Phoenix Home Life Mutual Insurance Co., an ABL sponsor
and investor, exercised its option to buy the operating
rights of the New England Blizzard. The Hartford-based
company received the option to purchase operating rights to
the Blizzard after its $3M league investment in '97 (ABL).
In Hartford, Bruce Berlet reports that although terms were
not disclosed, "it is believed Phoenix invested more than
the ABL's $1.5 million asking price for expansion teams."
Under the agreement, Phoenix receives all local revenue and
pays the league an annual assessment to help cover team-
related costs such as player salaries, scouting, national
marketing and insurance. The ABL will continue to own the
team and negotiate player contracts. Phoenix Chair Bob
Fiondella: "The league decided this summer that team
operating rights was the best approach, and the time was
right for us to support that strategy. It's what the league
needs to withstand the pressure of the NBA (which finances
the WNBA)." Fiondella added that no front-office changes
would occur (Bruce Berlet, HARTFORD COURANT, 11/12).
