« Rumor Central: Sale of Florida Panthers Done? Neil Smith as GM? | Main | Surfing the Web »

An Ownership Update

Panthersun Still don't know if the NHL's Board of Governors will be looking at the potential sale of the Panthers or not, but whatever goes down apparently won't happen for a few more months.

Here's what I am hearing today: The Sports Properties Acquisition Corp. and the Panthers are close to have a sale agreement in place. Apparently there are only a few minor details to be worked out. Once a purchase contract is signed, SPAC has 75 days to close the deal; it would have to get 70 percent of its investors to agree to the deal, something that hasn't happened yet.

So even if SPAC agrees to buy the Panthers (by trading stock in the publicly traded company for the team's assets) it's not a done deal. Word is SPAC thinks it has the 70 percent vote to enable it to buy the team, but that is far from a done deal. Again, they would have almost two months to close things out.

All is quiet from the Panthers side of things, but I hear that all the minority investors are on board with this taking place (they are tired of writing checks) and that Michael Yormark would remain with the franchise and continue to run the business side of things.

But this is going to take some time to work out, so unless the Board of Governors address it today in Chicago, there's not much news. And, all the BOG may do is look at the proposal and let the Panthers know whether or not they would approve SPAC as an ownership group.

As far as the GM thing goes, I would guess it continues to drag on. This story is a long way from being wrapped up.

Will update things as the day goes along....