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Money Issues For Prospective Lightning Owner
by Paul on 04/21/08 at 08:44 AM ET
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via Daniel Kaplan of SportsBusiness Journal (paid sub.),
Oren Koules, the prospective buyer of the Tampa Bay Lightning, has lost his second lender in three months as the global credit crisis continues to take its toll on sports financing.
CIT Group, which finance sources said had appeared ready to lend Koules up to $110 million, backed out earlier this month. This follows the loss of a pending loan earlier this year from Société Générale, which abruptly exited the sports business and scuttled an oral agreement with the Hollywood movie producer….
“It is fair to say that the financial markets are strained, as we speak, and we will look to help with the financing of a portion of the purchase price,” wrote Tom Wilson, chief executive officer of Palace Sports & Entertainment, which owns the Lightning, in an e-mail. “The deal is still on.”
added 7:59pm, from Lightning Strikes,
Hollywood producer Oren Koules, who has been trying to close a deal to buy the Lightning for four months, has some light at the end of the tunnel thanks to two two helping hands that will provide $100-million in financing for the $200-million deal.
Lightning president Ron Campbell said Monday that owner Palace Sports & Entertainment and Galatioto Sports Partners will share the financing Koules needs to make the deal work.
Filed in: NHL Teams, Tampa Bay Lightning | KK Hockey | Permalink
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