Nov 26, 2012, 2:42 PM EDT
If you’ve ever wondered why anyone would want to own a money-losing NHL team in South Florida, Panthers president Michael Yormark puts it this way:
“I often tell people, we’re in the entertainment business and we happen to own a hockey team. For us, it’s just about providing as much entertainment as we possibly can for our community.”
The “we” Yormark refers to is actually the Panthers’ parent company Sunrise Sports & Entertainment (SSE), which owns both the NHL club as well as an entity called Arena Operating Company (AOC), which as you may have guessed, operates the Sunrise arena in which the Panthers play, the BB&T Center.
The Panthers, as a standalone NHL franchise, aren’t profitable, according to estimates.
But AOC is.
Without the Panthers, however, there wouldn’t be an AOC. That’s because, back in the ‘90s, Broward County built the arena to lure the NHL franchise out of Miami. As part of the deal, the team’s ownership company was granted a 30-year license to operate the arena.
The hockey team, in other words, was the foot in the door.
“We’ve got a niche in the marketplace with our hockey team and a very loyal fanbase,” Yormark tells Forbes, “but our value proposition is all about the entertainment. It’s 170-200 events a year, almost two million people in this building on an annual basis, and we have been successful.”
This Friday, for example, the BB&T Center will host Beatdown 2012, a boxing competition with musical performances by Flo Rida, Fabolous, Waka Flocka, DMX, Travis Porter and Fat Joe. (Tickets are still available!)
Without the Panthers, there’s no rent from Beatdown 2012.
SSE also recently partnered with a Las Vegas gaming company in an attempt to build a casino on land around the arena.
“We are beginning to make a shift into the real estate business with this new venture,” said Yormark.
Without the Panthers, there’s no real estate business.
All of which is surely frustrating for the players, who are being asked to accept a smaller share of hockey-related revenues to offset owners’ losses that are, in some cases, being made up in other areas.
Aug 3, 2015, 11:00 PM EDT
The squads will feature players that were part of either organization from 1996-2002
Aug 3, 2015, 9:45 PM EDT
He’ll be fighting to be seen as the team’s third-string goaltender.
Aug 3, 2015, 8:15 PM EDT
He’s already improved the perception of the franchise, but will he have that kind of impact long-term?
Aug 3, 2015, 6:45 PM EDT
He’ll have a tough time maintaining a top-six role though.
Aug 3, 2015, 5:15 PM EDT
Despite all the splashy moves, patience likely will be needed.
Aug 3, 2015, 3:46 PM EDT
It’s another arbitration win for Ottawa.
Aug 3, 2015, 3:15 PM EDT
Pondering a rebuilding process that took a leap.
Aug 3, 2015, 2:07 PM EDT
Perhaps you can broaden this to “keeping the puck out of their net.”
Aug 3, 2015, 1:00 PM EDT
The league estimates such a process could cost about $13.5 million.
Aug 3, 2015, 11:57 AM EDT
In all likelihood Jack Eichel is going to make the team, but what about Buffalo’s other second overall pick?
Aug 3, 2015, 10:42 AM EDT
This is his chance to prove he’s a real No. 1 goalie.
Aug 3, 2015, 10:17 AM EDT
Ron DeGregorio rounded out the group.
Aug 3, 2015, 9:00 AM EDT
The worst should be behind them.
Aug 3, 2015, 8:00 AM EDT
Monday’s collection of links.
Aug 2, 2015, 9:00 PM EDT
Is his poor Game 7 record reflective of anything?
Aug 2, 2015, 7:30 PM EDT
In other words, how much longer will Corey Perry, Ryan Getzlaf, and Ryan Kesler stay at the top of their game?
Aug 2, 2015, 6:00 PM EDT
His newly signed two-year deal is an opportunity for
Aug 2, 2015, 4:30 PM EDT
He’s got the size and skill to potentially make an impact.
Aug 2, 2015, 3:00 PM EDT
Andersen, Gibson & Khudobin have a combined 27 Stanley Cup playoff games on their resume.
Aug 2, 2015, 1:31 PM EDT
Will all of them play in 2015-16?
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- It’s Buffalo Sabres Day at PHT 30
- Bernier, Leafs agree on two-year, $8.3 million deal 26
- How do Voracek, Giroux compare to the most expensive duos? 62
- Voracek turns monster season into massive eight-year deal 71
- Report: Canucks, Sutter closing in on five-year deal, north of $20M 28
- Voynov serving sentence at jail that once advertised it had flat screen TVs 45
- Report: Bernier and Leafs more than $2 million apart ahead of Friday’s arbitration hearing 12
- Flyers re-sign Couturier: six years, $26 million 41
- Benning calls Sutter a ‘foundation piece’ for Canucks 24
- Voracek turns monster season into massive eight-year deal (71)
- How do Voracek, Giroux compare to the most expensive duos? (62)
- Trade: Penguins send Sutter to Canucks for Bonino, Clendening (54)
- Voynov serving sentence at jail that once advertised it had flat screen TVs (45)
- Here’s a chart that shows which teams have been good/bad at drafting (44)