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.
Apr 26, 2015, 12:07 AM EDT
Another big rally at the Saddledome.
Apr 25, 2015, 11:03 PM EDT
A six-game series that felt like (at least) seven.
Apr 25, 2015, 10:31 PM EDT
Wild stuff at the Saddledome tonight.
Apr 25, 2015, 9:59 PM EDT
Vancouver looking to avoid elimination for the second straight game.
Apr 25, 2015, 9:55 PM EDT
Zero goals in five playoff games.
Apr 25, 2015, 9:18 PM EDT
A healthy tally.
Apr 25, 2015, 8:50 PM EDT
Putting on a clinic.
Apr 25, 2015, 8:41 PM EDT
Corey Crawford’s back in.
Apr 25, 2015, 7:37 PM EDT
The Islanders won 3-1 in Game 6.
Apr 25, 2015, 6:59 PM EDT
No penalty on the play.
Apr 25, 2015, 6:10 PM EDT
He made his postseason debut in Game 4.
Apr 25, 2015, 6:03 PM EDT
Plenty of life on Long Island.
Apr 25, 2015, 5:48 PM EDT
Apr 25, 2015, 5:20 PM EDT
Keep this bounce in mind in the third period.
Apr 25, 2015, 4:58 PM EDT
He’s been ruled out of the series due to a rib injury.
Apr 25, 2015, 4:25 PM EDT
Carlson has his first of the playoffs.
Apr 25, 2015, 4:15 PM EDT
Kudos to the Cambria County War Memorial Arena in Johnstown, Pennsylvania and the Decatur Civic Center in Decatur, Illinois.
Apr 25, 2015, 3:45 PM EDT
He’ll backup for a fourth straight game.
Apr 25, 2015, 2:55 PM EDT
New York, Nashville and Vancouver are all facing elimination today.
Apr 25, 2015, 2:25 PM EDT
Both were in their first season with the hockey club.
- One more time, with feeling: Flames stage yet another comeback, eliminate Vancouver 11
- Keith conquers: Blackhawks come back, eliminate Predators 36
- Red Wings smother Lightning, take 3-2 series lead 17
- Going the distance: Isles edge Caps to force Game 7 29
- WATCH LIVE: Today’s Stanley Cup playoff action 6
- Lucic issues statement on father’s passing 10
- Hall caught off guard by Oilers’ front office shuffle 18
- Wild’s Dubnyk shakes off six-goal night, saves 36 as Blues pushed to brink 34
- WATCH LIVE: Tonight’s Stanley Cup Playoff action 5
- Malkin: ‘I want to say sorry to fans, to my teammates’ 58
- Too little, too late: Rangers stifle Penguins for 2-1 series lead (114)
- It’s Done: Rangers eliminate Penguins in overtime (106)
- Bettman under fire after saying ‘Katy Perry’ chant wasn’t sexist (92)
- Okposo blasts ‘idiot’ Wilson after physical outing versus Isles (82)
- Preds, Forsberg finally solve Darling, push series to Game 6 (76)