Reuters: Sale of Florida Panthers "has collapsed"
Posted at 6:12pm EST Thursday:
...(a) source told Reuters the deal collapsed because Panthers owner Alan Cohen did not want to cede control of the team, while Sports Properties was scared off by the Panthers' weak finances.
The league itself claimed the sale would not gain NHL approval since the new ownership "lacked a primary investor taking a substantial equity stake" (Miami Herald, Wednesday).
Deep doodoo indeed for an owner who is reportedly desperate to sell. This affects everything from naming a permanent general manager to free agency pickups to potential trades.
Thoughts?
over 2 years ago
Donny Rivette
2 comments
0 recs |
Comments
I have not followed this very closely, so forgive my ignorance.
1) What percentage was he selling?
2) How could you not give up some degree of control if you are selling?
3) If he is desperate to sell, why let the deal collapse over the control issue?
All things Thrashers + stats: www.birdwatchersanonymous.com
He was selling part of his controlling interest and a bunch of the minority partners were selling. I’m not sure the total, but it was more than half. Part of the negotiations were around who would run the team. Originally, SPAC were saying Cohen wouldn’t run the team. So, who knows what really went on there.
This whole thing is more about the minority partners than Cohen. A bunch of them want out and he doesn’t have the cash to buy them out.
Someone from SPAC probably realized how worthless the swamp land around the BAC is, as well. Plus the league wasn’t too into it. Sounds like the whole thing was doomed from the start, as is SPAC’s whole intended purpose, unless another league will let them buy a team with no primary investor. You’d think someone would have checked that out before going to all the trouble.
























