Post by JETStender on Sept 22, 2009 23:47:35 GMT -5
Options available for Tampa Bay Lightning co-owners Len Barrie, Oren Koules
By Damian Cristodero, Times Staff Writer
In Print: Wednesday, September 23, 2009
EVERETT, Wash. — Len Barrie said he gave up his exclusive window to try to buy the Lightning in late August, a month before it was to expire.
Barrie also confirmed that co-owner Oren Koules, who technically is in his own exclusive buy period and within his rights to shut down any Barrie effort, is allowing St. Louis real estate developer Anthony Sansone Jr. to continue trying to put together a deal that would keep Barrie as a minority owner.
Koules declined comment, but Barrie said Koules' move to nullify his own exclusive buy period is logical.
"If Oren can come up with something and satisfy me, I would do it, and if I came up with an offer, he would do it," Barrie said Tuesday. "We're both trying to do what's best for the team and protect our investment."
In other words, Koules is preserving as many options as possible by modifying the league-mandated program in which both owners had an opportunity to buy out the other. Koules' recruitment of Los Angeles billionaire real estate investor Jeff Greene as a potential majority owner already puts him in the best position to retain a piece of the team.
As originally set up by commissioner Gary Bettman, each owner would have a 60-day exclusive window to complete a deal. Barrie's window would have closed today had he not previously opted out when financing became a problem and gave the effort to Sansone.
The league never has said Sansone filed a league application for ownership, something done by Greene. The Miami Beach resident, worth $1.3 billion according to Forbes, said he does not need outside financing to buy out Barrie or retire the debt held by former owner Palace Sports & Entertainment, which financed about $97 million of OK Hockey's $200 million purchase of the team.
"The process is still ongoing," Barrie said later in a statement. "Oren and I are working to protect our investment and do what's best for the team. I'm still working on a deal and so is Oren. Both of us want to resolve this before the start of the season."
By Damian Cristodero, Times Staff Writer
In Print: Wednesday, September 23, 2009
EVERETT, Wash. — Len Barrie said he gave up his exclusive window to try to buy the Lightning in late August, a month before it was to expire.
Barrie also confirmed that co-owner Oren Koules, who technically is in his own exclusive buy period and within his rights to shut down any Barrie effort, is allowing St. Louis real estate developer Anthony Sansone Jr. to continue trying to put together a deal that would keep Barrie as a minority owner.
Koules declined comment, but Barrie said Koules' move to nullify his own exclusive buy period is logical.
"If Oren can come up with something and satisfy me, I would do it, and if I came up with an offer, he would do it," Barrie said Tuesday. "We're both trying to do what's best for the team and protect our investment."
In other words, Koules is preserving as many options as possible by modifying the league-mandated program in which both owners had an opportunity to buy out the other. Koules' recruitment of Los Angeles billionaire real estate investor Jeff Greene as a potential majority owner already puts him in the best position to retain a piece of the team.
As originally set up by commissioner Gary Bettman, each owner would have a 60-day exclusive window to complete a deal. Barrie's window would have closed today had he not previously opted out when financing became a problem and gave the effort to Sansone.
The league never has said Sansone filed a league application for ownership, something done by Greene. The Miami Beach resident, worth $1.3 billion according to Forbes, said he does not need outside financing to buy out Barrie or retire the debt held by former owner Palace Sports & Entertainment, which financed about $97 million of OK Hockey's $200 million purchase of the team.
"The process is still ongoing," Barrie said later in a statement. "Oren and I are working to protect our investment and do what's best for the team. I'm still working on a deal and so is Oren. Both of us want to resolve this before the start of the season."