Post by WpgJets2008 on Dec 13, 2007 14:13:15 GMT -5
Here are a few articles that relate Panther financial info and information that may become valuable in the future should they decide to relocate or if another team starts thinking the same way.
Enjoy!
Chris
PS> This started as a search to find the arena lease between the Panthers and Broward County. I know its' for 30 years but I haven't found the deal yet. Once I do I'll be sure to post the lease termination clauses.
PPS> Warning! I smell a whole lot of frankcostanza posts coming soon.
~~~
Huizenga Era
www.referenceforbusiness.com/history2/52/Boca-Resorts-Inc.html
Chronology
Key Dates:
• 1992: H. Wayne Huizenga is awarded hockey franchise and forms team to begin play in 1993--94 season.
• 1993: The Florida Panthers hockey team plays first season.
• 1996: Company is incorporated, makes its initial public offering of stock, and begins acquiring luxury hotels.
• 1999: Huizenga changes the company name to reflect primary focus of operating luxury hotels and resorts and announces plans to sell hockey team.
Boca Resorts originated as Florida Panthers Holdings when the National Hockey League (NHL) awarded H. Wayne Huizenga the franchise for the Florida Panthers hockey team. Huizenga had built his fortune on two highly successful companies, Waste Management, of which he was co-founder, and Blockbuster Video, which he headed during its period of greatest growth, Huizenga secured a $45 million loan to purchase the franchise, and the company put together a team in time to play in the 1993--94 hockey season. The Florida Panthers played at the Miami Arena, home court for the Miami Heat basketball team.
Although Huizenga promised the NHL that he would build a new arena for the Panthers, it was also in the financial interests of the company to have its own arena. At the Miami Arena the Heat held exclusive rights to advertising revenues and luxury suites and paid only $13,500 per game to play there. The Panthers paid $30,000 per game plus 7 percent of ticket revenues for games that exceeded $250,000 in sales; during the first season, ticket revenues averaged $355,000 per game.
The Broward County Commissioners approved the plan for a tax-funded arena in Sunrise in June 1996. Under the agreement, the Panthers received 95 percent of revenue from ticket and merchandise sales and advertising signage and all of the revenue from 50 luxury skyboxes and 2,400 club seats. The team also received the first $14 million in operating profits and 80 percent of additional profits for managing the arena. Construction on the $185-million facility began in 1997.
The future financial success of the team depended on a new arena because Florida Panthers Holdings operated at loss. With revenues of $33.3 million, the company lost $11.1 million on operations in fiscal year ending September 30, 1996.
Amortization of the cost of the franchise and interest expense resulted in an actual loss of $25.5 million. The loss was due in part to the doubling of player salaries, from a total of $10.2 million in the team's first season to $20.1 million in the 1995--96 season, but was mitigated by participation in the playoffs, which earned a $3.3-million profit. To be sure that the Panthers and the Marlins received adequate airplay in the future, Huizenga acquired 50 percent of SportsChannel Florida Associates.
Huizenga took Florida Panthers Holdings public in November 1996, seeking funds to pay debt and to cover losses. At $10 per share, Huizenga offered 4.6 million shares to private investors for a minimum purchase of 100 shares. The general public could buy a minimum of one share as Huizenga fostered fan ownership as a novelty, purchased for emotional satisfaction rather as a serious investment. Trading started at $11.50 per share but ended the day at $11.12 due to the emotional nature of investor interest as more than 8,000 fans purchased one to ten shares. Under the NHL franchise agreement, Huizenga retained a 51 percent ownership of the team. The offering raised $67.3 million after expenses.
As revenues from hotels covered losses from the hockey team, Florida Panthers Holdings recorded its first profit for fiscal year ending June 30, 1998. On revenue of $293.3 million, the company realized a net income of $1.3 million. This compared to fiscal 1997 revenues of $54.3 million and losses of $10.3 million. The Panthers became more profitable as the team sold out all home games for the 1996--97 and 1997--98 seasons, but player salaries rose $18.7 million. Losses from the hockey team reached $20.4 million in fiscal 1998, while acquisitions caused revenues from leisure and recreation businesses to jump from $17.6 million in 1997 to $252.6 million in fiscal 1998. The company expected increased revenue from the new hockey arena to improve the hockey team's profitability.
