Lightning co-owner Len Barrie appears close to selling Bear Mountain Resort
Here's an interesting little tidbit that may or may not have an effect on how the Lightning's ownership situation plays out. It seems co-owner Len Barrie may be close to an agreement to sell his Bear Mountain Resort in Victoria, British Columbia to a Saudi Arabian investment firm for what is believed to be $350 million.
"It's still not done," Barrie said Wednesday. "But the CEO has given me assurances it will be done."
An announcement could come soon. If it does, the deal with Siraj Capital could close in October, Barrie said.
Why should Lightning fans care? Remember, financial squabbles between Barrie and co-owner Oren Koules was one reason commissioner Gary Bettman called them to his New York offices and told them to settle their differences. It seems the sale would give Barrie some liquidity as the process goes forward.
There are not many options there. An accommodation could be reached between Barrie and Koules, new investors can be brought in or one could buy the other out. Whatever happens, it will not be a fast process.
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Rick,
Agree with you on the Foster signing. After watching the video on his rehab and how bad the leg was broken, it is amazing that he is even skating now!! Sure hope he can make it all the way back, but it is scary to think what might happen with a big hit on that leg.
Posted by: gus georgiou | July 10, 2009 at 08:19 AM
Rick,
Lawton flat out denied that Barrie nixed anything, don't know why this comes up.
Posted by: Randy C | July 09, 2009 at 11:05 PM
i don't like barrie over the boyle debacle i do like barrie vetoed the v4 trade and i'd rather see him calling the shots than oren but maybe just maybe they will keep each other in check ,i really like the foster signing he appears to be a "diamond in the rough" pretty impressine stats !
Posted by: RICK L | July 09, 2009 at 10:50 PM
2Way and Randy, Good points and I guess the best we can hope for is that they can pay down the debt a little to get some relief on the interest payments.
Posted by: Don in St. Pete | July 09, 2009 at 11:36 AM
2way,
Hope all is well. Good point on Barrie having more time to manage the Bolts. I know of few big ego partnerships that have flourished. IMO it would be a huge mistake not to let Lawton finish the execution of his plan. A lot of good things are taking place, hopefully the team can gel and get results.
Posted by: Randy C | July 09, 2009 at 10:27 AM
So he sells for 350 mil, what does he owe on it? Maybe 400, maybe 200. Certainly getting less than he would have in years past. So, the story is not "owners become well financed" it is "Barrie has more time to manage the Lightning." Time will tell if that is a good thing.
Posted by: 2WayCenter | July 09, 2009 at 10:03 AM
Auld was traded for a 6th rounder. I would venture that he may have been the mystery backup Lawton talked about if he was on the block for that cheap. I mean that's a steal.
Posted by: Jim - NJ | July 09, 2009 at 01:03 AM
Pd, it's not. All talk let's see the $$$
Posted by: Jim - NJ | July 09, 2009 at 12:57 AM
Why is this incarnation of the story any different than last January's BS?
Posted by: PD | July 09, 2009 at 12:33 AM