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Originally Posted by The Swedish Flame
I've not heard much about this mess. Anyone know exactly how bad it is? It sounds like the situation is horrible.
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The team's ownership group was in horrible financial shape for numerous reasons, not the least of which is building a shiny new arena with borrowed money right before the economy fell apart. The team was buried under debt, and it has been rumoured that the league has forwarded the team money to pay the bills/players more than once. Raking in a ton of money from their run to the finals gave the team a short boost, and Vanderbeek assumed sole control of the team this January while restructuring the debt. But, missing the playoffs this year likely put them right back to square 1.