SBD/June 17, 2013/Franchises

Tortora: Sharks' Losses Increased In '12-13, Struggles Likely To Continue In '13-14

New Sharks COO John Tortora said the team's deficit during the lockout shortened '12-13 season was "substantially higher" than the $15M lost in '11-12, according to David Pollak of the SAN JOSE MERCURY NEWS. This trend is "not likely to change right away" as the team pursues "the creation of a 'sustainable business model.'" Tortora said, "I don’t think it’s possible during the 2013-14 season. As the new CBA evolves, that will help. As we evolve as a business model, with perhaps greater efficiency, that may help the bottom line as well. So I think there is a way to get to profitability, but we’re a long way from achieving that goal.” Tortora said that the franchise is "interested in improvements that can be made" to HP Pavilion, the sixth oldest NHL arena, and "plans to start talks with the city about that in a couple years." Majority Owner Hasso Plattner said in January that he had a "standing offer out to buy the share of anybody else who wanted to sell." Three other members of the original ownership group "took him up on that" over the past five months. Former Mayor Tom McEnery, Harvey Armstrong and Floyd Kvamme "no longer have their names on the list," leaving Plattner, Former Yahoo CFO Gary Valenzuela, MYCFO co-Founder Rudy Staedler and venture capitalist Gordon Russell (MERCURYNEWS.com, 6/14).
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