There’s a “miniscule” chance the Olympics won’t take place at Whistler Blackcomb, Games organizers acknowledged today as a financial battle rages over the resort’s owner.
“Never say never,” VANOC executive vice president Dan Doyle told reporters. “But I don’t think it’s probable at all. I feel very confident the Games will go on.”
Resort owner Intrawest may be auctioned off by a consortium of lenders on February 19, according to recent reports. That’s right in the middle of the Olympics, which begin seven days earlier.
Fortress Investment Group -- the New York-based hedge fund at the centre of the Olympic Village scandal -- bought Intrawest for $3.1 billion in 2006.
Stock value in Fortress has plummeted 75 percent since 2007. And Intrawest narrowly avoided bankruptcy in October 2008.
The Whistler Blackcomb owner just missed a US$524 million debt payment.
Negotiations between Fortress and a lending consortium that includes David Kempner and Lehman Brothers have reportedly ground to a halt.
The New York Post reported today that Games organizers have considered pulling their financial backing of Intrawest facilities. VANOC denied that report.
"I feel very confident the Games will go on and we'll have Intrawest as a partner," Doyle said.
VANOC board chairman Rusty Goepel said it doesn’t make “rational sense” to auction off Whistler when it’s about to get the best exposure in its history.
“If I’m a vulture fund and I own some of the outstanding debt, I’m trying to increase the value of Whistler, not decrease it,” he said.
Goepel said he’s waiting for more information.
“All we have seen so far today is a leaked report or a rumour,” he said.
Geoff Dembicki reports for the Tyee.
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salty dog
2 years ago
The Olympics will happen....
They sure will, all it will take is about $520 million dollars to the lenders,surely Gordon Campbell has that much squirreled away!
http://powellriverpersuader.blogspot.com/2010/01/gordon-campbells-ponzi-scheme-olympics.html
Cheers
Grania
2 years ago
L. LeBlanc
Vanoc has a history of always being wrong. What a fiasco...and it could not be happening to a more worthy bunch of manipulating egomaniacs.
DPL
2 years ago
and how many millions has
and how many millions has the province spent so far in the Whistler area, not to mention the very expensive highway upgrade. Does Vanoc or Gordo care? Not in the least as its not their money being thrown around. Let it rain let it rain.
salty dog
2 years ago
Jack Poole and concert properties...
Read how Jack Poole benefitted big time in Britannia...ON YOUR DIME!
http://www.straight.com/article-93176/developers-are-the-games-real-winners
Cheers
Janie Jones
2 years ago
Scams and Golf Courses
The ski business was never about skiing. It's always been about real estate development. As John Mitchell put it in his book Dispatches from the Deep Woods, "Scams and golf courses. Skiing is just an excuse to rip it all up a little more."
G West
2 years ago
Um Hmmm - another way to look at it
What's Vanoc's record for keeping it's promises?
Miniscule
Chance the taxpayers of BC are going to have to pay for this serial trainwreck?
A sure thing.
Chance Gordo's friends in the development business will take a bath?
Sorry folks, they sold Intrawest for 2.8 billion beans in the fall of 2006.
Great show of confidence in Gordo's Games eh!
And now were told they can mix snow with Urea so it won't melt...wonderful - another piss-poor solution from the guys who can't even get Vancouver drivers to adopt their poorly planned transportation program.
You think it was bad yesterday when there was a closure of the Alex Fraser Bridge...you ain't seen nothin' yet.
freebear
2 years ago
Just may be the last winter olympics?
One can only hope the scam is finally exposed and done away with!
Luke
2 years ago
Jebeezus...
Salty Dog, ya certainly have a future ahead of ya as a financial advisor to Carole Palin.
Reality check:
http://www.theglobeandmail.com/report-on-business/whistler-a-step-closer-to-the-auction-block/article1438225/
Do you understand that Whistler/Blackcomb is a crown jewel in terms of positive cash flow and that behind the scenes ownership/creditor issues are irrelevant?
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salty dog
2 years ago
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Behind the scenes Furlong is having a heart attack....
Behind the scenes Gregor is scared
Behind the scenes a payment of $520 million dollars is being negotiated!
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Shouldn`t you be talking about Carole James
Follow the money!
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salty dog
2 years ago
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http://www.vancouversun.com/sports/2010wintergames/Auctioning+Intrawest+assets+would+require+court+order+says+lawyer/2470093/story.html
Cheers
Luke
2 years ago
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G West
2 years ago
ATTENTION EDITORS
This poster (luke/formerly luke skywalker) is at it again - hiding behind a different assumed identity but making personal remarks about someone else who is identifiable in the community. Even using that individual's name.
Exactly the same kind of tactic and behavior he used against Rod Smelser a few months ago.
Why this person was ever permitted to return her after that horror show is incomprehensible - now he's being allowed to indulge in the same kind of disgusting behavior again.
Rules have to mean something or there's no point in having them and, once again, this puts the credibility of the whole Tyee operation into question.
Luke
2 years ago
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G West
2 years ago
Further attention editors
If more evidence of the need to rid this site of the person behind luke/lukeskywalker were needed, he's just provided it.
I refer you to your own comment code of conduct.
salty dog
2 years ago
Howdy Luke?
The Gordon Campbell confession...
http://bctrialofbasi-virk.blogspot.com/2010/01/question-you-never-heard-asked-when.html#links