who is fairly high up in the of the contractors at the stadium finds this all very ironic and humorous.
It would depend on whether or not the XFL paid up front or on a game by game basis. If DCU hadn't been getting payments all along, they are ********ed in this bankruptcy because it is a liquidation and other than some expired steroid pills left over from Vince's wrestling empire, what tangible items does the XFL have to sell off to satisfy creditors? My guess is that every tangible thing in that operation was rented.
Based on the attachment that Jay posted, DC United is an unsecured creditor to the XFL for $316k. Throw in field maintenance, stadium operation cost and you are probably past $400k. Do you really think DC United made enough on game day concessions to break even? I'd be surprised if DC United got any money from the XFL at all. Based on the credit amount, I wonder if VInce told people he would settle up stadium costs at end of the season.
I'm sure that it what is was. Vince said "I'll write you a check at the end of the season to cover the rent." Of course his plan all along was to say, "Hey, can't make a full payment now, how about one quarter and we'll roll the rest over, with interest of course, until next season, rinse, repeat......." As I said before, these guys didn't become wealthy by paying their debts in full on time.
How much has DC United already been paid by the XFL to date? Without that info, it's a leap to assume DC United will lose money because of this.
In basic accrual accounting, cash paid is irrelevant to your net income. The only things that matter are your revenue and expenses. DC United would have to have one hell of a profit margin to be able to eat the expense of a $316k cash write off. May be an assumption but thinking they made any money on this deal doesn't make sense to me. I know you enjoy playing the contrarian but do you really see any scenario where the XFL whom couldn't afford to pay their coaches sen't DC united any money at all?
I play contrarian because people on this forum are so negative about EVERYTHING. Again, unless you know how much DC United made up front on the XFL deal, you can't immediately assume this was a money loser for the team. Is that $316k due to United for the entire season? Is it for the final two home games that weren't played? Is it something else? We don't know.
It's arguable if any of the 316K if it is due for services related to future games is truly a liability. Certainly accounting-wise it isn't. I couldn't tell you how bankruptcy law looks at it.
How bad can things be? The team put up a sponsor sign above one of the three gates and there are now solar panels that weren't paid for by the team on the canopies now. FWIW, as of Sunday, the football goalposts were still up.
I was looking at this photo again this week while thinking about a photo dump of photos from 3 weeks ago or photos from last week and I eventually started to look at shadows since I was curious how the photo was taken. Boom lift. It was probably the same boom lift that was used to get equipment on the canopy. It was probably one of the same boom lifts that is always on the site that is somewhere around $2,000 - $10,000 to rent for a month. That's just my way of saying the crane excuse was bullshit and cranes were rarely used during construction.