The new Panthers hockey arena in Sunrise opened as the 872,000-square-foot, multipurpose National Car Rental Center in October 1998. National Car Rental, a subsidiary of Huizenga's Republic Industries, was awarded the naming rights for the arena for $25 million to be paid incrementally over ten years. In its first year, the center hosted 150 events, including sell-out concerts by the Rolling Stones, Neil Diamond, and `N Sync, attended by a total of more than $1 million people.
The new arena did improve the profitability of the hockey team. The Panthers sold 15,500 season tickets to the team's 41 home games, for an overall increase of 4,000 spectators per game. It held 19,500 seats, 4,500 more than the Miami Arena, and also had 70 luxury skyboxes. The facility increased entertainment and sports revenues for fiscal 1999 more than 50 percent, to $62.6 million, while operating expenses increased less than 10 percent. Overall, Florida Panthers Holdings had a net income of $5.4 million.
In September 1999 Florida Panthers Holdings changed its name to Boca Resorts to reflect the company's emphasis on luxury resort and conference accommodations. Shortly after, the company announced its interest in selling the hockey team, as predicted, and also considered unsolicited offers to buy the Arizona Biltmore.
The Panthers reached the first round of the Stanley Cup playoffs, generating an additional $1.2 million in ticket sales, but this only offset an overall decrease in sports and entertainment revenues compared to fiscal 1999.
~~~
Boca Resorts, Inc. Engages Investment Banker To Explore Prospects For Divestiture of Hockey Team
www.thetimesharebeat.com/archives/htl/htlnov62.htm
Company Press Release: Boca Resorts, Inc.
November 16, 1999
FORT LAUDERDALE, FL -- Boca Resorts, Inc. (NYSE: RST), a leading owner and operator of luxury resorts, yesterday announced that it has engaged Allen & Company, Incorporated, a New York City-based investment banking company, to review the prospects and economics of a potential sale of the Company's entertainment and sports businesses, the primary component of which is the Florida Panthers Hockey Club and related management operations.
The Company has advised Allen & Company, Incorporated that under the terms of any potential sale, the Panthers will remain in South Florida and continue to play at the National Car Rental Center under the terms of its thirty-year lease with Broward County. Allen & Company, Incorporated has represented sellers of Madison Square Garden, the New York Rangers Hockey Club, the Colorado Avalanche Hockey Club, the New York Knicks and Denver Nuggets basketball teams and has acted as advisor in the combination of the New York Yankees and the New Jersey Nets.
H. Wayne Huizenga, Chairman and Chief Executive Officer of Boca Resorts, Inc., commented on the strategic initiative by saying, ``My optimism for the outlook of the Company is founded in the continued financial success of our luxury resort properties. Over the past few years, our management team and employees have worked diligently to make Boca Resorts, Inc. a leading owner and operator of distinctive resort properties that yield superior returns. We plan to continue to position the Company to prosper from the vacation economy and corporate traveler. Reviewing possible divestiture alternatives and re-investing in our luxury resort portfolio underscores our ongoing commitment to building a successful resort enterprise.''
Boca Resorts, Inc., formerly known as Florida Panthers Holdings, Inc., owns luxury resort properties in Florida and Arizona. The Company's resort portfolio includes the Boca Raton Resort & Club, the Arizona Biltmore Hotel, the Registry Resort at Pelican Bay, the Edgewater Beach Hotel, the Hyatt Regency Pier 66 Hotel and Marina, the Radisson Bahia Mar Resort and Yachting Center and the Grande Oaks Golf Club. The Company also owns the Florida Panthers Hockey Club and has interests in the operations of the National Car Rental Center located in Broward County, Florida, the Miami Arena and two ice skating rinks.
SOURCE: Boca Resorts, Inc.
~~~
Description of Broward County Civic Arena
www.hockeyarenas.com/nationalcarrentalcentreenglish.htm
The Florida Panthers, who came into the NHL during the expansion wave of the early 90´s, shared their home with the Miami Heat (NBA) between 1993 and 1998. Both teams played at the Miami Arena in Miami and got their own new arenas at the end of the decade.
In 1998 the Panthers started to hit the ice at the new Office Depot Centers (formerly known as the National Car Rental Center) in Broward County which also owns and financed the 212 million-dollar complex whose name-rights were sold to the National Car Rental company for 20 years in exchange for roughly 40 million dollars. The move was of huge importance for the Florida Panthers who more or less suffered from financially unbearable leasing-conditions at the old Miami Arena, where most of the revenue went to the Miami Heats and the owners of the arena and the Panthers were loosing tons of money.
