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Tough Financial Times
by Paul on 12/03/08 at 09:37 AM ET
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from Sean Gordon and Paul Waldie of the Globe and Mail,
Montreal Canadiens owner and Colorado-based debt-financing king George Gillett is engaged in another financial high-wire act that could have an impact on Canada’s most storied hockey franchise.
According to a lien filed in Delaware, Gillett has taken out a high-interest, $75-million (all currency U.S.) personal loan from a U.S.-based private investment fund, putting up his heavily-leveraged share of British soccer giant Liverpool Football Club as collateral....
But it’s clear Gillett is among the many NHL owners facing stormy financial seas because of the economic downturn.
Hockey industry sources say at least three other teams - the Florida Panthers, Tampa Bay Lightning and the Phoenix Coyotes - have recently taken out high-interest loans with distress lenders or private equity funds because of tightening credit in the United States.
Filed in: NHL Teams, Montreal Canadiens, NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
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