More snags for Lightning sale
With prospective owner Oren Koules still trying to secure the necessary financing - which at this point might even include current owners Palace Sports and Entertainment as a potential lender - the direction the team takes on the ice is not defined.
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.”