With a seating capacity of 19.200 for hockey and close to 21.000 for concerts or other events (at least this are the official numbers, a number of recounts might be needed to clarify on the real number of seats) the arena is one of the bigger venues of today´s NHL. In addition to this there are about 70 VIP-suites at the arena and 2.300 club-seats. The arena itself was designed by star-architect Ellerbe Becket and was opened with a Celine Dion concert in 1998.
Besides the Florida Panthers as the main tennants the Miami Jackals, a rollerhockey-team, have also found their new home at the Office Depot Centers. But in addition to ice- and rollerhockey various other events take place at the Centre, wether it´s basketball (no NBA though), boxing, indoor-soccer or wrestling.
Various restaurants, two of them with a view on the Florida Everglades, a team-store on 5.400 square-meters and a nicely designed area around the arena complete the positive impression a visitor gets at the National Car Rental Centre.
Compared to rather ugly arenas like the Continental Airlines Arena in New Jersey the Office Depot Center has not just been put somewhere but really appears to be part of a larger project. There are also plenty of outside views throughout the building no matter where you are. On top of that there are several excellent balcony and patio locations that offer access to the outside of the building at each level. This is a nice and unique design feature of the building, which can be considered one of the nicest arenas of today´s sports-world. You will also find 723 toilets throughout the complex, enough of everything...
A study of the Amusent Business Magazine ranked the arena as the number 10 arena with more than 15.000 seats nationwide concerning gross profit between January and August 2000 with a profit of 7.567.745 dollars so that one can state that the arena has moved up right to the top venues of the United States within 2 years of it´s existence, joining other great arenas such as the Fleet Center in Boston or the Madison Square Garden in New York (ranked #1).
The Florida Panthers began their NHL-existance on a very positive note. During their inagural season in 1993/94 the team only missed the playoffs by a single point, and after a similiar performance during their next campaign the team reached the playoffs in only it´s third year of existence. Carried by the growing hockey-fascination in Florida the team eventually won the Easter Conference and advanced to the Stanley Cup Finals where the Colorado Avalanche stopped the impressive run in an rather exciting 4:0 series (game 4 went into tripple overtime and was one of the best Stanley Cup Finals-games of the 90´s, Patrick Roy in net for the Avs, me missing the game in a plane somewhere over the Atlantic Ocean and John Vanbiesbrouck for the Panthers combined for close to a million saves and in the end the german Uwe Krupp decided the game and brought the Cup to Denver). The Panthers ran their sellout-streat at the Miami Arena to more than 150 games during their succesfull early years of existence, but since 1997/1998 the team has been struggeling on the ice and at times even at the gate. While one should consider the fact that the historical sellout-streak took place at the old Miami Arena, seating only 14.703, it is still not really a good sign that the team only managed to sell out one single homegame during the 2000/2001 campaign when Mario Lemieux made his comeback-trip to the sunshine-state.
As long as the team does not turn into a winner again attendance numbers will probably remain flat and one shouldn´t be overly concerned about ticket availability, even for good opponents. If the Maple Leafs or Red Wings come to town it might be advisable to order tickets in advance, but both in 1999/2000 and 2000/2001 none of the games were completly sold out. Ticket-prices are rather low compared to many other NHL-cities, if you don´t mind to sit a bit farther from the ice I would advise you to buy the so-called "Panthers Pack" on game-day (only sold then). It´s a ticket for 14 dollars, one can´t complain at all and with the team averaging a couple thousands fans less than capacity you even stand a good chance of moving down a bit. If you order tickets in advance the upper level sells from 25 to 38 dollars while the lower level tickets change hands for 67 dollars. The view is basically great from everywhere, just the distance to the ice varies. As always tickets can be ordered on the internet at Ticketmaster, the link is at the bottom of the article.
If you have never visited the Office Depot Centers before be sure to arrive early in order to take a look at all the nice features of the arena, wether it´s the balconies or the whole structure of the complex, it´s definetly quiet a change compared to the Continental Airlines Arena (still the perfect example for a really ugly venue).
