Aug 17, 2014, 10:42 AM EST
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.
Mar 1, 2015, 10:50 PM EST
Malkin had a third straight three-point game.
Mar 1, 2015, 10:05 PM EST
He collided with Ales Hemsky.
Mar 1, 2015, 9:15 PM EST
The Washington forward remains in the game.
Mar 1, 2015, 8:30 PM EST
The Sharks get a fourth-round pick.
Mar 1, 2015, 8:00 PM EST
Both teams also swapped draft picks in the deal.
Mar 1, 2015, 7:36 PM EST
Dallas looking to snap a five game skid.
Mar 1, 2015, 7:06 PM EST
He is scheduled to become an unrestricted free agent after this season.
Mar 1, 2015, 6:45 PM EST
Both are free agents after this season.
Mar 1, 2015, 6:35 PM EST
It started with a Matt Greene hit on Mark Scheifele.
Mar 1, 2015, 6:15 PM EST
The Pens’ captain was unharmed on the play.
Mar 1, 2015, 5:56 PM EST
He’s 14 back of Marcel Dionne.
Mar 1, 2015, 4:20 PM EST
All the blockbuster details have been updated.
Mar 1, 2015, 3:38 PM EST
Sunday’s expected starting goalies.
Mar 1, 2015, 3:02 PM EST
Could Philly move him by Monday?
Mar 1, 2015, 2:22 PM EST
The Islanders winger was February’s best first-year player.
Mar 1, 2015, 1:16 PM EST
A decent catch for a rising team.
Mar 1, 2015, 12:55 PM EST
Winnipeg faces Los Angeles on Sunday.
Mar 1, 2015, 12:34 PM EST
Mar 1, 2015, 12:21 PM EST
A quick rundown of waiver transactions on Sunday.
Mar 1, 2015, 11:33 AM EST
Anaheim readies for a road-heavy March.
- Trade: Rangers land Yandle, Coyotes receive Duclair, first-rounder 65
- Trade: Capitals land Glencross, Flames get two picks 23
- Flames place Giordano on IR 5
- Flyers keep faint playoff hopes alive with win over Rangers 28
- Trade: Blackhawks acquire Vermette from Arizona for Dahlbeck, first rounder 73
- Jagr earns high praise in his Panthers debut 1
- Bruins maintain four-point edge in playoff race, hand Coyotes ninth straight loss 5
- NHL on NBC: Rangers look for a fourth straight win against the Flyers 7
- Ducks score four third-period goals, come back to beat rival Kings 9
- Blackhawks aren’t done talking trades, will look to add another forward 13
- Wild beat Avs, dying seconds fight set stage for rematch (144)
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- Trade: Blackhawks acquire Vermette from Arizona for Dahlbeck, first rounder (73)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (69)
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs (66)