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Post by WpgJets2008 on Dec 17, 2007 16:21:17 GMT -5
The media watch has officially started now that the sale of the Lightning has apparently fallen through. Chris ~~~ MacLean good fit for the Leafs? www.faceoff.com/hockey/columnists/bios/story.html?id=be75ed12-26ca-49fe-97c6-6c80713e145e&add_feed_url=http://www.canada.com/topics/sports/hockey/faceoff/cox.atom?viewer=http://www.faceoff.com/hockey/columnists/bios/story.htmlDamien Cox, Toronto Star Published: Friday, November 30, 2007 Like the best trade being the one you don't make, the most intriguing NHL issue for league governors to grapple with might have been one that didn't make it on to the agenda for their meetings in Pebble Beach, Calif., this week. That would be the proposed sale of the Tampa Bay Lightning, or at least the sale that was proposed until about two weeks ago when it all came crashing down. That has left the Bolts in limbo, and some are wondering if it means that owner Bill Davidson, who desperately wants out of the hockey business, will be chopping costs in the short term like the Nashville Predators did last June. Team CEO Tom Wilson has denied that's going to happen, or that the team will reduce its current payroll of $43 million (U.S.) to something that doesn't leave the franchise in the red. Back in October, there was a sense that the ownership group headed by former Columbus president and GM Doug MacLean would be having their purchase of the club approved by NHL governors this week. But a $5 million down payment on the $200 million deal scheduled to be paid Nov. 12 didn't happen, mostly because the money man in the deal, movie mogul Owen Koules of Saw fame, didn't produce the $4.17 million he was expected to lay down. That left MacLean and his real estate pal, a fellow named Jeff Sherrin, a little suspicious, and they are now suing Koules for $50 million, alleging he was trying to cut his own side deal with Davidson. There are suggestions the group may still get back together, and Wilson said he has "some degree of optimism" that will happen. If it doesn't, and it would probably have to happen within two weeks, MacLean will be sending his resumé around again. Which means it could cross the desk of - you guessed it - Maple Leaf CEO Richard (What's a Mistake Between Friends?) Peddie. And wouldn't MacLean be an interesting candidate to run the Leafs? He's certainly got more experience in NHL coaching and management than most of the candidates except Scotty Bowman. Plus the Summerside, P.E.I., native brings with him a deep and abiding affection for microphones and notebooks, no small part of the Toronto job. When he was canned as boss of the Columbus Blue Jackets, there were many who lambasted him for doing a poor job running that operation. A few months later, however, MacLean's not looking like such a dope, is he? Everything he put in place in Columbus, from drafting Rick Nash and Pascal Leclaire to trading for Sergei Federov to hiring Ken Hitchcock, is looking pretty good. If memory serves, he also guided the Florida Panthers to the 1995 Stanley Cup final, which is farther than anyone has managed to get the Leafs since Punch Imlach lost his Maple Leaf Gardens parking privileges the first time. So would MacLean be a viable candidate if the Leafs decide to part ways with GM John Ferguson and if the Tampa sale doesn't come back together? Sure. But the worrisome part of that entire scenario, at least to NHL commish Gary Bettman, could be what happens to the Lightning. At some point, Jim Balsillie or somebody else is going to swoop in and try to buy and move that team. The club has lost in the region of $75 million over eight years, and Davidson apparently has no intention of continuing beyond this season. One suspects that even though it's not on the Pebble Beach agenda this week, it's going to be the subject of a great deal of chatter anyway. |
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Post by leer2006 on Dec 17, 2007 16:29:06 GMT -5
Que the lights. Now entering stage left the group from Winnipeg!!
Wishfull thinks but you never know;)
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Post by willyk on Dec 17, 2007 17:50:43 GMT -5
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Post by Alex on Dec 17, 2007 20:47:19 GMT -5
It would seem that way SINCE THE CUP RUN, but I don't really believe those attendance numbers are telling the whole story. If the team is getting that much and stilllosing money, then what's really going on?
