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.
Apr 18, 2014, 11:14 PM EDT
Apr 18, 2014, 10:40 PM EDT
Bolts just needed a spark, he explained.
Apr 18, 2014, 10:27 PM EDT
There was no penalty on the play.
Apr 18, 2014, 10:08 PM EDT
Jimmy Howard had a shutout in the goaltending duel.
Apr 18, 2014, 9:55 PM EDT
Can Dallas build on its late-game momentum?
Apr 18, 2014, 9:44 PM EDT
Game 3 will be played in Montreal.
Apr 18, 2014, 9:09 PM EDT
Naturally, the Blackhawks-Blues triple-overtime game was very popular.
Apr 18, 2014, 8:51 PM EDT
Detroit was near the bottom of the pack in hits in the regular season.
Apr 18, 2014, 8:34 PM EDT
They took a 1-0 lead over Tampa Bay in the process.
Apr 18, 2014, 8:23 PM EDT
“We expected a tough series against (St. Louis).”
Apr 18, 2014, 7:43 PM EDT
The rookie had three assists last night.
Apr 18, 2014, 7:04 PM EDT
The last of the first round series is about to begin.
Apr 18, 2014, 6:34 PM EDT
Montreal has a 1-0 series lead.
Apr 18, 2014, 6:17 PM EDT
This isn’t the first time he’s been fined.
Apr 18, 2014, 5:59 PM EDT
That’s a pretty bold statement, given that Nashville used to have blueliners like Kimmo Timonen and Ryan Suter.
Apr 18, 2014, 5:06 PM EDT
Apparently, the “Coyotes, Ducks, Kings, and Sharks are on board” with relocating their minor-league affiliates closer to home.
Apr 18, 2014, 4:31 PM EDT
The year was 1957…
Apr 18, 2014, 3:48 PM EDT
Unlike the last coach he had in Vancouver.
Apr 18, 2014, 2:59 PM EDT
Devante Smith-Pelley will draw in.
Apr 18, 2014, 2:27 PM EDT
30-year-old vet led the league in scoring.
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