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 24, 2013, 10:36 AM EDT
SKA Saint Petersburg would be the club.
May 24, 2013, 9:52 AM EDT
“(He’s) a hell of a hockey player.”
May 24, 2013, 9:02 AM EDT
He’s excited about the Avalanche’s future, but he also has other considerations.
May 24, 2013, 8:06 AM EDT
The match will start at 7:30 p.m. ET.
May 24, 2013, 7:16 AM EDT
Friday’s collection of links.
May 24, 2013, 3:04 AM EDT
Typically, this is called.
May 24, 2013, 2:46 AM EDT
On the brink of elimination.
May 24, 2013, 2:28 AM EDT
Remember when he took the blame for first two losses against St. Louis?
May 24, 2013, 2:01 AM EDT
Second goal in 27 games.
May 24, 2013, 1:24 AM EDT
Home team has won every game in this series.
May 24, 2013, 12:28 AM EDT
“Something’s got to give,” Jonathan Toews said.
May 24, 2013, 12:25 AM EDT
Officially sidelined since Feb. 14 due to what GM Mike Gillis cited as safety concerns.
May 23, 2013, 11:44 PM EDT
Something you don’t see every game.
May 23, 2013, 11:23 PM EDT
‘We’ve had streaks before,” he said.
May 23, 2013, 11:10 PM EDT
Three straight penalties, still zero goals in the playoffs.
May 23, 2013, 11:01 PM EDT
Detroit wins again.
May 23, 2013, 10:51 PM EDT
The Chicago Blackhawks’ frustrations continue.
May 23, 2013, 10:47 PM EDT
May 23, 2013, 10:38 PM EDT
The Game 4 win clearly made him chipper.
May 23, 2013, 10:03 PM EDT
Chris Kreider with some more playoff magic.
- Playoffs Tonight: Penguins aim to finish off Senators 7
- Kings’ Quick ‘didn’t have to work hard’ in shutout win over Sharks 5
- Discuss: Kings dominate Game 5, one win away from Western Conference final 19
- Discuss: Red Wings take 3-1 series lead 48
- Discuss: Rangers stay alive with OT win 78
- What they’re saying about the Avs hiring Patrick Roy 6
- It’s official: Colorado names Roy sixth head coach in franchise history 48
- Couture accuses Kings captain Brown of diving 38
- Three reasons why the Rangers might buy out Richards 26
- Richards made a healthy scratch for Game 4 35
- Report: NHLPA director Fehr wants to address issue of fighting (113)
- Question for commenters: What, if anything, needs to be done about the officiating? (101)
- Discuss: Bruins rally in third, take 3-0 series lead (99)
- Discuss: Detroit takes 2-1 series lead vs. Chicago (95)
- Video: Crosby scores hat trick, hits playoff milestone against Senators (91)
- Struggling Blackhawks on brink of elimination
- PHT: Wings push Blackhawks to brink | Highlights
- PHT: Kreider keeps Rangers alive | Highlights
- PHT: Kings defend home ice, up 3-2 | Highlights
- PBT: Hibbert says Battier's knee to groin intentional
- OlyTalk: Lochte says Phelps will return soon
- CSN: Francona returns to Boston | Legacy?