Thread Tools

Display Modes

Ayirak · 02-18-2004, 04:31 PM

Quote:

A financial audit of the Florida Panthers hockey team has raised "substantial doubt" about the long term future of the NHL franchise.

While the Office Depot Center generated a profit of $5.1-million after expenses last year, financial auditors Deloitte and Touche expressed concerns about the Panthers in a report submitted to Broward County on Tuesday.

The report shows Panthers Hockey LLP "incurred a net loss, had a working capital deficiency and had negative cash flows from operating activities" during the fiscal year which ended June 30, 2003.

Executives with the Panthers say their business is rebounding and are in the process of securing a line of credit to offset operating losses.

"We're in the throes of finalizing a transaction that will enable us to continue to thrive for the next five to 10 years," Panthers COO Michael Yorkmark tells the South Florida Sun Sentinel.

"Either the owners, Alan Cohen and his partners will cover the shortfall or we'll seek out other types of financing."

Yorkmark adds this is the first time since Cohen paid cash to buy the team in 2001 that his group has had to borrow money to cover operating losses.

The Panthers showed losses of $17.5-million last year and is among 19 teams which lost a collective total of $273-million in a report released by the NHL last week.

Broward County officials say they are concerned by the report and are closely monitoring the arena's finances, which the team owns.

Well this organization is just losing money left, right and center. 17.5 million...ouch! and a collective total of 273 million...now that's a huge loss...It must suck to be a panther fan right now...not knowing if your team is going to be around later. But I guess it's good for other teams. I mean all those players will have to play somewhere....maybe Vancouver can pick up Joks.. :lol:

Yoata · 02-18-2004, 04:50 PM

And they are apparently supposed to be buyers this deadline?

DownFromNJ · 03-04-2004, 07:21 PM

Anyone know where I can find a list of the NHL financial situation by team?

Alberta John · 03-08-2004, 01:35 AM

Awesome, great news! Hopefully this results in a folding or a move to a real NHL city. The Panthers, geesh, what a disgrace!

newfie_goff · 03-09-2004, 09:04 PM

The NHL should get rid of the panthers.. there a joke to everything that is hockey

CutUp-Insides · 03-03-2005, 04:41 PM

Quote:

Originally Posted by newfie_goff

The NHL should get rid of the panthers.. there a joke to everything that is hockey

well........they did appear in the finals more recently then the Habs.

Leafer Madness · 03-03-2005, 07:19 PM

Quote:

Originally Posted by CutUp-Insides

Quote:

Originally Posted by newfie_goff

The NHL should get rid of the panthers.. there a joke to everything that is hockey

well........they did appear in the finals more recently then the Habs.

So?

CutUp-Insides · 03-03-2005, 10:12 PM

Quote:

Originally Posted by Leaferfan87

Quote:

Originally Posted by CutUp-Insides

Quote:

Originally Posted by newfie_goff

The NHL should get rid of the panthers.. there a joke to everything that is hockey

well........they did appear in the finals more recently then the Habs.

So?

All im saying is that this team is capable of doing well in both the reg. and post season, just because they have hit a bit of a slump they shouldn't move to another city. Plus any city who would carry a dead rat to a hockey just to throw it on the ice shows that these guys got some spirit or Florida really has a rat problem.lol

**MadDevil** · 03-04-2005, 11:55 AM

Quote:

Originally Posted by CutUp-Insides

All im saying is that this team is capable of doing well in both the reg. and post season, just because they have hit a bit of a slump they shouldn't move to another city. Plus any city who would carry a dead rat to a hockey just to throw it on the ice shows that these guys got some spirit or Florida really has a rat problem.

It's a little bit more than a bad slump if you ask me. They haven't made the playoffs since 2000, they've been horrible the last few seasons, and they probably don't have that great of fan support.

Wow, I just realized that this thread is over a year old. Nice bumping job.

k: