Aug 17, 2014, 10:42 AM EDT
Doug Cifu wants to keep the Panthers in Florida, but the way things are going, it’s just not sustainable.
Speaking to Fox Sports last weekend, Cifu, who along with business partner Vinnie Viola purchased the team for $230 million last September, is uncertain of where the team will be in 5-10 years.
“The arena and the team have lost a significant amount of money year over year for the last 10-plus years and the current business model is not sustainable,” Cifu said.
According to The Hockey News, the team claims to lose $30 million a year and have debt on their arena, which is leased to the Panthers until 2028, of about $250 million.
The story adds Broward County mayor Barbara Sharief and the county have hired a consultant who is looking into the possibility of allowing the Panthers out of their arena lease and the opportunity to relocate.
The results of that report are expected in October.
“We have kept our end of the bargain by signing six free agents on July 1 to more than $60 million of contracts and resigning some key young players to multi-year deals,” Cifu added.
Per CapGeek, the Panthers have over $65 million committed in player contracts for the upcoming season.
The Toronto Sun reported that the Panthers averaged 14,177 fans per game last season, which ranks 29th in the league.
In terms of potential cities for relocation, a report out of Seattle last week suggested real estate mogul Victor J. Coleman has begun discussions with Seattle business man Chris Hansen on agreement to allow an NHL team to play in his proposed SoDo Arena.
“We get lots of expressions of interest — whether it’s from Quebec City, Seattle, Las Vegas, or Kansas City — and we’re listening, but we haven’t enacted a formal process to begin considering expansion,” NHL commissioner Gary Bettman told the Sun April. “That’s not something we’re intent on doing right now, but we are listening.”
Quebec City may also be a viable option with a new $400 million arena set to open next year.
Apr 28, 2015, 12:04 AM EDT
It’s also tough to say what happens next.
Apr 27, 2015, 11:16 PM EDT
Barry Trotz says he has the joy of a kid and the maturity of a man.
Apr 27, 2015, 10:33 PM EDT
Apr 27, 2015, 10:17 PM EDT
Washington shuts it down, big time.
Apr 27, 2015, 9:55 PM EDT
Some great individual performances propel Tampa Bay.
Apr 27, 2015, 9:36 PM EDT
Game 7 is one of those “let them play” games.
Apr 27, 2015, 9:02 PM EDT
No penalty on the play.
Apr 27, 2015, 8:23 PM EDT
Apr 27, 2015, 7:47 PM EDT
Tampa Bay needed a strong start like this.
Apr 27, 2015, 7:22 PM EDT
Just one appearance in this series.
Apr 27, 2015, 6:54 PM EDT
Tough to argue with this two-way trio.
Apr 27, 2015, 6:16 PM EDT
One Game 7 and one team hoping to force another.
Apr 27, 2015, 5:28 PM EDT
Tom Stillman did say “I’m sure there’ll be changes” following another first-round playoff defeat.
Apr 27, 2015, 4:56 PM EDT
Expected to make full recovery within 4-6 weeks.
Apr 27, 2015, 4:11 PM EDT
Former Maple Leaf and Red Wing appeared in over 1,200 career games, winning five Stanley Cups.
Apr 27, 2015, 3:11 PM EDT
Kevin Bieksa and Dan Hamhuis were each asked if they’d be willing to waive their no-trade clauses.
Apr 27, 2015, 2:47 PM EDT
Flames head coach Bob Hartley confirmed the decision on Monday.
Apr 27, 2015, 1:40 PM EDT
Tournament will be a big one for the Flyers forward.
Apr 27, 2015, 1:17 PM EDT
Thus ending the Scott Darling era… for now.
Apr 27, 2015, 1:00 PM EDT
New building could open by the fall of 2017.
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