NHL Sets Up Process For Lightning Owners To Buy Each Other Out

Barrie (l) Will Have First 60-Day Opportunity To Buy Koules (r) Out

The NHL has decided that the Lightning's ownership situation is "unsustainable and set up a process in which ... co-owners Len Barrie and Oren Koules can buy each other out," according to Damian Cristodero of the ST. PETERSBURG TIMES. Barrie has the "first shot in an exclusive 60-day window that apparently runs out in mid to late September." Should Barrie not be able to strike a deal, Koules then "gets his chance." While the cost of the team is an issue, Barrie and Koules also must "prove they can handle the substantial debt obligations to former owner Palace Sports & Entertainment." If either Barrie or Koules "meets those parameters during his exclusive window, the other must sell." However, if "both sides fail," they may have to "live with each other; or the league might find a buyer; or perhaps Palace Sports will take back control." Cristodero reported the buyout windows are "at least the third step in a plan" developed by NHL Commissioner Gary Bettman on June 23 during a meeting with Barrie and Koules. Bettman during the meeting "demanded the owners work out their financial and philosophical differences about how to run the team." There are several parts of the situation that are "unknown," as Bettman has ordered a gag order on the issue. Cristodero: "Why was Barrie given the first crack at the buyout? How much will the buyouts cost? Will Koules' buyout window be of similar duration?" (ST. PETERSBURG TIMES, 8/9).