Lightning sale heading into home stretch

The seemingly never-ending process that would finally finish the proposed sale of the Lightning might actually be coming to a conclusion in the next few weeks as the league's board of governors likely will vote on the transfer of ownership at its June 18 meeting in New York. Approval of the sale by Palace Sports & Entertainment would give Hollywood producer Oren Koules and his OK Hockey Group control of the team by the June 20-21 draft.

The key, though, will be Wednesday's meeting of the board's executive committee, which will interview the prospective buyers. Why is that meeting so important? Because it does the leg work for the entire board, which likely will vote whatever recommendation the executive committee makes. If approval is given by a three-fourths vote and the financial deal wraps up, the team finally will have new owners.

It's been quite a process since Absolute Hockey Enterprises, of which Koules was a member, originally agreed to buy the team in August. That deal fell apart amidst money issues and infighting among the investors. Koules then put together OK Hockey, which also includes former NHLer Len Barrie, Koules' business partner Mark Berg, California banker Russell Belinsky and several unnamed minority investors from the Tampa Bay area. All in all, the sale of the team, if it is finally wrapped up, will have taken more than 10 months.

The good news for the organization and fans is the team may finally have a direction. We already have seen signs of that with the negotiations to bring back big Russian Evgeny Artyukhin to be on a proposed crash line with center Chris Gratton and Nick Tarnasky. But we finally will know if coach John Tortorella will be back for the last year of his contract, if GM Jay Feaster will be back, and exactly what kind of team Koules and Barrie want. We already know Koules wants Steve Stamkos with the No. 1 pick in the draft, and he wants to sign Vinny Lecavalier to a long-term deal. After that, well, it's anyone's guess as Koules, at the request of commissioner Gary Bettman, has not spoken to reporters.

So, hang on a little while longer. With Palace Sports and Galatioto Sports Partners, a New York sports investment bank, financing about half the $200-million deal, the process seems to be coming to a close.      

Comments

[Wade]

I hope Koules does'nt screw the draft up, if he passes Stamkos after all the media and advertising, this team is morally SCREWED!

[Voice of the Turtle]

If the NHL Board of Governors find that Koules is underfinanced in terms of suitably managing the costs associated with operating this franchise, their answer to O.K. Hockey should be "HELL NO!"

Heretofore we have seen his earlier failed attempts to acquire the team, law suits associated with the purchase process, mystery about the identities of prospective co-owning partners, and the embarrassing need for present-owner (Palace Sports) financing in the process of gaining control. How can the NHL Board of Governors be comfortable with this transaction.

I wish the guy luck, but, from what we've seen so far, one has to be concerned about the Lightning's future prospects taken in the light of sound and responsible business practice.

[olin]

....please give OK a chance. Would you like to put up with PSE for another season. In my eye's PSE is the reason this team has fallen from where it once was. We need new ownership blood and guts in here ASAP along with new coach and GM. Thank's for bringing the news Damian. Tack se myket.

[Another Joe]

The sale needs to go through. Anyone know anything about this Barrie guy?

[boltflasher]

Hey, VOTT, this is nothing compared to all the stuff the Pens have been through with their owner(s), Lemieux, Balsillie, and etc plus we already have one of the top facilities in the league and Bettman personally stepped in to promote this deal...it'll pass...

[wahls]

I still don't get why everyone seems to think that Koules doesn't have the money to run the team. This owner financing is nothing new (like I've said before the Habs and the Dodgers both did it recently, and ask Leo how his Habs are doing in paying their players). The economy is in the crapper and to get a loan for a house is nearly impossible.

Koules had financing ready and then the bank in France was involved in a huge scandal (something about stolen money or missing money along the lines of millions and millions of dollars). Obviously that is beyond his control. I am sure most banks aren't chomping at the bit to loan out close to $100 mil to buy a sports franchise, which isn't exactly thought of as a stable investment. No one pays in cash to buy a house, don't expect anyone to pay in cash to buy a hockey franchise.

Joe, here is a bit of info on Barrie. What I got from the article is that he doesn't let anything get in his way when it comes to getting what he wants (which will either be good or bad) and it seems like he wants to get his name on the Cup, even if it has to be as an owner of some kind.
http://www.canada.com/victoriatimescolonist/news/story.html?id=9324c915-3383-496b-b92f-5c93634b1c20

[TroyB]

Vinny should not rush to sign on the dotted line. He's in the driver seat.

[Another Joe]

Barrie sounds ok to me. But we wont know until he comes in and we see what they do.