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Post by WpgJets2008 on Dec 18, 2007 9:39:45 GMT -5
A few thoughts on this:
1) I remember another article stating that if Oren does drop the ball with his other partners (Absolute Hockey group) and then tries to negotiate a deal for just himself to buy the same team that the legal fur may be flying for years before a settlement is made.
The past article also mentioned that the NHL BOG may not want to see any purchase agreement between the Lightning and Oren until any of this litigation is settled one way or another.
2) But when you think about it, it does seem a little underhanded to announce the Lightning purchase as a group, then not put up your share of the downpayment, then come right back and buy the team yourself. Not exactly the best way to get noticed by the league. Kinda reminds me a bit of the "Balsillie approach" to buying NHL teams
3) Another article mentioned that Bill Davidson the current Lightning owner is sick of losing money and wants out by the end of the current season or end of 2008 (wasn't clear). If that is true then you have to think that the Winnipeg group will be sniffing around the team. The NHL, god love them, will only entertain relocation offers as a last ditch plan. This means Oren may or may not be the "chosen one" by the NHL when you read this and point #1 above. The usual relocation suspects (Wpg, KC, LV, etc.) must all very interested in "the next team up for auction" since how many owners (a) want buy the team and (b) want to keep the team in Tampa. Not many. Maybe only 1?
Chris
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Post by WpgJets2008 on Dec 20, 2007 11:29:36 GMT -5
Jay Feaster's Blog: Taking control in Tampa Vincent Lecavalier may not be in a Lightning uniform right now if it wasn't for Jay Feaster. www.thehockeynews.com/articles/11898-Jay-Feasters-Blog-Taking-control-in-Tampa.html Jay Feaster 2007-12-13 15:29:19 Jay Feaster has been with the Tampa Bay Lightning since 1998 and became the team’s GM in 2002. The Lightning won the first Stanley Cup in franchise history in 2004. In Feaster’s first blog for thehockeynews.com, below, he recalls the club’s early lean years and how he became GM. When I first started with the Tampa Bay Lightning – I was hired by Jacques Demers to be his assistant GM in November of 1998 – I thought it was going to be a tremendous opportunity for someone who had been in the minor leagues for eight or nine years, which is what I had been doing in the AHL with the Hershey Bears. I had been either the GM or GM-president or president in Hershey and I wanted an opportunity in the NHL. And I was fortunate: When Art Williams bought the Lightning, he fired Phil and Tony Esposito as GM and assistant GM, respectively, and promoted Jacques to GM as well as the head coach. Jacques then placed a phone call to Pierre Lacroix, the GM in Colorado, and asked him who he’d hire if he lost his assistant GM – at the time it was Francois Giguere (now the Avs GM) – and Pierre said, “I’d go to Hershey and hire Jay Feaster.” I looked at the Lightning franchise as a great opportunity. Art Williams was an excited buyer. He’d just purchased the franchise, he wanted to win, he was committed and it was all brand new for him. And, in coming in with Demers, I recognized that he had never been a GM. He had been a very successful coach, obviously, but had never been a GM. I thought it was going to be a tremendous opportunity to get more responsibility early on, that Jacques would lean on me and look to me to do more things because he would be coaching the team at the same time. It was shocking to me that I started in November of ’98 and, by December of that year, Art Williams was already so disappointed with things that he was looking to sell the team. There was more than one occasion when I asked myself, “What have I gotten myself into?” I was fortunate in that when (current owner Bill) Davidson’s group came in, (Lightning board of governors) Ron Campbell and Tom Wilson both made it very clear to me right from the beginning that I would be staying. And then they brought in Rick Dudley, so I was the assistant GM under Rick. The interesting thing about what we went through back then was how many players we had coming through the organization. One season, we had 51 players who drew a paycheck from playing for the Lightning. We had a training camp with 60-70 guys and it was just an amazing process. Rick was trying to upgrade a talent base, and over waiver-wire transactions we would claim a guy one week and, after a couple of games, decide that he wasn’t the answer and we’d put him back on waivers. So there was that kind of roster turmoil taking place, and we were losing upwards of 50 games a year if you count overtime losses and that sort