Nov 26, 2012, 2:42 PM EST
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.
Jan 28, 2015, 5:21 PM EST
Sharks, Ducks, Kings, Flames, and Oilers will all have their affiliates in the west next season.
Jan 28, 2015, 4:44 PM EST
That’s a picture of Milwaukee.
Jan 28, 2015, 3:02 PM EST
The Los Angeles Kings are bad at the shootout, and the Buffalo Sabres are good at it.
Jan 28, 2015, 2:15 PM EST
News and notes from around the crease…
Jan 28, 2015, 1:51 PM EST
An incident against Philly on Jan. 19 was the straw that broke the camel’s back.
Jan 28, 2015, 1:39 PM EST
Chris Stewart remains a member of the worst team in the NHL.
Jan 28, 2015, 1:39 PM EST
“We’re not giving up on him at all.”
Jan 28, 2015, 1:16 PM EST
Someone check the water in Columbus.
Jan 28, 2015, 1:11 PM EST
“That was a team with tremendous character, with great coaches, great players and quality individuals. “
Jan 28, 2015, 12:51 PM EST
Habs’ d-man was tossed from Tuesday night’s game.
Jan 28, 2015, 11:52 AM EST
“It shouldn’t be a part of hockey,” said Canucks captain Henrik Sedin.
Jan 28, 2015, 11:51 AM EST
Could be bad news. Could be good. All depends who you cheer for.
Jan 28, 2015, 11:33 AM EST
Boston d-man has struggled this season, but could be on the move by Mar. 2.
Jan 28, 2015, 11:17 AM EST
Los Angeles is currently out of the West’s top eight.
Jan 28, 2015, 11:16 AM EST
“Show up to your job, and you’re off suspension.”
Jan 28, 2015, 11:08 AM EST
Jim Rutherford, really working the phones.
Jan 28, 2015, 10:36 AM EST
“I got nothing left here.”
Jan 28, 2015, 9:45 AM EST
Both teams played last night.
Jan 28, 2015, 8:46 AM EST
Wednesday’s links lean toward a legend.
Jan 28, 2015, 1:45 AM EST
Vancouver has now been shutout in back-to-back home games.
- Isles’ Clutterbuck latest to be fined for diving 14
- No hearing scheduled for Kesler after ‘dirty play’ on Dorsett 21
- Why NHL fans — no matter where they live — should care about the plunging Canadian dollar 32
- Trade: Pens acquire Lapierre from Blues for Goc 61
- Video: Habs’ Emelin ejected for hit on Stars’ Spezza 30
- Martin Brodeur to retire, become Blues asst. GM (Updated) 41
- Mike Richards clears waivers 32
- Game on: Islanders-Rangers to be played despite storm 15
- Flyers’ Rinaldo suspended eight games for his hit on Letang 57
- Isles’ rise to be tested as they lose Okposo for 6-8 weeks 17
- Columnist: Flyers ‘orchestrated’ fight night versus Pens during meal at ‘a local steakhouse’ (130)
- L.A. Sorry? Kings waive Mike Richards (127)
- Report: Flyers’ Rinaldo waives right to an in-person hearing (63)
- Trade: Pens acquire Lapierre from Blues for Goc (61)
- Video: NHL offers Flyers’ Rinaldo in-person hearing (57)