Re: What's Next for the Panthers?

by davetherave on Tue Jun 02, 2009 1:42 pm

The situation with the Panthers has been a mess for ten years now...what mystifies me is why Balsillie didn't approach Cohen--ranked by Sports Illustrated as the 2nd worst owner in the NHL (next to Larry Tanenbaum of the Leafs)--and offer to buy him out.

Cohen probably would have sold the Panthers in a heartbeat.

by davetherave on Tue Jun 02, 2009 1:50 pm

From Dan Rosen at NHL.com, yesterday afternoon:

TORREY WILL GUIDE PANTHERS' SEARCH

Dan Rosen, NHL INSIDER/NHL.COM, June 1, 2009

Hall of Fame manager Bill Torrey will select Jacques Martin's successor, but Torrey, who turns 75 this month, insists he won't choose the man he sees in the mirror every morning to be the next general manager of the Florida Panthers.

Torrey, the architect of the New York Islanders’ early 1980s dynasty and the 1996 Panthers, who won the Eastern Conference title, won't be coming out of retirement.

"I think I have served my time as a general manager and I know where I am in this world and in this life," Torrey, the Panthers' alternate governor, said a conference call Monday. "My heart is with this franchise and I want to see a good choice come along."

Torrey has been tasked with this plum assignment by Panthers' owner/general partner Alan Cohen because Martin resigned his position as Florida's GM to become the head coach of the Montreal Canadiens.

Panthers' President and Chief Operating Officer Michael Yormark said Monday that approximately 10 days ago Cohen granted permission for Montreal GM Bob Gainey to speak with Martin, who was hired Sunday and announced as the Habs’ new coach Monday.

Yormark confirmed that the Panthers will not receive compensation for Martin from Montreal by saying, "The Canadiens asked for permission to speak with Jacques. We talked to Jacques, granted that permission and that was the terms of the deal."

Torrey will report directly to Cohen, while assistant GM Randy Sexton, coach Peter DeBoer and Director of Amateur Scouting Scott Luce will work together "to make sure we're prepared for the upcoming NHL draft and the beginning of the free agency period," Yormark said.

"Randy Sexton is the point person on all hockey operations matters and will work closely with Peter as to how we construct our team moving forward. He will be working closely with Scott Luce in preparation for NHL draft."

Torrey said he wants to find a replacement for Martin "as quickly as we possibly can," but whoever it is has to come in knowing that the staff is firmly in place. DeBoer, who was hired by Martin before last season, isn't going anywhere. Neither is Luce.

This is actually going to be one of those rare cases when the coach has a say in who his boss is going to be.

"We're going to forth with clear understanding that Peter is here and did an outstanding job last year in bringing this team along," Torrey said. "We're going to find someone who is comfortable with that and happy to work with that. The same thing is we have Scott Luce and he is in place and has done a great job. In this particular place we have people in place that are going to go forth and we have to find someone who is very comfortable with that and is happy with that."

Sexton, a former GM in Ottawa during the mid-1990s, could be a candidate.

"I would say I'm going to look at all of those who are interested and I will weigh them as carefully as I can and then make my recommendation," Torrey said. "I want someone with knowledge of the League and an understanding of what we have here going forth."

As for how this affects the Panthers' attempts to re-sign defenseman Jay Bouwmeester, who will be one of the most coveted unrestricted free agents on the market if he remains unsigned come July 1, is still unknown.

Sexton said with Martin's permission, he spoke with Bouwmeester's agent, Bryon Baltimore, late last week.

"I don't think it's appropriate to comment on club/agent/player conversation," Sexton said. "We have a plan in place and we'll do our best to make that happen."

After listening to Torrey sing his praises and mention how safe he is in his job, DeBoer showed no signs of anxiety on Monday's conference call despite the uncertainty surrounding the team and his future roster.

"I think it's in real capable hands," DeBoer said. "I think with the people we have in place that are on this call right now, plus Scott Luce, I'm real comfortable that we're not going to drop any balls here."

Contact Dan Rosen at drosen@nhl.com

by **SpezDispenser** on Tue Jun 02, 2009 1:59 pm

davetherave wrote:The situation with the Panthers has been a mess for ten years now...what mystifies me is why Balsillie didn't approach Cohen--ranked by Sports Illustrated as the 2nd worst owner in the NHL (next to Larry Tanenbaum of the Leafs)--and offer to buy him out.

Cohen probably would have sold the Panthers in a heartbeat.

