Panthers sold for a reported $250 Million

[transplant99]

Vincent Viola grew up in Brooklyn, graduated from West Point, is a former chairman of the New York Mercantile Exchange and after the Sept. 11 attacks founded a center devoted to combating terrorism.

He's now the new owner of the Florida Panthers, a source confirmed to ESPN.com's Pierre LeBrun.

Viola will be introduced in that role Friday after paying $250 million to buy the NHL franchise, said a person familiar with the situation, speaking to The Associated Press on condition of anonymity because the terms have not been made public.

http://espn.go.com/nhl/story/_/id/97...cording-source

[TurnedTheCorner]

I wish I had $250 Million to throw at a bad organization, team, and product.

[Locke]

$250M??

That seems pretty freakin steep for the Florida Panthers does it not?

Thats like me buying a hobo for $5000 who eats all my sandwiches. Why do I want to pay a premium for something that sucks all of my resources? Especially because I'd still have to buy my own lunch...

[BigTuna]

Why the freak is that team worth that much.

[Dogbert]

Originally Posted by BigTuna

Why the freak is that team worth that much.

As I understand it, under the terms of the Panthers' lease with the BB&T Center, ownership of the team carries with it the exclusive rights to run events out of the arena - and the profits from said events dwarf the team's yearly losses. The caveat, of course, is that said rights expire if the team is moved to another arena.

[getbak]

Originally Posted by Locke

$250M??

That seems pretty freakin steep for the Florida Panthers does it not?

Thats like me buying a hobo for $5000 who eats all my sandwiches. Why do I want to pay a premium for something that sucks all of my resources? Especially because I'd still have to buy my own lunch...

The hobo was given a house that he doesn't pay for that he lets you rent out to touring musical acts and lets you keep all the money. All he asks for is that you give him sandwiches to eat.

[T@T]

Originally Posted by Dogbert

As I understand it, under the terms of the Panthers' lease with the BB&T Center, ownership of the team carries with it the exclusive rights to run events out of the arena - and the profits from said events dwarf the team's yearly losses. The caveat, of course, is that said rights expire if the team is moved to another arena.

Yipe best deal in the NHL...$250m might be a steal.

[Locke]

Originally Posted by Dogbert

As I understand it, under the terms of the Panthers' lease with the BB&T Center, ownership of the team carries with it the exclusive rights to run events out of the arena - and the profits from said events dwarf the team's yearly losses. The caveat, of course, is that said rights expire if the team is moved to another arena.

Originally Posted by getbak

The hobo was given a house that he doesn't pay for that he lets you rent out to touring musical acts and lets you keep all the money. All he asks for is that you give him sandwiches to eat.

Wow. I did not know that. Nevermind then. Wow thats a rapin' good steal.

I have to start investing in hobos instead of...you know....other things....

[puckluck2]

I was thinking the opposite. ..why so cheap? That's a good price in my opinion.

[Cali Panthers Fan]

This is perfect, a new owner who seems committed to icing a winning product just as I am planning to move to south Florida in a few months. Part of the deal with us moving there meant season tickets to the Panthers in decent seats. I can now go to the games fully expecting to watch a worthy product (in several years time).

If any CPers are planning to see the Flames in Florida (next year, not this year), give me a PM and we'll meet up during the game.

Plus, they have these down there:

[TurnedTheCorner]

The team will probably remain crap, but could I still PM you?

[dammage79]

Thanked for the cheerleaders.

[opendoor]

Yeah, the Panthers are a good example of why the NHL crying poor during lockouts is hilarious. The team itself loses money only because of the way things are structured. The parent company rakes in money due to the free reign they get over an arena they didn't have to pay to build, but all of that is predicated on the Panthers being an anchor tenant. The Panthers are essentially a loss leader for a very profitable entity. I believe the Lightning are basically the same kind of setup.

[Cleveland Steam Whistle]

Originally Posted by Locke

$250M??

That seems pretty freakin steep for the Florida Panthers does it not?

Thats like me buying a hobo for $5000 who eats all my sandwiches. Why do I want to pay a premium for something that sucks all of my resources? Especially because I'd still have to buy my own lunch...

Hobo is a very under-utilized term that I love.

[TurnedTheCorner]

Originally Posted by opendoor

Yeah, the Panthers are a good example of why the NHL crying poor during lockouts is hilarious. The team itself loses money only because of the way things are structured. The parent company rakes in money due to the free reign they get over an arena they didn't have to pay to build, but all of that is predicated on the Panthers being an anchor tenant. The Panthers are essentially a loss leader for a very profitable entity. I believe the Lightning are basically the same kind of setup.

The CBA is about Hockey Related Revenue, so it doesn't matter how the corporations that own teams are structured. HRR is 50/50.

[opendoor]

Originally Posted by TurnedTheCorner

The CBA is about Hockey Related Revenue, so it doesn't matter how the corporations that own teams are structured. HRR is 50/50.

Well obviously... I was just referring to the NHL's primary justification for the lockout which was based largely around the idea that teams like Florida were unsustainable. You only have to look at the first few posts in this thread to see how that image of those teams has stuck even though it's far from the truth.

[valo403]

Originally Posted by TurnedTheCorner

The CBA is about Hockey Related Revenue, so it doesn't matter how the corporations that own teams are structured. HRR is 50/50.

True, but that's also why a lot of the fighting is about determining what exactly will be included in HRR. There are some pretty blurry revenue streams in a lot of these structures.

[Enoch Root]

Originally Posted by valo403

True, but that's also why a lot of the fighting is about determining what exactly will be included in HRR. There are some pretty blurry revenue streams in a lot of these structures.

I don't want to start this debate again, but how much they make on concerts and other events from their building has nothing to do with hockey - there's nothing blurry about that.

[valo403]

Originally Posted by Enoch Root

I don't want to start this debate again, but how much they make on concerts and other events from their building has nothing to do with hockey - there's nothing blurry about that.

Where did I say anything of the sort? I've seen the full structural charts of a few professional sports franchises, there are plenty of lines that could easily be argued to go one way or the other.

[Puppet Guy]

I think there's a lot of shysters in Florida