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 6, 2015, 11:22 PM EDT
“It happened pretty fast. All of a sudden two fingers are not working.”
Jul 6, 2015, 9:59 PM EDT
25-year-old defenseman struggled mightily last season.
Jul 6, 2015, 8:48 PM EDT
Connor McDavid’s running mate in Erie was the OHL’s leading scorer last season.
Jul 6, 2015, 7:25 PM EDT
Quebec City and Las Vegas have already expressed interest.
Jul 6, 2015, 6:08 PM EDT
Russian forward is coming off a solid rookie campaign.
Jul 6, 2015, 5:48 PM EDT
It’s now a crowded crease in Edmonton.
Jul 6, 2015, 5:26 PM EDT
For the third straight year.
Jul 6, 2015, 4:29 PM EDT
That’s him in the blue shirt, standing next to ex-NHL goalie Dan Cloutier… who is 6’1.
Jul 6, 2015, 3:13 PM EDT
Spent last year with Colorado’s AHL affiliate.
Jul 6, 2015, 2:37 PM EDT
Click for all the cap hits.
Jul 6, 2015, 2:17 PM EDT
His Kelowna Rockets went to the 2015 Memorial Cup.
Jul 6, 2015, 12:55 PM EDT
“You basically say, ‘I have no idea what’s going on, but it’s a great place to play and we have great fans and a great stadium.'”
Jul 6, 2015, 12:02 PM EDT
Played 59 games for the Sabres last season.
Jul 6, 2015, 11:23 AM EDT
“He gets to come in and have a heck of a year and put the screws to us.”
Jul 6, 2015, 10:52 AM EDT
They have the arena, but not the potential owner.
Jul 6, 2015, 10:12 AM EDT
Finished with a career-high 18 goals last season in Vancouver.
Jul 6, 2015, 9:58 AM EDT
Can become an unrestricted free agent next summer.
Jul 6, 2015, 9:00 AM EDT
The 23-year-old could be in line for a significant raise.
Jul 6, 2015, 8:00 AM EDT
Monday’s collection of links.
Jul 5, 2015, 10:00 PM EDT
He struggled in his first year pro split between the AHL and ECHL.
- Bruins sign three — Hayes, Connolly, and DeFazio 11
- Babcock expects Kadri to be ‘an elite player’ 14
- No expansion bid expected from Kansas City 33
- Leafs sign Matthias — one year, $2.3 million 17
- Report: Kopitar, Kings in ‘early stages of negotiations’ for extension 12
- Arbitration filed: Holtby, Nyquist & Stepan highlight list released by NHLPA 13
- Report: Plotnikov paid $500K to get out of KHL contract 14
- Philadelphia signs ’15 first rounder Provorov 12
- Brandon Saad brings championship experience to Blue Jackets 22
- Sharks sign Joel Ward to three-year deal 25