of thing. The franchise was losing money, it certainly was not what Mr. Davidson had bargained for by way of his investment, so there were some real tough times and some real lean years.And then came the franchise’s turning point. The thing that was the big issue – the reason, in the end, that I became the GM – is that Rick wanted to trade Vincent Lecavalier, who had held out of training camp that summer. And I don’t care who you are, when you hold out and miss training camp you’re going to be behind the eight ball a little bit. And, certainly, Vinny was. He wasn’t ready to go, and that was when the team captaincy was taken away from him. He wanted to play in the first two games at home, but the decision already had been made that we weren’t going to start him at home. Rather, we wanted to start him on the road because that would give him some time to train and practise with us. And all those things were left to John Tortorella, who was the new coach, and already Vinny didn’t know where he stood with this coach or didn’t like where he stood with this coach. So, all those messages were communicated and it didn’t take long for Vinny’s agent to call and say, “I don’t think this is ever going to work…I think you need to move him.” But I didn’t believe we had done much to manage the situation between Vinny and John, and so we had a meeting with ownership. Mr. Davidson came in and sat down with Rick Dudley, John Tortorella, Ron Campbell, our team president, Tom Wilson and myself. Mr. Davidson laid out a series of criteria, basically saying, “If you’re going to think about trading Vinny, you need to think about these issues.” And, literally, that Friday night we got to Ottawa and I had a message to get in touch with the NHL because Rick wanted to trade Vinny. It was happening so fast and Ron Campbell stepped in and said, “You know, we have to slow down here.” I was asked, “Were the criteria met?” I said, “No”, and that was the beginning of the end of my relationship with Rick. He felt I hadn’t supported him and became more frustrated as time wore on; ultimately there was a decision made that he was going to resign, and that’s when I was named GM (in February of 2002). I thought the most important thing coming in was to try and manage the situation between John and Vinny, because I didn’t want to be known as the GM who had traded away Vincent Lecavalier and I also felt Torts was the right guy to coach the team. And so that was really my very first meeting. I was named GM, we played one game, and then we went on the Olympic break, so I had a chance to meet with Mr. Davidson and, during the break, also met with Vinny. And I told Vinny I didn’t know where this ship, known as the S.S. Tampa Bay Lightning was going, but wherever it was headed, the three of us – Vinny and John and I – were going to be sitting on the deck chairs looking at each other. My next meeting was with Torts and I told him the same thing – that trading Lecavalier wasn’t going to be my legacy. “I won’t be the GM who trades the guy who may be the best player in the game at some point,” I said. To their credit, those were the two guys who decided they were going to find a way to try and make it work, and they did. Next week Jay Feaster talks about the process of building a team that would go on to win the Stanley Cup. ~~~ Editor's Notes: (here's what I posted on THN's website) I like the "behind the scenes" nature of Mr. Feaster's blog. I think this could be a good addition to THN, a series of looks inside the NHL management table. As a fan, you know there is always more to a story and here it is! ~~~ You have to wonder though about TB. With an ownership change coming (it almost happened this fall), you might see the team start to sell off prized assets much like what Nashville did. TB has turned a profit with the Cup run of 2004 but lost scores of millions all other years. Add in the squeeze with the salary cap, and I think it's only a question of when and which team one of the "Big Three" will be moved to. If the team is to be sold, the liabilities on the books will have to be trimmed because the revenue stream isn't getting any bigger in TB. Expect a Winnipeg group to become involved in its' sale. I expect the Habs to be right in the mix, since Kovalev hasn't become the star they expected and French flavour St. Louis and Lecavalier brings them. Chris visit jetsowner.com |
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Post by WpgJets2008 on Dec 20, 2007 11:44:36 GMT -5
