Boca Resorts said yesterday that it has hired N.Y.-
based investment banking firm Allen & Co. "to explore the
sale" of the NHL Panthers, according to James McNair of the
MIAMI HERALD. Boca Resorts Chair & CEO Wayne Huizenga told
shareholders yesterday: "There is no doubt that our hotels
and resorts produce a greater return on investment than does
a hockey team. By selling the team, we could use the
proceeds to reinvest in our properties." Boca Resorts
"derives" 85% of its revenue from its luxury resort hotels.
Huizenga "disputed speculation that the company is close to
selling" the Panthers and said that he "is just beginning to
explore the possibility of the sale" of the team and its
lease at the National Car Rental Center. The asking price
was estimated by one source to be $175M, "though it's
unclear how much of the arena profits Huizenga might be
willing to give the buyer" (MIAMI HERALD, 11/16). Huizenga:
"There is no apparent buyer for the Panthers. The sale of
the hockey club is not imminent" (SUN-SENTINEL, 11/16).
