PSE Announces Numerous Layoffs in Management Positions

[Brawndo]

Chris Bandura is one of the layoffs

[Zamboni]

They join the many many companies around the globe doing exactly or close to exactly that. No surprise there. And tomorrow there will be more companies. And the next day. And the next day ...

 

Now for the rage like they are doing something unique and evil.
In 3 ... 2 ... 1 ... ?

[Stoner]

11 minutes ago, Zamboni said:

They join the many many companies around the globe doing exactly or close to exactly that. No surprise there. And tomorrow there will be more companies. And the next day. And the next day ...

 

Now for the rage like they are doing something unique and evil.
In 3 ... 2 ... 1 ... ?

Some part of you must believe it; you do this every time.

[LabattBlue]

Was OSP brought in to consult on this?

[Eleven]

A source told The Buffalo News that Sabres General Manager Jason Botterill is among more than three dozen employees who took a temporary tiered percentage pay cut. 

 

Missed opportunity.

[Brawndo]

From John Vogl 

 

PSE has fired 21 employees and multiple sources tell The Athletic the list includes John Sinclair, the vice president of tickets and service; Chris Bandura, the vice president of communications; and Jennifer Van Rysdam, the vice president of live events.

The terminations impacted numerous departments, including the Academy of Hockey at Harborcenter – and sources stressed these were terminations, not furloughs. Pegula Sports and Entertainment has been examining cost-cutting measures for some time, and some of the firings may have come this summer regardless of the COVID-19 pandemic. But the pause created by coronavirus cancellations apparently accelerated the timeline.

[Weave]

more evidence in my mind that this team is headed towards an internal cap....

[Brawndo]

These appear to be terminations per Vogl 

[Eleven]

Just now, Brawndo said:

From John Vogl 

 

PSE has fired 21 employees and multiple sources tell The Athletic the list includes John Sinclair, the vice president of tickets and service; Chris Bandura, the vice president of communications; and Jennifer Van Rysdam, the vice president of live events.

The terminations impacted numerous departments, including the Academy of Hockey at Harborcenter – and sources stressed these were terminations, not furloughs. Pegula Sports and Entertainment has been examining cost-cutting measures for some time, and some of the firings may have come this summer regardless of the COVID-19 pandemic. But the pause created by coronavirus cancellations apparently accelerated the timeline.

That conflicts directly with TBN's report that Sinclair, Bandura, and van Rysdam had been laid off, not fired.

1 minute ago, Brawndo said:

These appear to be terminations per Vogl 

Same...

[PromoTheRobot]

3 minutes ago, Eleven said:

That conflicts directly with TBN's report that Sinclair, Bandura, and van Rysdam had been laid off, not fired.

Same...

 

Paul Hamilton backs up Vogl's take. But is he talking to sources while furloughed from WGR?

[Eleven]

2 minutes ago, PromoTheRobot said:

 

Paul Hamilton backs up Vogl's take. But is he talking to sources while furloughed from WGR?

He's probably talking to Vogl.

Seriously, though, Vogl has a lot more experience in the business than Lysowski has.  It wouldn't surprise me if Vogl were correct.

Edited April 14, 2020 by Eleven

[Brawndo]

4 minutes ago, Eleven said:

That conflicts directly with TBN's report that Sinclair, Bandura, and van Rysdam had been laid off, not fired.

Same...

I trust Vogl and Graham’s Sources more than The Buffalo News to be honest 

[dudacek]

What is status of the players’ paycheques?

Are they not only normally paid in season? Did the pause affect that? And is the “season” ( in terms of paycheques) over with the last weekend of the schedule officially past?

Edited April 15, 2020 by dudacek

[tom webster]

1 hour ago, Weave said:

more evidence in my mind that this team is headed towards an internal cap....

They are correcting some past mistakes within some of their other companies but they have remain committed to letting their sports franchises spend as needed.

They could have easily tied JBOT’s hands and not let him spend anywhere near what they let him spend.