Jay Feaster's Blog: Building a winner no easy task www.thehockeynews.com/articles/12077-Jay-Feasters-Blog-Building-a-winner-no-easy-task.html Jay Feaster 2007-12-20 10:33:48 Jay Feaster has been with the Tampa Bay Lightning since 1998 and became the team’s GM in 2002. The Lightning won the first Stanley Cup in franchise history in 2004. In Feaster’s first blog for THN.com, he recalls the club’s early lean years and how he became GM. In this entry he talks about the time leading up to the team’s first Cup victory and life in the salary cap world. As far as building towards a Stanley Cup, former GM Rick Dudley, whom I took over for in 2002, already had gathered a number of the pieces, with goalie Nikolai Khabibulin being the biggest one. Rick had signed Martin St-Louis as a free agent. He had brought in Freddy Modin, so the pieces were already in place, and being able to smooth out the relationship between Vinny and John was huge (read my last blog for details). And then, being able to bring in Darryl Sydor before the trade deadline in 2004. We had some success in 2002-03; we won the division and won a playoff round for the first time in franchise history – we beat Washington and then lost to the eventual Stanley Cup champs, the Devils, in the second round. I felt that, going into ’03-04, the one place we needed to shore up was our blueline and bringing in Sydor from Columbus…he was that missing piece. If you look at how the team played after the acquisition of Sydor, we were lights out. And Khabibulin was spectacular in the post-season…and the rest is history, as they say. What I really remember vividly from the 2004 playoffs is we were able to deal with almost any style of hockey. You know, when teams tried to be physical and intimidating with us, like in the Philadelphia series (Eastern Conference final) and the Calgary series (Stanley Cup final), we were able to deal with that, we were able to withstand that. It’s just the way the entire group of guys came together…you knew after the Montreal series (in the second round) that there was something special about this group. Sweeping Montreal, and wrapping up the series in Montreal, and…the game in which Vinny scored late to tie it with the stick-between-the-legs shot and then Brad Richards banks one off Jose Theodore in overtime…to win that and put us up three games to none, it was just a very special group of guys. The real tragedy is we had basically the same team coming back the next season, with the exception of having to get Martin St-Louis signed at the end of 2003-04 and also having to get Jassen Cullimore signed…otherwise, we had the entire team coming back. We had an option for Khabibulin and we exercised that option – and then we ended up going into the lockout and losing the entire 2004-05 season. And then coming out of the lockout, not only do we have to get Martin St-Louis re-signed, but now Lecavalier’s contract is coming up, Khabibulin’s is up, Richards was up the following summer, Danny Boyle’s contract was up and we’re faced with working out new deals for a lot of key guys all at the same time. We had gone through significant stretches in ’03-04, and even ’02-03, where backup Johnny Grahame played a lot. You know, Grahame played some outstanding hockey for us when Khabibulin had kind of lost his way a little bit…“Grammer” was the guy who stood up and carried us for a while. And so, as we looked at what the NHL landscape was for goalies and who we were going to end up losing, and whether we were going to pay Khabibulin and what he was looking for and what he ultimately got…We made the decision we were going to give Grahame the opportunity to start. I’ve had people ask me, “Would you do things differently?” and I suppose, in hindsight, I might, but only from the standpoint of the personal ease of life, if you will – my life would be a lot easier if I could throw my hands up and say, “Hey, you know, we got the goalie we wanted,” because obviously the goaltending has been an issue here ever since that 2005-06 season. And yet, having said that, if we had done it, the chances are Martin St-Louis wouldn’t be here and he’s one of the most dynamic players in the game. One of the greatest thrills in the game, I think, is watching St-Louis and Lecavalier play together. It really was a very, very difficult decision (to let Khabibulin go and re-sign the ‘Big Three’ of Lecavalier, St- Louis and Richards). I wish those four guys could’ve been able to sit down in a room together and I could’ve said, “Here is the total pie, here is the total amount of money. You guys divide it up and come back to me and I’ll sign each of you however it works out.”But that wasn’t the case and Khabibulin got a huge offer from Chicago and moved on in the summer of 2005. The tough part is that Mr. Davidson, as our owner, made a commitment after winning the Stanley Cup that we were going to be a cap team, we were going to spend to the salary cap. Unfortunately, our reality here in Tampa is we don’t generate enough revenue to support that. The only year we’ve made money is when we won the Stanley