~~~
PANTHERS MAY BE SOLD, BUT WILL STAY IN NEW ARENA
users.california.com/~csuppes/Maps/index.htm
November 11, 1999
Copyright 1999 MediaVentures
The Florida Panthers might get a new owner, but local officials say the team will remain in the new Office Depot Center for another 30 years under terms of its lease. Team owner, Wayne Huizenga, has put the team up for sale, but local officials say the team's lease prohibits a move regardless of the owner.
The team pays Broward County $3 million a year on the new arena's debt and $500,000 of its advertising revenue. The team also pays 20% of its profits above $14 million.
~~~
Panthers keeping goals in sight amid lockout
www.bizjournals.com/southflorida/stories/2004/11/29/story4.html
Friday, November 26, 2004
The National Hockey League's lockout of players has put the season on ice, but the Florida Panthers organization continues to skate toward alternate business goals.
While NHL owners and the league's player association refuse to abandon their hard lines on escalating player salaries, the Panthers scored a beneficial lease deal in March. The team doesn't have to pay nearly $5 million a year in annual debt service at the Office Depot Center (ODC) this year or next.
"From a pure economic standpoint, our franchise is as well positioned as ever," Panthers COO Michael Yormark said.
The Broward County Commission voted unanimously in March to sell a refinancing option of the county's bond debt related to the arena, originally issued for $220 million in 1996 for the venue's construction. Bear Stearns, Goldman Sachs and Merrill Lynch purchased equal shares of the option - called a swaption - that produced a $13 million lump sum payment to the county, which owns the arena.
Under the terms of the deal, Broward County CFO Phil Allen said, the county continues to pay $14 million annually in debt service at a fixed rate and, in 2006, has the choice to refinance the debt itself, or to allow the swaption to take effect. (Out of the county's 5 percent hotel/motel bed tax, 2 percent goes for the debt service.)
Three-quarters of the up-front money directly assisted the Panthers, who operate the ODC via a subsidiary, the Arena Operating Co. The club's debt service payments to the county - roughly $4.8 million - are now satisfied for the next two years as a result of the refinancing. The facility's 14,000-square-foot, 540-seat WCI Communities Private Club was built with remaining money.
The work stoppage allows the Panthers additional savings of about $1.5 million in annual hockey-related expenses, according to an Arena Operating Co. financial report. And while revenues from hockey games are lost, annual income from that decreased 54 percent, from $5.5 million to $2.5 million, from 2000 through 2003, the report shows. That coincided with slumping team performance.
~~~~
Enjoy!
Chris
PS> This started as a search to find the arena lease between the Panthers and Broward County. I know its' for 30 years but I haven't found the deal yet. Once I do I'll be sure to post the lease termination clauses.
PPS> Warning! I smell a whole lot of frankcostanza posts coming soon.
~~~
Huizenga Era
www.referenceforbusiness.com/history2/52/Boca-Resorts-Inc.html
Chronology
Key Dates:
• 1992: H. Wayne Huizenga is awarded hockey franchise and forms team to begin play in 1993--94 season.
• 1993: The Florida Panthers hockey team plays first season.
• 1996: Company is incorporated, makes its initial public offering of stock, and begins acquiring luxury hotels.
• 1999: Huizenga changes the company name to reflect primary focus of operating luxury hotels and resorts and announces plans to sell hockey team.
Boca Resorts originated as Florida Panthers Holdings when the National Hockey League (NHL) awarded H. Wayne Huizenga the franchise for the Florida Panthers hockey team. Huizenga had built his fortune on two highly successful companies, Waste Management, of which he was co-founder, and Blockbuster Video, which he headed during its period of greatest growth, Huizenga secured a $45 million loan to purchase the franchise, and the company put together a team in time to play in the 1993--94 hockey season. The Florida Panthers played at the Miami Arena, home court for the Miami Heat basketball team.
Although Huizenga promised the NHL that he would build a new arena for the Panthers, it was also in the financial interests of the company to have its own arena. At the Miami Arena the Heat held exclusive rights to advertising revenues and luxury suites and paid only $13,500 per game to play there. The Panthers paid $30,000 per game plus 7 percent of ticket revenues for games that exceeded $250,000 in sales; during the first season, ticket revenues averaged $355,000 per game.
The Broward County Commissioners approved the plan for a tax-funded arena in Sunrise in June 1996. Under the agreement, the Panthers received 95 percent of revenue from ticket and merchandise sales and advertising signage and all of the revenue from 50 luxury skyboxes and 2,400 club seats. The team also received the first $14 million in operating profits and 80 percent of additional profits for managing the arena. Construction on the $185-million facility began in 1997.
