Samueli's Legal Issues Will Not Impact Ownership Of Ducks

Samueli's Legal Issues Will Not Have Impact On Ownership Of Ducks

Ducks Owner Henry Samueli yesterday resigned as Broadcom Corp. Chair & Chief Technology Officer after having a civil complaint filed against him by the SEC, but the NHL "has not asked [Samueli] to step aside as owner” of the team, nor has the league “told him to sell his stake in the Ducks or the management contract for the Honda Center," according to Helene Elliott of the L.A. TIMES. NHL Deputy Commissioner Bill Daly: “Today’s announcement has no impact on Henry’s status as an NHL owner or on his ownership of the Ducks. Civil litigation happens all the time. That doesn’t disqualify anybody from owning a franchise, much less an NHL franchise.” According to NHL bylaws, the league “can assume control of a club only if an owner were to be convicted of a criminal offense.” Ducks CEO Michael Schulman said that the Ducks “would not be affected by the allegations that Samueli and others had backdated stock options” at Broadcom. Schulman: “Not at all. In terms of the Ducks, nothing has changed there.” Schulman in a statement said that Samueli will “continue to be active in matters relating to the Ducks, the arena and philanthropic activities.” Samueli also will “retain his post as the Ducks’ representative to the NHL's [BOG].” Elliott writes the NHL “was not surprised at the complaint filed” by the SEC, and it “will watch closely as the matter goes through the legal system” (L.A. TIMES, 5/15).