Arthur Williams, a retired insurance "magnate" living
in Palm Beach, FL, signed a purchase agreement on Monday to
acquire the Lightning, rights to the Ice Palace and adjacent
waterfront land, according to Ira Kaufman of the TAMPA
TRIBUNE. While the team "had been expected to sign off" on
a $130M offer by Pistons Owner William Davidson, Williams
"tendered a bid this weekend deemed more attractive" by the
team's Majority Owner, Takashi Okubo. Kaufman writes that
sources close to the negotiations indicate the purchase
price "mirrored Davidson's figure, but there are virtually
no contingencies listed" in Williams' bid, while Davidson's
"was linked to the modification of Lightning contracts with
lenders and vendors." The league will conduct due diligence
on Williams and is expected to vote on his offer on June 25
in Toronto (TAMPA TRIBUNE, 5/19). In St. Petersburg, Tom
Jones reports that Williams, whose net worth is estimated at
$400M, agreed to pay $120M for the franchise and arena. The
deal "concludes a two-year search" to find a buyer for the
team "that is more than" $102M in debt. Lightning President
& CEO Chuck Hasegawa: "Art Williams offered the most
financially sound proposal of any of the groups who pursued
the team." Williams was traveling in Europe and was not
present during the announcement (ST. PETE TIMES, 5/19).
THE MOTOWN BLUES? Pistons President Tom Wilson said
that Davidson expected to have a deal Monday: "It was a
complete surprise to us. There was no indication this was
coming. ... It seems that they took our offer and went out
and shopped it around. We never played poker with them, we
never played hardball, and we were very straight with them.
... I just hope now this is good for the community. I'm not
sure, though" (ST. PETERSBURG TIMES, 5/19). More Wilson:
"We were very, very surprised" (DETROIT NEWS, 5/19).
ART OF A DEAL: Williams founded A.L. Williams &
Associates in '77 and built the company "into the largest
seller of individual life insurance" in the U.S. (ST. PETE
TIMES, 5/19). He sold to Primerica in '89 for "about" $99M
and has been retired since. He was an unsuccessful suitor
for the Bucs in '94 and owned the CFL Birmingham franchise
for one year before it folded in '95 (TAMPA TRIBUNE, 5/19).
In St. Pete, Robert Trigaux calls Williams "charismatic and
controversial," and adds that his "apparent ability to
motivate people who work for him could serve him well" as
the Lightning's owner. Republicans in GA and FL have "even
considered backing" Williams as a potential candidate for
Governor. But "his longstanding contempt for politicians
and his affection for blunt language make even his
supporters wary of political ventures" (ST. PETE TIMES,
5/19). In Tampa, Tom McEwen calls the agreement a "good
deal all around. Or, so it appears to be" (TAMPA TRIBUNE,
5/19). Also in Tampa, Roy Cummings notes that Lightning GM
Phil Esposito is "expected to stay on" through the June 27
entry draft, "if not permanently" (TAMPA TRIBUNE, 5/19).
