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.
May 22, 2015, 6:31 PM EDT
He was credited with turning around the Red Wings’ power play.
May 22, 2015, 6:01 PM EDT
Will New York be able to contain Tampa Bay this time around?
May 22, 2015, 5:30 PM EDT
“No one wants to back up. Everyone wants to play.”
May 22, 2015, 4:34 PM EDT
Not only did the Ducks block 27 shots last night, they clogged up the neutral zone too.
May 22, 2015, 3:25 PM EDT
Can’t imagine Teuvo Teravainen was, either.
May 22, 2015, 2:24 PM EDT
Canucks GM witnessed the goalie get a shutout in the AHL playoffs.
May 22, 2015, 1:41 PM EDT
Coach Q: “He’ll need a few days out here. We’ll get an evaluation and go from there.”
May 22, 2015, 1:38 PM EDT
Son of ex-NHLer Brian is off to Boston University next year.
May 22, 2015, 1:05 PM EDT
“It’s been real special, to say the least.”
May 22, 2015, 12:47 PM EDT
The third ‘tender taken at the 2012 NHL Entry Draft had a rough first pro season in North America.
May 22, 2015, 12:30 PM EDT
Finnish forward joined the organization last year after solid production in the SM-liiga.
May 22, 2015, 12:21 PM EDT
That’s him, with Vladimir Putin.
May 22, 2015, 12:03 PM EDT
No word on who’ll draw in as a replacement.
May 22, 2015, 11:40 AM EDT
No word yet if he’ll be able to play right away.
May 22, 2015, 11:15 AM EDT
We really need to get these combos better nicknames, though.
May 22, 2015, 11:03 AM EDT
The Rangers need The King to play like one tonight.
May 22, 2015, 10:25 AM EDT
He also reiterates that the salary cap will be about $71M.
May 22, 2015, 9:20 AM EDT
Almost always a good way to go.
May 22, 2015, 8:31 AM EDT
May 22, 2015, 1:30 AM EDT
Ducks trying to make life miserable for Chicago’s goalie.
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