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.
Jul 3, 2015, 8:07 AM EDT
Friday’s collection of links.
Jul 2, 2015, 11:00 PM EDT
He was fired by Toronto back in April.
Jul 2, 2015, 9:45 PM EDT
Doug Armstrong dipped into the free agency pool Thursday evening for some depth signings.
Jul 2, 2015, 8:45 PM EDT
They’re two-way contracts worth $650,000.
Jul 2, 2015, 7:50 PM EDT
He’s looking forward to playing with Ovechkin and Backstrom in Washington.
Jul 2, 2015, 6:50 PM EDT
They’ve also inked UFA Jordan Caron.
Jul 2, 2015, 6:00 PM EDT
It’s a one-year, two-way deal.
Jul 2, 2015, 5:15 PM EDT
Washington continues to load up.
Jul 2, 2015, 5:00 PM EDT
There’s no “timetables for next steps,” according to NHL deputy commissioner Bill Daly.
Jul 2, 2015, 4:45 PM EDT
The 27-year-old is looking forward to a fresh start in Pittsburgh.
Jul 2, 2015, 3:34 PM EDT
Acquired from Toronto at last year’s trade deadline.
Jul 2, 2015, 2:57 PM EDT
Leagues will continue to respect each other’s contracts. But that’s it.
Jul 2, 2015, 2:52 PM EDT
Pleads no contest to misdemeanor count of corporal injury to a spouse.
Jul 2, 2015, 2:11 PM EDT
Boughner coached against DeBoer in the OHL, Hedberg played for him in New Jersey.
Jul 2, 2015, 2:02 PM EDT
The Mike Gillis era is just a memory now.
Jul 2, 2015, 1:46 PM EDT
Former Hart Trophy winner announced his retirement on Thursday.
Jul 2, 2015, 1:35 PM EDT
Pittsburgh? Florida? New Jersey? KHL?
Jul 2, 2015, 1:29 PM EDT
“At some point Justin became more affordable to us, and we started to lean his way.”
Jul 2, 2015, 12:36 PM EDT
“At the end of the day, nobody wants to get traded two times. But it’s a learning curve.”
Jul 2, 2015, 12:18 PM EDT
But reports suggest Edmonton, Columbus and Philly are interested.
- Trade: Caps acquire Oshie from Blues for Brouwer, Copley and draft pick 71
- Voynov takes plea, gets 90 days in jail plus probation 54
- Curtains on Broadway: Martin St. Louis calls it a career 34
- Discuss: Where’s the best fit for Alex Semin? 23
- Caps landing ‘affordable’ Williams a sign of the new free agency 3
- Shots fired! ‘Canes owner Karmanos rips into Jim Rutherford (Updated) 56
- Here’s who’s left after Day 1 of free agency 30
- PHT’s 2015 free agent frenzy tracker 38
- Getting clutch? Capitals sign Justin Williams for two years, $6.5M 21
- Coyotes bring back Vermette with two-year deal 33
- Blockbuster: Kessel traded to the Penguins (131)
- Trade: Flyers send Rinaldo to Bruins for 2017 third-rounder (105)
- Trade: Jackets land Saad; Anisimov and Dano headed to Chicago (93)
- Bypassing a buyout? Kings terminate Richards’ contract for ‘material breach’ (90)
- Trade: Flames land Dougie Hamilton for package of picks (75)