Lightning Ownership Restructure Terms Of Financing Agreement

Bill Daly Says NHL Believes Lightning's  Financial Obligations Are Being Satisfied

Some terms of the Lightning's $70M financing agreement given to incoming Owner OK Hockey by outgoing Owner Palace Sports & Entertainment (PS&E)were restructured at a meeting at the NHL's N.Y. offices last week, according to Damian Cristodero of the ST. PETERSBURG TIMES. Details were "unclear other than the meeting was attended" by Lightning co-Owner Oren Koules, Exec VP & GM Brian Lawton and PS&E President & CEO Tom Wilson. NHL Deputy Commissioner Bill Daly in an email said, "From our perspective, we are comfortable the Lightning's financial obligations are being satisfied and will continue to be satisfied going forward." Cristodero reported the worldwide credit crunch "seems to have been at least part of the catalyst for the meeting." The Lightning's "plan is to pay off what is believed to be a three-year financing agreement with Palace Sports with a bank loan." Lightning co-Owner Len Barrie, who "confirmed he is close to selling his Bear Mountain Resort in British Columbia, for about $500[M]," said, "It's a positive story. We're not dumb guys. We didn't put in $100[M] cash to lose it in three months. We have a good business here. We think we can turn it into a great business in the next three years." Barrie said that the "restructured financing agreement is an opportunity to 'create value' and maintain the franchise's stability" (ST. PETERSBURG TIMES, 1/11).