Post by WpgJets2008 on Nov 16, 2009 14:53:24 GMT -5
NHL ownership shakeup in Miami
David Shoalts Globe and Mail Monday, Nov. 16, 2009
www.theglobeandmail.com/sports/hockey/nhl-ownership-shakeup-in-miami/article1364479/
The latest businessmen to try to make the Florida Panthers a success will be introduced today by the NHL club.
Cliff Viner and Stu Siegel will step up from minority owners to co-general partners when they officially take control of the club from Alan Cohen, who will remain part of the ownership group but will no longer make the key decisions. Viner and Siegel, who both live in Boca Raton, reportedly will buy about half of Cohen's 42-per-cent share of the team.
Sources in the banking community say Cohen told NHL commissioner Gary Bettman he was no longer willing to pay for the club's annual losses, which run in the range of $20-million (U.S.). After a proposed sale to Sports Properties Acquisition Corp., an investment fund, fell through, Viner and Siegel decided to increase their stake in the club.
The purchase price was not announced but sources say little cash will change hands because Viner and Siegel will be taking responsibility for the club's debts.
Viner, 61, who is co-founder of AVM, a financial services company, will serve as chairman while Siegel, 46, whose background is in real estate, will be the chief executive officer. Siegel had been in charge of the team's charitable arm, the Panthers Foundation.
The Panthers have missed the NHL playoffs for the past eight seasons, thanks in part to numerous player changes because of a lack of revenue. Siegel assured the team's fans he and Viner will pay the bills.
“We're going to be there with them, we're going to be crying with them, we're going to be laughing with them. We are the biggest Panthers fans,” Siegel told the South Florida Sun Sentinel.
“We're the only crazy ones who would do this.”
Editor's Notes:
I think we can be reasonably safe in saying that the number of buyers out there for the Panthers were limited to: (a) the existing ownership in Cohen, (b) SPA Corp. and (c) a rejigging of the sizes of existing ownership group's stakes. From the time Cohen was first rumoured to want out until today's news of the sale, very little interest in the Panthers could be drummed up. And that tells me that few options remain to keep this team in Miami once this "new" group cries uncle.
When you see how long it could Bill Davidson to unload the Lightning, it certainly shows very little ownership interest in two teams that pushed out the NHL "TV footprint".
So when you hear teams in trouble with several ownership groups ready to keep them in place (Hello Phoenix), you really need to understand just how "watered down" the ownership pool is for the eixsting 30 team loop.
This bodes well if you hoping for a team to return to Manitoba. But it is enough to make the NHL Board choke when it realizes that ownership transfers to north of the border may very well be the only solution short of dispersal drafts. After all, there are many more teams at death's door than there are US cities to relocate (or in the case of Kansas City, to re-relocate). All in all, future NHL realignment may be driven more by the lack owners than by any best set plans the NHL may have for expansion and sustainment efforts like those going on in Phoenix from 2008 to 2010.
Chris
PS> Check out the latest OFFside Blog!
manitobamythbusters.com/blog/blog4.php/2009/11/16/another-sign-that-time-is-running-out
David Shoalts Globe and Mail Monday, Nov. 16, 2009
www.theglobeandmail.com/sports/hockey/nhl-ownership-shakeup-in-miami/article1364479/
The latest businessmen to try to make the Florida Panthers a success will be introduced today by the NHL club.
Cliff Viner and Stu Siegel will step up from minority owners to co-general partners when they officially take control of the club from Alan Cohen, who will remain part of the ownership group but will no longer make the key decisions. Viner and Siegel, who both live in Boca Raton, reportedly will buy about half of Cohen's 42-per-cent share of the team.
Sources in the banking community say Cohen told NHL commissioner Gary Bettman he was no longer willing to pay for the club's annual losses, which run in the range of $20-million (U.S.). After a proposed sale to Sports Properties Acquisition Corp., an investment fund, fell through, Viner and Siegel decided to increase their stake in the club.
The purchase price was not announced but sources say little cash will change hands because Viner and Siegel will be taking responsibility for the club's debts.
Viner, 61, who is co-founder of AVM, a financial services company, will serve as chairman while Siegel, 46, whose background is in real estate, will be the chief executive officer. Siegel had been in charge of the team's charitable arm, the Panthers Foundation.
The Panthers have missed the NHL playoffs for the past eight seasons, thanks in part to numerous player changes because of a lack of revenue. Siegel assured the team's fans he and Viner will pay the bills.
“We're going to be there with them, we're going to be crying with them, we're going to be laughing with them. We are the biggest Panthers fans,” Siegel told the South Florida Sun Sentinel.
“We're the only crazy ones who would do this.”
Editor's Notes:
I think we can be reasonably safe in saying that the number of buyers out there for the Panthers were limited to: (a) the existing ownership in Cohen, (b) SPA Corp. and (c) a rejigging of the sizes of existing ownership group's stakes. From the time Cohen was first rumoured to want out until today's news of the sale, very little interest in the Panthers could be drummed up. And that tells me that few options remain to keep this team in Miami once this "new" group cries uncle.
When you see how long it could Bill Davidson to unload the Lightning, it certainly shows very little ownership interest in two teams that pushed out the NHL "TV footprint".
So when you hear teams in trouble with several ownership groups ready to keep them in place (Hello Phoenix), you really need to understand just how "watered down" the ownership pool is for the eixsting 30 team loop.
This bodes well if you hoping for a team to return to Manitoba. But it is enough to make the NHL Board choke when it realizes that ownership transfers to north of the border may very well be the only solution short of dispersal drafts. After all, there are many more teams at death's door than there are US cities to relocate (or in the case of Kansas City, to re-relocate). All in all, future NHL realignment may be driven more by the lack owners than by any best set plans the NHL may have for expansion and sustainment efforts like those going on in Phoenix from 2008 to 2010.
Chris
PS> Check out the latest OFFside Blog!
manitobamythbusters.com/blog/blog4.php/2009/11/16/another-sign-that-time-is-running-out