It is not a "healthy sign" for the NHL that most of the
"prospective owners in recent years came to the league with
an eye for a real-estate deal" for a new arena, rather than
"being attracted to hockey as a good investment," according
to David Shoalts of the Toronto GLOBE & MAIL, who wrote, "It
is even less healthy that a number of them are coming into
the league under-financed and doomed to failure." NHL
Commissioner Gary Bettman "takes pride in the fact" that he
has "attracted" Disney, Philip Anschutz, Ted Leonsis, Tom
Hicks and Bill and Nancy Laurie to the league, but Shoalts
wrote for every "dot.com zillionaire there has been a Bruce
Firestone, a Steve Ellman and even a John Spano, whose plans
were much bigger than their bank accounts. Too many teams
are now resting on delicate financing. ... The deal Ellman
is trying to put together in Phoenix has too many loose ends
for a reasonable shot at success because there is no sign
Ellman has a deep reservoir of cash to get him through the
tough times until a profitable new arena is built."
Shoalts: "Bettman's problem is that Phoenix is such an
attractive market (selling to Paul Allen in Portland is the
absolute final resort), that he has to tough it out with
Ellman. No one else is willing to take the risk. ... Real-
estate deals can be great, but if Bettman's dream of a truly
national league are to be realized, then owners with deep
pockets have to come to the NHL because hockey itself is a
good investment" (Toronto GLOBE & MAIL, 11/18).