The future financial success of the team depended on a new arena because Florida Panthers Holdings operated at loss. With revenues of $33.3 million, the company lost $11.1 million on operations in fiscal year ending September 30, 1996.
Amortization of the cost of the franchise and interest expense resulted in an actual loss of $25.5 million. The loss was due in part to the doubling of player salaries, from a total of $10.2 million in the team's first season to $20.1 million in the 1995--96 season, but was mitigated by participation in the playoffs, which earned a $3.3-million profit. To be sure that the Panthers and the Marlins received adequate airplay in the future, Huizenga acquired 50 percent of SportsChannel Florida Associates.
Huizenga took Florida Panthers Holdings public in November 1996, seeking funds to pay debt and to cover losses. At $10 per share, Huizenga offered 4.6 million shares to private investors for a minimum purchase of 100 shares. The general public could buy a minimum of one share as Huizenga fostered fan ownership as a novelty, purchased for emotional satisfaction rather as a serious investment. Trading started at $11.50 per share but ended the day at $11.12 due to the emotional nature of investor interest as more than 8,000 fans purchased one to ten shares. Under the NHL franchise agreement, Huizenga retained a 51 percent ownership of the team. The offering raised $67.3 million after expenses.
As revenues from hotels covered losses from the hockey team, Florida Panthers Holdings recorded its first profit for fiscal year ending June 30, 1998. On revenue of $293.3 million, the company realized a net income of $1.3 million. This compared to fiscal 1997 revenues of $54.3 million and losses of $10.3 million. The Panthers became more profitable as the team sold out all home games for the 1996--97 and 1997--98 seasons, but player salaries rose $18.7 million. Losses from the hockey team reached $20.4 million in fiscal 1998, while acquisitions caused revenues from leisure and recreation businesses to jump from $17.6 million in 1997 to $252.6 million in fiscal 1998. The company expected increased revenue from the new hockey arena to improve the hockey team's profitability.
The new Panthers hockey arena in Sunrise opened as the 872,000-square-foot, multipurpose National Car Rental Center in October 1998. National Car Rental, a subsidiary of Huizenga's Republic Industries, was awarded the naming rights for the arena for $25 million to be paid incrementally over ten years. In its first year, the center hosted 150 events, including sell-out concerts by the Rolling Stones, Neil Diamond, and `N Sync, attended by a total of more than $1 million people.
The new arena did improve the profitability of the hockey team. The Panthers sold 15,500 season tickets to the team's 41 home games, for an overall increase of 4,000 spectators per game. It held 19,500 seats, 4,500 more than the Miami Arena, and also had 70 luxury skyboxes. The facility increased entertainment and sports revenues for fiscal 1999 more than 50 percent, to $62.6 million, while operating expenses increased less than 10 percent. Overall, Florida Panthers Holdings had a net income of $5.4 million.
In September 1999 Florida Panthers Holdings changed its name to Boca Resorts to reflect the company's emphasis on luxury resort and conference accommodations. Shortly after, the company announced its interest in selling the hockey team, as predicted, and also considered unsolicited offers to buy the Arizona Biltmore.
The Panthers reached the first round of the Stanley Cup playoffs, generating an additional $1.2 million in ticket sales, but this only offset an overall decrease in sports and entertainment revenues compared to fiscal 1999.
~~~
Boca Resorts, Inc. Engages Investment Banker To Explore Prospects For Divestiture of Hockey Team
www.thetimesharebeat.com/archives/htl/htlnov62.htm
Company Press Release: Boca Resorts, Inc.
November 16, 1999
FORT LAUDERDALE, FL -- Boca Resorts, Inc. (NYSE: RST), a leading owner and operator of luxury resorts, yesterday announced that it has engaged Allen & Company, Incorporated, a New York City-based investment banking company, to review the prospects and economics of a potential sale of the Company's entertainment and sports businesses, the primary component of which is the Florida Panthers Hockey Club and related management operations.
The Company has advised Allen & Company, Incorporated that under the terms of any potential sale, the Panthers will remain in South Florida and continue to play at the National Car Rental Center under the terms of its thirty-year lease with Broward County. Allen & Company, Incorporated has represented sellers of Madison Square Garden, the New York Rangers Hockey Club, the Colorado Avalanche Hockey Club, the New York Knicks and Denver Nuggets basketball teams and has acted as advisor in the combination of the New York Yankees and the New Jersey Nets.
