NHL Panthers Likely To Stay At BankAtlantic Center Despite Sale
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Panthers May Be Getting New Owner,
But Likely Not A New Home |
The NHL Panthers "may be getting a new owner, but likely not a new home," according to Carlos Frias of the PALM BEACH POST. Sports Properties Acquisition Corp. (SPAC) is in talks to buy the team and BankAtlantic Center, but unless they are "willing to pay Broward County the remaining debt for building and improving the arena -- another $182[M] -- they are locked into a lease that will keep them put for the next 20 years." A move "seems unlikely because location is a big part of the Panthers' appeal." The deal "would allow the new owners to manage and profit from all other events at the BankAtlantic Center." The current ownership group "envisions building a mixed-use entertainment district around the stadium called the City of Oz," but those plans "may be on hold." Broward County Commissioner John Rodstrom Jr. said that he met with Panthers Owner Alan Cohen, who "expects to retain some ownership in the team, possibly in stock." Frias notes that is "significant because Broward County ... would have to see proof that the new ownership group could afford making the $3[M] a year payments on the facility." Rodstrom: "If they go bankrupt, we're left with an empty facility on our hands." Frias notes the 30-year lease on the arena "doesn't pay the county many dividends" -- the team pays the county 20% of "any profit it takes over $14[M], but that has only happened once" (PALM BEACH POST, 6/5).
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