Another very interesting point. He must have at least thought about it.

by shabbs on Tue Jun 02, 2009 2:10 pm

davetherave wrote:The situation with the Panthers has been a mess for ten years now...what mystifies me is why Balsillie didn't approach Cohen--ranked by Sports Illustrated as the 2nd worst owner in the NHL (next to Larry Tanenbaum of the Leafs)--and offer to buy him out.

Cohen probably would have sold the Panthers in a heartbeat.

Doesn't Cohen want to sell the whole package and not just the Panthers? Or is that only recently that he's packaging it all together?

by davetherave on Tue Jun 02, 2009 2:22 pm

Shabbs> I can tell you first hand that the Bank Atlantic Center is a very successful concert venue and that the land around the property is extremely desirable property for commercial/residential development.

More info here: http://en.wikipedia.org/wiki/BankAtlantic_Center

In principle, Cohen would have an easier time selling that without the Panthers in the package, as the Panthers have never gotten any traction with sports fans in South Florida.

Sports teams have not done well in Miami/Fort Lauderdale, with the apparent exception of the NBA Heat who play in downtown Miami. The NFL Dolphins and MLB Marlins reportedly struggle with attendance.

by shabbs on Tue Jun 02, 2009 2:29 pm

davetherave wrote:Shabbs> I can tell you first hand that the Bank Atlantic Center is a very successful concert venue and that the land around the property is extremely desirable property for commercial/residential development.

More info here: http://en.wikipedia.org/wiki/BankAtlantic_Center

In principle, Cohen would have an easier time selling that without the Panthers in the package, as the Panthers have never gotten any traction with sports fans in South Florida.

Sports teams have not done well in Miami/Fort Lauderdale, with the apparent exception of the NBA Heat who play in downtown Miami. The NFL Dolphins and MLB Marlins reportedly struggle with attendance.

So then why all the rumours of him selling it as a package? It seems everything is a cash cow except for the Panthers.

*confused*

by **wprager** on Tue Jun 02, 2009 2:32 pm

Maybe that's why they are called rumors.

by davetherave on Tue Jun 02, 2009 3:42 pm

This in at 2pm today from Reuters Business News:

Deal set to sell NHL Panthers for $240 million: source

Tue Jun 2, 2009, Ben Klayman/REUTERS

CHICAGO (Reuters) - A publicly held company formed last year to acquire sports properties has agreed to purchase the Florida Panthers hockey team for $240 million, a source familiar with the talks said on Tuesday.

Sports Properties Acquisition Corp has agreed to buy the National Hockey League team; its home, BankAtlantic Center; an arena management company and some land surrounding the arena, said the source, who asked not to be identified because the deal has not been announced.

Officials with Sports Properties were not immediately available, and the Panthers and the NHL declined to comment.

The deal, which requires approval from 75 percent of the NHL's 30 owners, may also involve a merger in which current Panthers owner Alan Cohen receives stock in Sports Properties, the source said.

While the NHL, in the midst of its championship series between the Detroit Red Wings and Pittsburgh Penguins, is enjoying a strong season for revenue and attendance, individual teams have struggled.

Last month, the Phoenix Coyotes filed for bankruptcy and James Balsillie, the co-chief executive of BlackBerry maker Research in Motion Ltd, has offered $212.5 million for the money-losing team.

Meanwhile, Texas billionaire Tom Hicks is looking for a minority investor in the Dallas Stars team after defaulting on $525 million in loans. Separately, the storied Montreal Canadiens are for sale.

NHL clubs in such nontraditional hockey markets as Atlanta; Raleigh, North Carolina; Nashville, Tennessee and Tampa, Florida, have been cited by sports bankers as clubs that also could change hands.

A special purpose acquisition company, or SPAC, is a shell organization that uses money raised in an initial public offering to buy another business. That business then becomes publicly traded through the SPAC once shareholders approve the deal.

Sports Properties raised $215 million in January 2008 in its IPO to invest in the sports, leisure and entertainment sectors. It was one of the bidders for the Chicago Cubs baseball team and has looked at other sports properties.

SPACs are also known as blank-check companies because they essentially ask investors to invest in a management team rather than a company itself.

Sports Properties' management, according to its most recent SEC filing, includes Tony Tavares, the former president of the Washington Nationals baseball team and former CEO of Disney Sports Enterprises, which launched the Anaheim Ducks hockey team.

The group also includes Andrew Murstein, a New York City taxi tycoon, Hall of Fame baseball player Hank Aaron, former New York Governor Mario Cuomo and Richard Mack, a senior partner at Apollo Real Estate Advisors.

After an IPO, a SPAC typically has two years to make an acquisition, or it has to return money to investors.

After a banner year in 2007, investor enthusiasm for SPACs cooled significantly last year, with SPAC investors voting down one acquisition proposal after another, preferring to get their cash back in an uncertain stock market.

