Fleet Financial Group Senior VP David Splaine resigned
ten days ago from Fleet's sports-lending division, according
to Joan Vennochi of the BOSTON GLOBE. Splaine, a "team
leader" in the group, was the loan officer who approved the
$80M loan for John Spano to buy the Islanders. Spano has
since been arraigned on wire and bank fraud charges. Fleet
spokesperson James Mahoney declined to comment on the
details, but said that investigators are looking at the
information which was provided to the bank by Spano, and
"some answers will emerge from that process." The GLOBE's
Vennochi: "In the meantime, Fleet isn't backing down from
the sports lending business." Fleet has a relationship with
30 major league teams in the NHL, MLB, NBA and NFL. Fleet
is also the "lead bank for the NHL's credit facility," and
for MLB's credit facility. Mahoney: "We're not rethinking
the business. We're strongly committed to it. Our ongoing
commitment will become apparent in coming weeks." Mahoney
said that he "anticipates additions to Fleet's sports
lending division -- but no further personnel changes because
of the Islander loan" (BOSTON GLOBE, 7/30).
TIME BUY: John Spano's failed purchase of the Islanders
"could delay sales of other NHL franchises," according to a
report in the TAMPA TRIBUNE. The league has hired an
outside law firm and accounting firm Ernst & Young to
examine the league's system of checking prospective owners.
That review "could slow the sale process" for teams
currently on the market, the Lightning, Oilers and
Islanders. NHL Dir of Corporate Communications Bernadette
Mansur: "Our goal is to make sure we're doing everything to
prevent this from happening again" (TAMPA TRIBUNE, 7/30).
