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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:
 

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

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Leaferfan87 said:
CutUp-Insides said:
newfie_goff said:
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
 

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CutUp-Insides said:
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. :D :wink:
 

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Alberta John said:
Awesome, great news! Hopefully this results in a folding or a move to a real NHL city. The Panthers, geesh, what a disgrace!
This is stupid -- the thread is a year old....

Now everyone is jumping on the band wagon because of negative news?

OK, jump on this too -- there was talk that a "southern franchise" contacted Winnipeg about relocating and that the franchise was rumored to be the Panthers.

Now how many of you dyed-too-darkly Canadians want to see the Panthers franchise revoked? :roll:
 

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CutUp-Insides said:
Look at Tampa Bay. All those years missing the playoffs or getting eliminated early lead to a Stanley Cup win. It just takes time and rebuliding.
They made the playoffs twice total in 12 years of existence before winning the cup. 1995-96 (4 years after their inception), 2002-03 (after years of mediocrity)

THe Panthers have made the Cup final as well but have had a more rocky road to transverse than the Bolts - more early success, bad arena placement (it's in the middle of the sawgrass), musical coaches, GM's, owners and directions of the franchise.

And I don't think Iron Mike being in control would help the team.
 

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MadDevil said:
CutUp-Insides said:
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, sounds a lot like the Flames before the playoff run this season. They hadn't made the playoffs since the 1990's... Things were abysmal in Calgary....

Yeah, we should have contracted them too. Such a waste... :roll:
 
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