Cup. In 2004, we played 13 of a possible 16 post-season games at home and so that’s the one year we were able to show a profit. So, while the salary cap is going up, the reality is we couldn’t support the $39 million salary cap (coming out of the lockout in 2005-06), we couldn’t support a $44-million payroll (in 2006-07), and now it’s impossible for us to say, “Well, let’s take the payroll up to $50 million.”From that standpoint, we’re back to where we were pre-lockout; that is to say, we have to try to make it work within a budget.Jay Feaster has been with the Tampa Bay Lightning since 1998 and became the team’s GM in 2002. He will blog on THN.com throughout the 2006-07 season. ~~~ Editor's Notes: - What makes these potential owners so excited to get involved with a team like TB when several owners were just as excited at the start and are even happier when they rid themselves of the money-losing team later? Are their egos saying: "THEY failed but I can make it work?" - The genuis of being a great GM is to ensure your major contracts come due at different times. Letting all the big deals run out at the same time now in a salary cap world, is just like getting an expansion team with a few role players and draftees on the farm. If your stars walk, you are left with little attraction to sign other stars. (See Lowe's Hard "Smyth Lesson".) You watch what Sutter continues to do in Calgary with Iginla, Phaneuf and Kiprusoff and it is clear some GMs understand this and others don't. - Feasters last few comments sure sound like the auction is about to begin in TB with a sale upcoming too. - If they truly had met the conditions to receive full revenue sharing then the higher maximum cap shouldn't be a problem since they would get more revenue shared dollars to offset it. However, since the attendance numbers are bogus and the corporate sponsorships are smaller than required, then the revenue shared dollars are clawed-back and won't keep up with the increasing cap, leading to their relocation. Cue the buyers in Manitoba! Chris |
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Post by hockeyplayer00 on Dec 20, 2007 14:21:43 GMT -5
Koules' Group Has Inside TrackBy ERIK ERLENDSSON, The Tampa Tribune Published: December 20, 2007 TAMPA - Oren Koules not only owns the inside path to an agreement to purchase the Lightning, he's also about to lap any other potential suitors. Koules, the Hollywood movie producer behind the "Saw" movie franchise, met in Detroit with officials from Palace Sports & Entertainment on Wednesday and is one set closer to becoming the fourth owner in franchise history when the two sides agreed to an exclusive negotiation period. "After very productive discussions today, we are pleased to announce that Palace Sports & Entertainment is entering into an exclusive negotiating period with OK Hockey, LLC, an entity controlled by Oren Koules," the team released in a statement. "We hope to move forward with a purchase agreement by late January." While no formal offer was made, the outline of a deal was discussed with the parameters believed to be similar to the original deal Palace agreed to with Absolute Hockey Enterprises in August before that deal blew up last month. The original purchase agreement for around $200 million included the team, the lease to the St. Pete Times Forum and 5 1/2 acres of surrounding land. "I am excited that we were able to take such a positive first step today," Koules said in a statement. "Most importantly, we established a clear and direct path so that we can now work together towards a definitive agreement as quickly as possible." Once a deal is reached things are expected to be expedited because Koules and his partners with OK Hockey - fellow Evolution Entertainment founder Mark Burg and Russell Belinsky, co-founder of California-based Chanin Capital Partners who specializes in restructuring and reorganizing businesses - were already under a background check as part of the original deal. Though there is no set deadline on the period of exclusivity, it does allow the two sides to work together to find a deal without any other parties able to come forward.A group led by former Absolute partners Jeff Sherrin and Doug MacLean, along with Tampa-based lawyers Steve Burton and Tom Scarritt, were holding preliminary discussions in an attempt to put together a potential investment group, although it may now be a moot point. Neither MacLean nor Scarritt, who represented Absolute in a lawsuit against Koules that was settled out of court last week, returned messages Wednesday seeking comment. www2.tbo.com/content/2007/dec/20/sp-koules-group-has-inside-track/?sports-lightning
I disagree... Attendance numbers are NOT bogus, they get 18-20k per game. Their problem is that ticket prices are below average.
