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: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.