[tom webster]

3 minutes ago, dudacek said:

What is status of the players’ paycheques?

Are they not only normally paid in season? Did the pause affect that? And is the “season” ( in terms of paycheques) over with the last weekend of the schedule officially past?

Players will be paid but I’m not sure if NHLPA made a final decision with regards to taking it or foregoing it in lieu of escrow.

[dudacek]

7 minutes ago, tom webster said:

Players will be paid but I’m not sure if NHLPA made a final decision with regards to taking it or foregoing it in lieu of escrow.

Does “will be paid” mean they have missed a cheque, or just that one is still due?

Edited April 15, 2020 by dudacek

[tom webster]

29 minutes ago, dudacek said:

Does “will be paid” mean they have missed a cheque, or just that one is still due?

No, as far as I know they’ve been assured they will be paid on time dependent on NHL and NHLPA negotiations. Players pay is a league issue, really is irrelevant to this discussion.

[That Aud Smell]

Fwiw:

 

[Zamboni]

Whatever Chad.... Yawn.

[Weave]

38 minutes ago, That Aud Smell said:

Fwiw:

 

Thats how I read it from a semi-interested distance.

[freester]

53 minutes ago, That Aud Smell said:

Fwiw:

 

This is very worrisome.  I think the Pegulas have over extended themselves and may not have adequate liquidity. In addition poor investment choices may have played a role.
 

If they have the option to do a compliance buyout on KO and refuse, that is a very bad sign.  The NHL is headed for some very tough financial times over the next few years.  

[dudacek]

You are running an organization that has not been performing well.

Sales are down, revenue is down, product development testing is going poorly, and your marketing department does not seem to be connecting with the marketplace. You’re frustrated and considering changes.

Suddenly unforeseen circumstances mean that not only are you no longer able to sell your product, but you can’t really market or develop it either. You weren’t really making a profit to begin with and you won’t be making money at all for what could be a very long time.

Do you:

a) save any restructuring until the circumstances are over, buckle down and ride out the storm, paying all your existing employees their salaries to do paperwork and housekeeping, while eating the full loss out of your own pocket?

or b) lay off the people who you don’t consider essential to weathering the storm and put the rest to work crafting the plan on how to best emerge from this situation, while eating a reduced loss out of your own pocket?

Im not sure why the Sabres actions need to be made any more complicated than that.

Edited April 15, 2020 by dudacek

[Taro T]

1 hour ago, That Aud Smell said:

Fwiw:

 

For those of you that want the Pegulas to sell the Sabres, be very careful what you wish for.

They will be fine LT, but with energy prices tanking (haven't looked at NG futures recently, but would be surprised if the oil drop & the lockdown haven't driven those prices down as well) they could find themselves with ST cashflow issues as the taxes on their lands will still be due and they'll still have other expenses even though they aren't generating much revenue (or any if they shut wells down due to prices).

[SDS]

7 minutes ago, Taro T said:

For those of you that want the Pegulas to sell the Sabres, be very careful what you wish for.

They will be fine LT, but with energy prices tanking (haven't looked at NG futures recently, but would be surprised if the oil drop & the lockdown haven't driven those prices down as well) they could find themselves with ST cashflow issues as the taxes on their lands will still be due and they'll still have other expenses even though they aren't generating much revenue (or any if they shut wells down due to prices).

I thought they liquidated their lands and basically had 4.5 billion in cash prior to the bills.

[Taro T]

Just now, SDS said:

I thought they liquidated their lands and basically had 4.5 billion in cash prior to the bills.

Could be mistaken.  But they've mentioned they still had land left after they liquidated and bought the Bills.

But they aren't leaving $3B (or whatever they had left after buying the Bills) in cash. Considering they knew how to make money in land / mineral rights; would make sense they've invested back into it.

Would be interesting to know where their remaining big bucks are invested.  (Tennis schools and hockey academies aren't $B businesses.)