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Post by mcguire4 on Dec 20, 2007 14:39:47 GMT -5
hockeyplayer00 wrote:
Attendance numbers are NOT bogus, they get 18-20k per game. Their problem is that ticket prices are below average.
ok, for sake of argument, lets say that the numbers arent bogus. tell me, if the lightning were to put their ticket prices UP TO average... how many bums fill the seats?.....
you cant have it both ways man.
by your reasoning, the lightning are fu cke d either way, cuz you can bet raising ticket prices there will see a DECREASE in the number of people.
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Post by mrconfusion87 on Feb 10, 2008 22:32:34 GMT -5
There should be only 1 team in Florida: the Lightning....
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Post by moosejetsfan on Feb 11, 2008 14:58:39 GMT -5
Lightning sale delayed againA French bank's problems cost prospective buyer his financing. By Damian Cristodero, Times Staff Writer Published February 10, 2008 ATLANTA - The troubled sale of the Lightning hit another roadblock, though we will have to wait and see if it is an inconvenience or a deal-breaker. At the least, the financing lost by Hollywood producer Oren Koules sets back the process an undetermined, though perhaps significant, amount of time, just as owner Palace Sports & Entertainment was to announce a purchase agreement. Palace Sports CEO Tom Wilson said by phone Saturday that the deal had been "99 percent done." "And then," he added, "the world kind of blows up." Wilson confirmed Paris-based Societe Generale, France's second-largest bank based on market value that was going to lend up to $110-million to Koules' group, closed its sports-lending business. The bank was rocked last month when it was discovered an employee lost $7.2-billion in unauthorized trades. Koules' group, OK Hockey, which includes business partner Mark Berg and, it is believed, banker Russell Belinsky, needs new financing. Given the credit crunch and difficulties faced by financial institutions because of the subprime mortgage meltdown, the search could be tough for a $200-million deal for the team, St. Pete Times Forum lease and 51/2 acres near the arena. Team president Ron Campbell said the sale is not dead. "Based on our understandings ... despite the hardships in the financial markets, the process is still moving forward, just not at the pace that any of us desired," he said in a statement. "Nevertheless, we will continue to work together to get something consummated in as safe and as timely a manner as possible." Koules could not be reached, but Wilson said the producer of the popular but gruesome Saw movies was talking to three interested institutions. Even so, Wilson said Koules "basically has to go back to square one." "There's no way to tell," Wilson said when asked about a timetable. "The process seems to be much longer than we're familiar with. When we bought the team, we were basically a cash buyer." In November, Palace Sports canceled a purchase agreement with Absolute Hockey Enterprises after it defaulted on financial obligations amid rancor that resulted in a lawsuit among its investors. Koules, part of that group, was sued by Jeff Sherrin and Doug MacLean. NHL commissioner Gary Bettman forged a settlement, and Koules created OK Hockey. "We have a guy who wants to do a deal and trying everything he can to do a deal," Wilson said. "We have to support him as much as we can." www.sptimes.com/2008/02/10/Lightning/Lightning_sale_delaye.shtml
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Post by USApegger on Feb 11, 2008 19:30:57 GMT -5
I thought the NHL did not allow buyers to finance such a large amount of the purchase price, or is that for expansion teams only?
