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 In what should be no surprise to the sports industry, an apparent deal between New York blank-check company Sports Properties Acquisition Corp. and the National Hockey League's Florida Panthers is not going anywhere, according to the Miami Herald.Although it might be obvious to some that the Panthers are struggling financially (the team lost more than $100 million since it was acquired by a group led by Alan Cohen in 2001), it should not be a shocker that Sports Properties has managed to miss out on another deal. Since it was formed in 2008, the company has made unsuccessful bids for the Chicago Cubs, the bankrupted Phoenix Coyotes and the Montreal Canadiens. Sports Properties has been quiet about the pending $230 million deal with the Panthers since it was first reported at the end of April. The report states that "terms of the deal do not satisfy the NHL's ownership requirements" and "the buyer, a public company, does not have a primary investor with a substantial equity stake." The NHL wants the new ownership to have a "go-to-person" for resources to finance expenses, and the Herald went on to state that a deal can still be revived if the terms are changed, but that seems unlikely. The NHL, however, did not make any comments that the owners have to keep the Panthers in Florida as it is pressuring the Coyotes to stay in Phoenix. Despite the financial woes of some of these teams, the league apparently still thinks ice hockey in a warm-weather city is a hot idea. An NHL representative did not respond to The Deal's requests for comment. It is not known if the Panthers hired a financial adviser or if they will continue seeking buyers if a deal with Sports Properties falls through the cracks. Cohen is also in talks with a local businessman about being added on as a minority investor. The Panthers are not the only team skating on thin ice financially. Home state rival Tampa Bay Lightning has also been mentioned in the rumor mill to possibly hit the auction block. - Demitri Diakantonis
CategoriesComments
From: Wonders what the future holds,
Cohen should look to Steve Ross, who seems to have plenty of dough lately and is buying a bank for money. he knows how to spend money without looking first! Other prospects for a minority ownership could be good ole Huzienga. Why not? He brought them here in the first place? AC has balls for not caving to SPAC. Word is that AC wanted CONTROL and would not relinquish it. He as protecting Panther fans from a move is what it sounds like.
Posted on:
September 13, 2009 11:58 PM
From: Wonders what the future holds,
Cohen should look to Steve Ross, who seems to have plenty of dough lately and is buying a bank for money. he knows how to spend money without looking first! Other prospects for a minority ownership could be good ole Huzienga. Why not? He brought them here in the first place? AC has balls for not caving to SPAC. Word is that AC wanted CONTROL and would not relinquish it. He as protecting Panther fans from a move is what it sounds like.
Posted on:
September 13, 2009 11:58 PM
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It will be interesting to see what they can do with a franchise if they are ever allowed to purchase one. Seems as though they have a good amount of funds and a long term plan for the teams they are attempting to buy.