Monday, November 26, 2007

Lightning sale going sour

Things have been awfully quiet when it comes to the sale of the Lightning to Doug MacLean and friends, and the group apparently recently missed a deadline to have the sale approved by the board of governors.

Tonight this release hit my inbox:
PALACE SPORTS & ENTERTAINMENT STATEMENT
REGARDING PENDING SALE OF THE TAMPA BAY LIGHTNING

TAMPA BAY - In August, Palace Sports & Entertainment (PS&E) entered into an agreement to sell the Tampa Bay Lightning, the leasehold rights to the St. Pete Times Forum and approximately 5.5 acres of land to Absolute Hockey Enterprises. Since that date, PS&E has worked diligently with Absolute to move the process forward and was confident in its direction.

On November 14, 2007, the Lightning entities terminated the agreement because of the failure of Absolute to comply with the terms of the purchase. At the same time, the buying group expressed continuing interest in purchasing the team, while informing PS&E that there were internal disagreements to be resolved. Prior to the Thanksgiving weekend, PS&E was informed most differences were settled and subsequently was very surprised when it became aware of the lawsuit filed today.

While there is no current agreement in place to sell the team, PS&E is hopeful that those differences can still be resolved and a successful ownership transfer can take place. As it has since purchasing the team in 1999, PS&E will remain 100 percent committed to the best interests of Lightning, its fans and the entire Tampa Bay community, while continuing to operate the team and the St. Pete Times Forum in a
first-class manner.
Other than this link, I'm afraid I don't have any more details than that, but we'll see what comes out of this as the night goes along.

It doesn't sound promising.

UPDATE The St. Petersburg Times has the missing details. Jeff Sherrin is suing film producer Oren Koules for allegedly not coming up with an initial payment and for attempting to negotiate a deal with the Lightning on his own.

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2 Comments:

At 9:17 PM, November 26, 2007, Anonymous Danny Tolensky said...

The complaint and sale agreement can be found here:

http://www2.tbo.com/content/2007/nov/26/lighting-sale-terminated-amid-partner-squabble/?news-breaking

What an interesting day off the ice..

 
At 2:24 PM, November 27, 2007, Blogger The Forechecker said...

And in somewhat related news, it looks like the sale of the Nashville Predators could close as early as next Monday. The BOG is supposed to vote on the deal later this week, and as soon as that's done the locals could wrap up their work with Craig Leipold.

 

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