Lightning Sale Slowed By Credit Crunch, Mortgage Crisis
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| 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).
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