Lightning Receive Several Inquiries From Potential Investors
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Barrie Says Investors Could Pay Portion
Of $100M Owed For Team Purchase |
Lightning co-Owner Len Barrie said that there "have been 'several' inquiries" from potential investors in the franchise, according to Damian Cristodero of the ST. PETERSBURG TIMES. Barrie said that "an investor or investors could be added to pay down a substantial portion" of the $100M OK Hockey owes on the $200M purchase of the team, the St. Pete Times Forum lease and 5 1/2 acres adjacent to the arena. Another $30M of working capital "included in the loan pushed OK Hockey's up-front debt to $130[M], which it is believed requires about $10[M] in annual interest payments." Barrie "declined to comment when asked if there was interest from a Dubai group he said is negotiating to buy his Bear Mountain Resort in Victoria, British Columbia." But even if "no investor is found," Barrie said, "I don't think the team in Tampa is in jeopardy at all." When asked if co-Owner Oren Koules is "on board with the investor search," Barrie said, "He's on board with it or we wouldn't be doing it." Cristodero notes OK Hockey has "laid off about 30 employees since the season ended with the Lightning 29th in the 30-team league and average attendance down more than 2,000." OK Hockey is "expecting about $14[M] in league revenue sharing, which Barrie has said will not keep OK Hockey from operating in the red for the fiscal year ending June 30" (ST. PETERSBURG TIMES, 5/7).
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