H. Wayne Huizenga, Chairman and Chief Executive Officer of Boca Resorts, Inc., commented on the strategic initiative by saying, ``My optimism for the outlook of the Company is founded in the continued financial success of our luxury resort properties. Over the past few years, our management team and employees have worked diligently to make Boca Resorts, Inc. a leading owner and operator of distinctive resort properties that yield superior returns. We plan to continue to position the Company to prosper from the vacation economy and corporate traveler. Reviewing possible divestiture alternatives and re-investing in our luxury resort portfolio underscores our ongoing commitment to building a successful resort enterprise.''
Boca Resorts, Inc., formerly known as Florida Panthers Holdings, Inc., owns luxury resort properties in Florida and Arizona. The Company's resort portfolio includes the Boca Raton Resort & Club, the Arizona Biltmore Hotel, the Registry Resort at Pelican Bay, the Edgewater Beach Hotel, the Hyatt Regency Pier 66 Hotel and Marina, the Radisson Bahia Mar Resort and Yachting Center and the Grande Oaks Golf Club. The Company also owns the Florida Panthers Hockey Club and has interests in the operations of the National Car Rental Center located in Broward County, Florida, the Miami Arena and two ice skating rinks.
SOURCE: Boca Resorts, Inc.
~~~
Description of Broward County Civic Arena
www.hockeyarenas.com/nationalcarrentalcentreenglish.htm
The Florida Panthers, who came into the NHL during the expansion wave of the early 90´s, shared their home with the Miami Heat (NBA) between 1993 and 1998. Both teams played at the Miami Arena in Miami and got their own new arenas at the end of the decade.
In 1998 the Panthers started to hit the ice at the new Office Depot Centers (formerly known as the National Car Rental Center) in Broward County which also owns and financed the 212 million-dollar complex whose name-rights were sold to the National Car Rental company for 20 years in exchange for roughly 40 million dollars. The move was of huge importance for the Florida Panthers who more or less suffered from financially unbearable leasing-conditions at the old Miami Arena, where most of the revenue went to the Miami Heats and the owners of the arena and the Panthers were loosing tons of money.
With a seating capacity of 19.200 for hockey and close to 21.000 for concerts or other events (at least this are the official numbers, a number of recounts might be needed to clarify on the real number of seats) the arena is one of the bigger venues of today´s NHL. In addition to this there are about 70 VIP-suites at the arena and 2.300 club-seats. The arena itself was designed by star-architect Ellerbe Becket and was opened with a Celine Dion concert in 1998.
Besides the Florida Panthers as the main tennants the Miami Jackals, a rollerhockey-team, have also found their new home at the Office Depot Centers. But in addition to ice- and rollerhockey various other events take place at the Centre, wether it´s basketball (no NBA though), boxing, indoor-soccer or wrestling.
Various restaurants, two of them with a view on the Florida Everglades, a team-store on 5.400 square-meters and a nicely designed area around the arena complete the positive impression a visitor gets at the National Car Rental Centre.
Compared to rather ugly arenas like the Continental Airlines Arena in New Jersey the Office Depot Center has not just been put somewhere but really appears to be part of a larger project. There are also plenty of outside views throughout the building no matter where you are. On top of that there are several excellent balcony and patio locations that offer access to the outside of the building at each level. This is a nice and unique design feature of the building, which can be considered one of the nicest arenas of today´s sports-world. You will also find 723 toilets throughout the complex, enough of everything...
A study of the Amusent Business Magazine ranked the arena as the number 10 arena with more than 15.000 seats nationwide concerning gross profit between January and August 2000 with a profit of 7.567.745 dollars so that one can state that the arena has moved up right to the top venues of the United States within 2 years of it´s existence, joining other great arenas such as the Fleet Center in Boston or the Madison Square Garden in New York (ranked #1).
