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.
Jul 31, 2014, 11:00 PM EDT
Lou Lamoriello says those SO struggles are “not a focus.”
Jul 31, 2014, 10:00 PM EDT
“It will help me down the road.”
Jul 31, 2014, 9:00 PM EDT
Have fun making up captions with this one.
Jul 31, 2014, 7:39 PM EDT
The team estimates he’ll miss two weeks of on-ice training.
Jul 31, 2014, 6:43 PM EDT
The former first-rounder still needs to prove himself.
Jul 31, 2014, 5:18 PM EDT
The forward is already endearing himself to Blue Jackets fans.
Jul 31, 2014, 3:54 PM EDT
Ottawa’s offseason is receiving mixed reviews.
Jul 31, 2014, 2:31 PM EDT
He doesn’t know how to haggle.
Jul 31, 2014, 1:18 PM EDT
Dallas Stars version.
Jul 31, 2014, 12:41 PM EDT
Let’s make a big deal out of this, shall we?
Jul 31, 2014, 11:52 AM EDT
A “well-deserved” honor, according to Ed Snider.
Jul 31, 2014, 10:51 AM EDT
Beginning with the Stanley Cup champion Los Angeles Kings. Click for the full 30-team schedule.
Jul 31, 2014, 10:22 AM EDT
Brandon Sutter next?
Jul 31, 2014, 9:51 AM EDT
Went 12-15-6 with a .913 save percentage last season for Ottawa.
Jul 31, 2014, 9:00 AM EDT
But he also won’t require surgery.
Jul 31, 2014, 8:00 AM EDT
All that and more, inside.
Jul 30, 2014, 9:30 PM EDT
They’ll face off against Canada and Russia at a tournament in Toronto next week.
Jul 30, 2014, 8:30 PM EDT
Acquired last season in exchange for Krys Barch.
Jul 30, 2014, 7:30 PM EDT
“We’re moving along on that.”
Jul 30, 2014, 6:28 PM EDT
“We haven’t approached it in that respect.”
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