Nov 26, 2012, 2:42 PM EST
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.
Dec 19, 2013, 9:06 AM EST
There was some controversy surrounding the goal.
Dec 19, 2013, 8:02 AM EST
Thursday’s collection of links.
Dec 19, 2013, 7:30 AM EST
Nine suspensions totaling 38 games, with more likely on the way.
Dec 19, 2013, 12:55 AM EST
If all goes well, he could be back on Dec. 27, according to Fletcher.
Dec 18, 2013, 11:57 PM EST
Pittsburgh’s forward got a penalty.
Dec 18, 2013, 11:30 PM EST
Dec 18, 2013, 11:12 PM EST
New York comes back but can’t get two points.
Dec 18, 2013, 10:05 PM EST
Dec 18, 2013, 9:41 PM EST
It’s not a concussion.
Dec 18, 2013, 9:02 PM EST
Could the World Junior tournament be next?
Dec 18, 2013, 8:52 PM EST
Dec 18, 2013, 8:38 PM EST
Veteran forward had been playing in AHL Grand Rapids.
Dec 18, 2013, 8:29 PM EST
Should be the first of many, based on his junior career.
Dec 18, 2013, 7:57 PM EST
He hasn’t played since Nov. 30.
Dec 18, 2013, 7:17 PM EST
“It is home.”
Dec 18, 2013, 6:56 PM EST
Plans are for him to rejoin the team in Winnipeg on Dec. 27.
Dec 18, 2013, 6:27 PM EST
“If they’re waiting for a coaching change, they’re going to be waiting a long time.”
Dec 18, 2013, 5:24 PM EST
Already has 22 goals this season.
Dec 18, 2013, 5:07 PM EST
Goaltending has been an issue for the Devils this season.
Dec 18, 2013, 4:42 PM EST
Last played in the NHL back in 2005-06.
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- Discuss: Penguins outlast Rangers in the shootout on NBCSN Rivalry Night 27
- Video: Jagr passes Yzerman for eighth on NHL goals list 11
- Wild put Harding on IR to undergo change in MS treatment 15
- Nonis: I’m not firing Carlyle 14
- Steen agrees to extension with Blues — three years, $17.4 million 17
- Engelland suspended five games for ‘reckless’ Abdelkader headshot 40
- The Chip ‘n’ Chase: So many bad contracts, coaches on the hot seat, the NHL in Vegas? and more! 24
- Caps’ Wilson to have hearing for Schenn hit 46
- Updated: NHL suspends Thornton 15 games for Orpik attack (155)
- Janssen: Orpik should’ve fought Thornton, then ‘everything would have quieted down’ (123)
- Reports: Thornton will appeal 15-game suspension (107)
- Lucic addresses fight video, says he’s ‘disgusted and outraged’ by Vancouver (101)
- Cam Neely questions length of Thornton’s suspension (78)