The Florida Panthers began their NHL-existance on a very positive note. During their inagural season in 1993/94 the team only missed the playoffs by a single point, and after a similiar performance during their next campaign the team reached the playoffs in only it´s third year of existence. Carried by the growing hockey-fascination in Florida the team eventually won the Easter Conference and advanced to the Stanley Cup Finals where the Colorado Avalanche stopped the impressive run in an rather exciting 4:0 series (game 4 went into tripple overtime and was one of the best Stanley Cup Finals-games of the 90´s, Patrick Roy in net for the Avs, me missing the game in a plane somewhere over the Atlantic Ocean and John Vanbiesbrouck for the Panthers combined for close to a million saves and in the end the german Uwe Krupp decided the game and brought the Cup to Denver). The Panthers ran their sellout-streat at the Miami Arena to more than 150 games during their succesfull early years of existence, but since 1997/1998 the team has been struggeling on the ice and at times even at the gate. While one should consider the fact that the historical sellout-streak took place at the old Miami Arena, seating only 14.703, it is still not really a good sign that the team only managed to sell out one single homegame during the 2000/2001 campaign when Mario Lemieux made his comeback-trip to the sunshine-state.
As long as the team does not turn into a winner again attendance numbers will probably remain flat and one shouldn´t be overly concerned about ticket availability, even for good opponents. If the Maple Leafs or Red Wings come to town it might be advisable to order tickets in advance, but both in 1999/2000 and 2000/2001 none of the games were completly sold out. Ticket-prices are rather low compared to many other NHL-cities, if you don´t mind to sit a bit farther from the ice I would advise you to buy the so-called "Panthers Pack" on game-day (only sold then). It´s a ticket for 14 dollars, one can´t complain at all and with the team averaging a couple thousands fans less than capacity you even stand a good chance of moving down a bit. If you order tickets in advance the upper level sells from 25 to 38 dollars while the lower level tickets change hands for 67 dollars. The view is basically great from everywhere, just the distance to the ice varies. As always tickets can be ordered on the internet at Ticketmaster, the link is at the bottom of the article.
If you have never visited the Office Depot Centers before be sure to arrive early in order to take a look at all the nice features of the arena, wether it´s the balconies or the whole structure of the complex, it´s definetly quiet a change compared to the Continental Airlines Arena (still the perfect example for a really ugly venue).
~~~
PANTHERS MAY BE SOLD, BUT WILL STAY IN NEW ARENA
users.california.com/~csuppes/Maps/index.htm
November 11, 1999
Copyright 1999 MediaVentures
The Florida Panthers might get a new owner, but local officials say the team will remain in the new Office Depot Center for another 30 years under terms of its lease. Team owner, Wayne Huizenga, has put the team up for sale, but local officials say the team's lease prohibits a move regardless of the owner.
The team pays Broward County $3 million a year on the new arena's debt and $500,000 of its advertising revenue. The team also pays 20% of its profits above $14 million.
~~~
Panthers keeping goals in sight amid lockout
www.bizjournals.com/southflorida/stories/2004/11/29/story4.html
Friday, November 26, 2004
The National Hockey League's lockout of players has put the season on ice, but the Florida Panthers organization continues to skate toward alternate business goals.
While NHL owners and the league's player association refuse to abandon their hard lines on escalating player salaries, the Panthers scored a beneficial lease deal in March. The team doesn't have to pay nearly $5 million a year in annual debt service at the Office Depot Center (ODC) this year or next.
"From a pure economic standpoint, our franchise is as well positioned as ever," Panthers COO Michael Yormark said.
The Broward County Commission voted unanimously in March to sell a refinancing option of the county's bond debt related to the arena, originally issued for $220 million in 1996 for the venue's construction. Bear Stearns, Goldman Sachs and Merrill Lynch purchased equal shares of the option - called a swaption - that produced a $13 million lump sum payment to the county, which owns the arena.
Under the terms of the deal, Broward County CFO Phil Allen said, the county continues to pay $14 million annually in debt service at a fixed rate and, in 2006, has the choice to refinance the debt itself, or to allow the swaption to take effect. (Out of the county's 5 percent hotel/motel bed tax, 2 percent goes for the debt service.)
Three-quarters of the up-front money directly assisted the Panthers, who operate the ODC via a subsidiary, the Arena Operating Co. The club's debt service payments to the county - roughly $4.8 million - are now satisfied for the next two years as a result of the refinancing. The facility's 14,000-square-foot, 540-seat WCI Communities Private Club was built with remaining money.
The work stoppage allows the Panthers additional savings of about $1.5 million in annual hockey-related expenses, according to an Arena Operating Co. financial report. And while revenues from hockey games are lost, annual income from that decreased 54 percent, from $5.5 million to $2.5 million, from 2000 through 2003, the report shows. That coincided with slumping team performance.
~~~~