SportsBusiness Daily — Sports Business Resources — your sports business news and information source. Learn More
Advanced
Home About Us Advertise With Us Marketplace/Classifieds College & University Program Subscribe/Trial My Account

Wednesday
April 2, 2008
Print This Issue


 
MOST VIEWED STORIES
View the top 20 stories
 
Recent Issues
Franchises

Lightning Sale Slowed By Credit Crunch, Mortgage Crisis

Credit Crunch Slowing Pace Of Lightning Sale
The pending sale of the Lightning to a group led by movie producer Oren Koules "has lingered almost four months," and several investment bankers familiar with sports lending suggested that the "holdup likely is the worldwide credit crunch tied to the subprime mortgage crisis," according to Damian Cristodero of the ST. PETERSBURG TIMES. Bain Capital Managing Dir and Celtics Managing Partner Steve Pagliuca: "There is no liquidity in the banking system right now. People are not extending credit. ... There are a lot of places in the last three to six months that have shut down all lending. Even for a hockey team, as good as the collateral might be, in this environment, they're not loaning." Houlihan Lokey Senior VP/Media, Sports & Entertainment Group Brian Marler added, "Even if you have the 50[%], you still have to go out and find financing. Due to the credit market, it may be tougher to get." Game Plan LLC co-Founder & President Randy Vataha: "There is not a lot of credit in the marketplace. But sports teams have been impacted less on the credit side than most. Because all leagues maintain fairly restrictive debt limits, you don't have the equivalent of subprime loans." Koules and Galatioto Sports Partners Founder Sal Galatioto, whose company is brokering the deal, both declined comment (ST. PETERSBURG TIMES, 4/2).


Get A Free Trial To SportsBusiness Daily

Reader Comments

To post comments on this article, log in or register for a free trial.

Related Stories By Company Related Stories By Sport
Barrie Unable To Buy Out Koules
September 22, 2009 : SportsBusiness Daily

Proposed Sale Of NHL Panthers Derailed
September 10, 2009 : SportsBusiness Daily

Barrie Trying To Buy Out Resort Investors
September 4, 2009 : SportsBusiness Daily

Koules Almost Ready To Buy Out Barrie
September 2, 2009 : SportsBusiness Daily

Barrie Unable To Buy Out Lightning Co-Owner
September 1, 2009 : SportsBusiness Daily

Filings Show Coyotes Lost $5M In Oct.
November 20, 2009 : SportsBusiness Daily

Canucks Criticized For Getting H1N1 Vaccine
November 20, 2009 : SportsBusiness Daily

Panthers Hold Promo For Rink Naming Rights
November 20, 2009 : SportsBusiness Daily

Ticket Package Offered For Flyers, 76ers
November 20, 2009 : SportsBusiness Daily

Blackhawks' John McDonough Profiled
November 19, 2009 : SportsBusiness Daily

ALSO IN THIS SECTION


A Publication of Street & Smith's Sports Group.
Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (REVISED 2009-06-23) and Privacy Policy (REVISED 2009-06-23).

© 2009 Street & Smith's Sports Group and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Street & Smith's Sports Group.