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Post by WpgJets2008 on Feb 14, 2008 10:19:27 GMT -5
Hollywood producer poised to buy Lightning By THE ASSOCIATED PRESS February 14, 2008 slam.canoe.ca/Slam/Hockey/NHL/TampaBay/2008/02/13/4845299-ap.htmlTAMPA, Fla. - The Tampa Bay Lightning may soon have some new owners who will bring a Hollywood feel to the NHL franchise. The team, owned by Michigan-based Palace Sports & Entertainment since 1999, announced Wednesday that it has been sold to OK Hockey LLC, a group controlled by Los Angeles TV and movie producer Oren Koules. "We look forward to a smooth transition and a terrific future as he assumes control of the Lightning," Palace Sports and Entertainment president Tom Wilson said. "Oren is a passionate hockey man who cares deeply about the franchise and the Tampa Bay community." Koules was part of a group of bidders who tried to purchase the team last year, but the deal unraveled before it was approved by the NHL. The NHL still has to approve this deal, which is expected to be completed in 3 1/2 months. "We're very excited about today's announcement and look forward to the day when we can make a difference for the Lightning and its fans," Koules said. The Lightning, who won the Stanley Cup in 2004, are last in the Eastern Conference. The team made the playoffs the past two seasons, but were eliminated both times in the opening round. The deal also includes the leasehold rights to the St. Pete Times Forum and approximately 5 1/2 acres of land near the arena. ~~~ Editor's Notes: Is the deal still worth $200 million? Strange that the figure wouldn't be included in this story as it is the sale announcement came through on Wednesday (Yesterday). And to the last comment about leveraging to buy the team: If the final price was $200 million and a French Bank was to lend around $110 million of it, then clearly the NHL is ok with high ratio deals going through. This means that the Lightning will have to make around $7 to $10 million annual payments to their creditors just to pay the interest costs for that $110 million dollar loan. In effect, that will cut their payroll by the same amount, unless the new group wants to lose even more money each year than the current owner, Bill Davidson from Michigan. This is another opportunity for Winnipeg then. If the NHL allows such a high level of debt to close deals, it means the local Winnipeg ownership group can buy any existing team (maybe even an expansion team) without first selling off some of their business assets to raise the cash for the purchase. By allowing the prospective owners to keep their assets intact, put them up as collateral for a mortgage then that makes it much easier to buy a team. But this would also be true for competition to the ROTJ too! I don't know about you, but having a new Jets team with a $7 to $10 million annual interest payment doesn't make me think that we would be starting off on the right foot. And neither is the Lightning's new owners now. Chris |
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Post by pbonomo on Feb 14, 2008 10:54:55 GMT -5
Well, with all of the blood and gore in the "SAW" movies he's produced, maybe Oren Koules is used to seeing red... Or maybe he's colour-blind... Or maybe he heard that they were bleeding money, and that enticed him...  |
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Post by leer2006 on Feb 14, 2008 13:01:44 GMT -5
This deal could still hit the crapper as the NHL has not yet aproved the sale.
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Post by Seanahue on Feb 14, 2008 15:45:24 GMT -5
I don't think that that is the best idea for getting a team here. That is a huge loan and it would just put more pressure on the team and the city.
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Post by Hannu Smail on Apr 22, 2008 12:41:31 GMT -5
read today the potential buyers lost their financing, interesting to see how this plays out....
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Post by mcguire4 on Apr 22, 2008 13:31:20 GMT -5
here is that article.
read the last line. morons, complete morons if thet think this will work.
TSN - The Sports Network
4/22/2008
The worldwide credit crunch appears to have seeped into the world of professional hockey.
According to a report in the Sports Business Journal, Oren Kouleas, the prospective buyer of the Tampa Bay Lightning, has lost his second lender in the last three months.
CIT Group, who was expected to lend Kouleas up to $110 million, has pulled out of the deal. Earlier this year, Societe General backed out of a similar deal with Kouleas.
According to the report, the worldwide credit crunch has made financial institutions increasingly reluctant to lend money after suffering from costly bad loans.
"It is fair to say that the financial markets are strained, as we speak, and we will look to help with the financing of a portion of the purchase price," wrote Tom Wilson, chief executive officer of Palace Sports & Entertainment, which owns the Lightning, in an e-mail. "The deal is still on."
According to his agreement with PS&E, Kouleas had until May 28 to secure financing for the deal.
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Post by steviecool7 on Jun 17, 2008 21:34:06 GMT -5
If we acquire them that means It might bring a Stanley Cup to Winnipeg. We could get a good goalie so it could get us into the playoffs.
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Post by jhendrix70 on Jun 17, 2008 22:32:28 GMT -5
If we acquire them that means It might bring a Stanley Cup to Winnipeg. We could get a good goalie so it could get us into the playoffs. There ya have it folks! Words of wisdom from Steviecool "7" years old...  |
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