About 21 acquisition proposals were nixed by shareholders in 2008, while nine won approval.

In 2007, 65 SPACs raised about $11.6 billion, but deal volume in dollar terms fell 70 percent the following year. No SPACs have filed for an IPO this year, according to Thomson Reuters.

(Additional reporting by Phil Wahba in New York; Editing by Phil Berlowitz)

by shabbs on Tue Jun 02, 2009 4:33 pm

wprager wrote:Maybe that's why they are called rumors.

How dare you bring common sense to these discussions!

:gg:

HA HA!

by shabbs on Tue Jun 02, 2009 4:34 pm

davetherave wrote:Deal set to sell NHL Panthers for $240 million: source

Wow is Balsillie over-paying for the Coyotes or what? All that for $240 million.

by davetherave on Tue Jun 02, 2009 4:52 pm

shabbs wrote:
davetherave wrote:Deal set to sell NHL Panthers for $240 million: source

Wow is Balsillie over-paying for the Coyotes or what? All that for $240 million.

Ask yourself why Balsillie is so ready to throw over $212MM at a club with an arena lease that comes with a $750MM penalty to the City of Glendale if he breaks it, when he could have bought the Panthers franchise--which no one has ever said was in a good NHL market, and could probably have been moved without a squawk--AND a VERY valuable venue in BankAtlantic Center, which would continue to be a cash cow without the hockey club--for almost the same price.

Something does not add up.

by shabbs on Tue Jun 02, 2009 4:57 pm

davetherave wrote:
shabbs wrote:
davetherave wrote:Deal set to sell NHL Panthers for $240 million: source

Wow is Balsillie over-paying for the Coyotes or what? All that for $240 million.

Ask yourself why Balsillie is so ready to throw over $212MM at a club with an arena lease that comes with a $750MM penalty to the City of Glendale if he breaks it, when he could have bought the Panthers franchise--which no one has ever said was in a good NHL market, and could probably have been moved without a squawk--AND a VERY valuable venue in BankAtlantic Center, which would continue to be a cash cow without the hockey club--for almost the same price.

Something does not add up.

I believe the penalty for breaking the lease is up for debate due to the bankruptcy filing. I know Glendale has stated it's "unbreakable" but I think Balsillie and co will fight that in court and deem it invalid due to the bankruptcy filing.

I'm guessing that if Balsillie had purchased the Panthers, the NHL (Bettman) would have wanted the same "no move clause" and stipulations they did for the Penguins and Predators. By going the bankruptcy route with the Coyotes, he's hoping to skirt that.

Will it work? Only time will tell...

by davetherave on Tue Jun 02, 2009 5:19 pm

Shabbs, think about this for a second.

Nobody would care if Balsillie tried to move the Panthers. Nobody.

The situation in Phoenix, on the other hand, is a TOTAL mess.

So why did Balsillie stick in his foot in it--when he could have had the Panthers AND a money making arena for almost the same price and a lot less trouble?

You tell me.

by shabbs on Tue Jun 02, 2009 5:47 pm

davetherave wrote:Shabbs, think about this for a second.

Nobody would care if Balsillie tried to move the Panthers. Nobody.

The situation in Phoenix, on the other hand, is a TOTAL mess.

So why did Balsillie stick in his foot in it--when he could have had the Panthers AND a money making arena for almost the same price and a lot less trouble?

You tell me.

Balsillie does not want to own a team in a loser of a market, and both Florida and Phoenix are loser markets. Let's call a spade a spade.

What makes you so certain Bettman and the NHL would have let Balsillie buy the Panthers and move them to Hamilton without any issue?

I say Balsillie would have had a harder time moving the Panthers than the Coyotes as he would not have been able to drag the Panthers into the courts via bankruptcy and bring this all out into the open and level hte playing field somewhat, setting the stage for an anti-trust case etc...

The key to all this was the Coyotes going into bankruptcy. It started a chain of events that Balsillie and co feel they can control better than the NHL.

Will it work... who knows.

by davetherave on Tue Jun 02, 2009 6:25 pm

Shabbs..>that's my point. Balsillie wouldn't have had to put the team into bankruptcy court if he bought the Panthers.

Instead, Balsillie's stepped into a big expensive pile of legal dung.

And believe me, NOBODY...not the State of Florida, not the City of Fort Lauderdale, not the few hockey fans in South Florida, not the NHL, cares if the Panthers stay there. They haven't cared for years.

It would not surprise me if this sale gets approved--and Cohen will have already done his homework on this one--that the Panthers aren't playing somewhere else, if not this season, then next.

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