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.
Mar 8, 2014, 1:11 AM EST
On a special night for one of the franchise’s greats.
Mar 8, 2014, 12:24 AM EST
This is just…sick. But awesome, too.
Mar 8, 2014, 12:05 AM EST
Played nine seasons in Calgary.
Mar 7, 2014, 11:19 PM EST
Last shift came late in first period.
Mar 7, 2014, 11:03 PM EST
Goals, goals and more goals in this one.
Mar 7, 2014, 10:28 PM EST
His first NHL start since Feb. 8.
Mar 7, 2014, 10:02 PM EST
Remember that blockbuster trade the other day?
Mar 7, 2014, 9:27 PM EST
Just keeps on going.
Mar 7, 2014, 9:04 PM EST
Happened 10 years ago Saturday.
Mar 7, 2014, 8:26 PM EST
Ottawa in a battle to make the playoffs.
Mar 7, 2014, 7:22 PM EST
He’s one of the top scorers for AHL Utica.
Mar 7, 2014, 6:35 PM EST
And the Stanley Cup, obviously.
Mar 7, 2014, 5:48 PM EST
He was New York’s leading scorer at the time of injury.
Mar 7, 2014, 4:51 PM EST
Click for the video of the NHL’s explanation.
Mar 7, 2014, 4:00 PM EST
Plus five NHL games to watch this weekend.
Mar 7, 2014, 2:49 PM EST
News and notes from around the blue paint…
Mar 7, 2014, 2:35 PM EST
Failed to “turn on the charm,” apparently.
Mar 7, 2014, 1:24 PM EST
More praise for them on Thursday after previously calling them the best team in the NHL.
Mar 7, 2014, 12:58 PM EST
“I thought he was real good.”
Mar 7, 2014, 12:50 PM EST
Hosting the Isles at the Saddledome.
- Roberto Luongo records the shutout in first game back with Panthers 13
- Steve Moore remains shocked, disgusted about Todd Bertuzzi attack 36
- Canucks’ Kassian gets three games for boarding Dillon 26
- TGIF: Why Lightning fans can be upset with St. Louis 31
- Goalie nods: Luongo’s first game back with Panthers, Neuvirth makes Sabres debut 12
- Report: Kuznetsov terminated KHL deal, headed to Washington 20
- Canucks’ Bieksa: ‘If this isn’t rock bottom, I don’t know what is’ 34
- Luongo has Twitter fun at Canucks’ expense 36
- Sabres spoil Callahan’s Lightning debut, Stamkos’ return 7
- Dealing with the Devils: NHL reverses Kovalchuk punishment 49
- Canucks trade Luongo to Panthers (93)
- BLOCKBUSTER: Lightning trade St. Louis to Rangers for Callahan (82)
- Kings make splash, acquire Gaborik from Columbus (72)
- Report: Canucks want center, top prospect and first-rounder for Kesler (68)
- Sabres announce Pat LaFontaine resigns as president of hockey operations (66)