Barrie's battle to keep the Bolts
by James Mirtle on Aug 22, 2009 10:31 AM CDT
15 comments
Time's ticking on Len Barrie's ownership stake in the Lightning, and barring a ton of new investment money from a potential partner, the likely outcome is him walking away and producer Oren Koules getting his chance to take over.
Two different takes here from the St. Petersburgh Times and The Globe and Mail:
Real estate mogul looks into possibility of joining Len Barrie [SPT]
Lightning co-owner set to give up charge [TGAM]
The thing is, Barrie and Koules didn't really have enough money combined to make this purchase in the beginning, and the fact that their bumbling ownership duo took over right before the recession hit has likely wiped out a lot of the capital they did have in the franchise.
On Barrie's side of things, his wealth is all tied up in the Bear Mountain resort, a massive real estate play on Vancouver Island that has just 24 per cent of its residential units sold and which is reportedly hitting hard times and looking for foreign investment. The only hope he's got is outside money coming in, on both the Lightning side and with the resort property, because word is he's leveraged to the hilt.
The sad part of all this is that, as David Shoalts notes, 17 investors — many of whom are former NHLers — are all hanging in the balance while this all works itself out. A quick look at the development's website shows prices on units slashed by as much as 35 per cent.
As for the team, well, from the fans' point of view, it'd be better if neither of these two is able to come up with the cash to keep this team. They need a new owner to buy in and rebuild what's been lost in Tampa, and that's a process that isn't going to be easy.
The good news is that you can probably get this team on the cheap right now.
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The bad news...
…as you are quick to point out, James, is that there really aren’t a lot of people other than Jim Balsillie interested in buying an NHL franchise right now – particularly a “bad market” team.
The Hamilton Lightning? For the Tampa fans’ sake, I hope not.
You are validating my inherent mistrust of strangers.
by zyllyx on Aug 22, 2009 10:46 AM CDT reply actions 0 recs
There was a story just the other day
In the St. Petersburg Times about local groups (not named but represented by lawyers) waiting in the wings to chase the Lightning.
http://www.tampabay.com/sports/hockey/lightning/article1026790.ece
Raw Charge -- the Tampa Bay Lightning weblog at SB Nation.
by John Fontana on Aug 22, 2009 10:52 AM CDT up reply actions 1 recs
In other words,
the Lightning is the next team Balsillie makes an offer on. The NHL might as well make him an owner, because there will be 2-3 bankrupt teams a year for as long as there are teams deep south.
by penaltyshots on Aug 22, 2009 11:46 AM CDT reply actions 0 recs
I can’t see the NHL ever allowing these Tampa guys to put the team into bankruptcy. They’re likely learned a lesson in Phoenix which means this scenario won’t be repeated (at least when the NHL’s already involved in a team’s finances).
Blogging on hockey at fromtherink.com
by James Mirtle on Aug 22, 2009 11:54 AM CDT up reply actions 0 recs
One missing (overlooked) Fact
The right of first refusal is with the financer of the majority of OK (Not Really) Hockey’s stake in the Bolts: Palace sports and entertainment.
Why is this relevant? Because PS&E are the guys that OK (Not Really) purchased the Lightning from. So despite what Basillie does, you have to go through Detroit to get the team.
“So what?”
So what is this – Palace Sports CEO Tom Wilson said 2 years ago that PS&E had no intentions of selling to a group with relocation plans in mind. Wilson is also effected at current by Gary’s gag order, and he will not comment at all on the Bolts ownership situation.
Raw Charge -- the Tampa Bay Lightning weblog at SB Nation.
by John Fontana on Aug 22, 2009 11:59 AM CDT up reply actions 0 recs
there will be 2-3 bankrupt teams a year for as long as there are teams deep south.
Last time I checked, Los Angeles (1995), Ottawa (2003), Buffalo (2003), and Pittsburgh (1975 & 1998) weren’t in the deep south.
The Preds haven’t filed for bankruptcy, only Boots. Nobody has mentioned the B-word for the Lightning either.
2008-2009 Colorado Avalanche: Dry Humping Mediocrity
by Mike @ MHH on Aug 24, 2009 10:40 AM CDT up reply actions 0 recs
Yet
If Barrie or Koules don’t patch things up, or find some deep-pocketed investors, I fear it’s only a matter of time.
I've seen enough to know that I've seen too much.
by Smoboy41 on Aug 24, 2009 12:36 PM CDT up reply actions 0 recs
I wasn’t refuting the possibility or even the likelihood of that happening in TB. I was merely upset with jpfdeuce’s lazy attempt to slam Southern franchises. Historically, the Northeast US is the NHL Bankruptcy capital, not the southern teams.
2008-2009 Colorado Avalanche: Dry Humping Mediocrity
by Mike @ MHH on Aug 24, 2009 1:04 PM CDT up reply actions 0 recs
Fair enough. While I’m still not a fan of putting teams in cities where the roots of hockey don’t run very deep, I’m willing to have an open mind about it. Losing a couple of teams, regardless of where they’re based, would not break my heart. I would have empathy to their fans, however.
I've seen enough to know that I've seen too much.
by Smoboy41 on Aug 24, 2009 1:42 PM CDT up reply actions 0 recs
Mine either and I’d have the empathy too but I’m not a fan of Canadian entitlement as the reasoning for contraction/relocation. Any time somebody starts talking about reducing the number of teams, they draw a line through the middle of the US and everything below that line MUST be a bad market because it doesn’t snow there. But historically, franchises in “hockey markets” have had just as many, if not more, struggles, but they tend to get a free pass from the maple leaf loyalists under the banner of bad management. That same courtesy is never extended to southern franchises. A struggling franchise in the south gets tabbed with a “bad market” label and there tends to be little rational reasoning behind it.
2008-2009 Colorado Avalanche: Dry Humping Mediocrity
by Mike @ MHH on Aug 25, 2009 2:27 PM CDT up reply actions 0 recs
You, sir, are quite the defender of all things sunbelt for an Avs fan.
Blogging on hockey at fromtherink.com
by James Mirtle on Aug 25, 2009 2:31 PM CDT up reply actions 0 recs
Global Warming
The sunbelt keeps creeping farther and farther north. Makes that ‘southern Canada’ crack a little less of a fallacy.
I've seen enough to know that I've seen too much.
by Smoboy41 on Aug 25, 2009 2:36 PM CDT up reply actions 0 recs
Toronto could use some sunbelt weather this summer. Global cooling been going on around here.
Blogging on hockey at fromtherink.com
by James Mirtle on Aug 25, 2009 3:30 PM CDT up reply actions 0 recs
Can we agree at some point that those anti-sunbelt arguments are becoming few and far between on FTR? It seems to me aside from the odd troll(or trollesque comment) that most posters here have
a)empathy for any fan worried that they might lose their team
and
b)dislike not for southern franchises but for crap business plans/crap management.
Just sayin’.
by yrmom on Aug 25, 2009 4:53 PM CDT up reply actions 1 recs
It’s aye from this corner. Ottawa got a big do-over, and few people even batted an eye. Let’s hope the problem with some teams is just bad management, and not a sign og distaste for hockey.
We got them to quit saying ICE hockey, didn’t we?
I've seen enough to know that I've seen too much.
by Smoboy41 on Aug 25, 2009 6:09 PM CDT up reply actions 0 recs
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