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crazy!
http://sports.espn.go.com/nhl/news/story?id=2003701
Someone in Boston is a shrewd sonuva ....
TORONTO -- An investment firm and a sports advisory company reportedly made a joint proposal to buy all 30 NHL teams for as much as $3.5 billion.
Bain Capital Partners LLC and Game Plan International, both based in Boston, made the offer in a 30-minute presentation to NHL owners on Tuesday in New York, sources told the Toronto Star. The companies were invited to make their pitch by NHL commissioner Gary Bettman.
Bain managing partner Steven Pagliuca, co-owner of the NBA's Boston Celtics, and Game Plan, which recently acted as an adviser on the sale of the Ottawa Senators, are betting that many NHL owners would welcome the chance to get out of the hockey business.
The NHL, which because of its ongoing player lockout recently became the first major North American pro sports league to cancel an entire season, has said its teams have lost a collective $500 million over the past two seasons.
Before the work stoppage, the total value of the 30 NHL franchises was an estimated $4.9 billion, according to Forbes Magazine. The Detroit Red Wings topped the list at $266 million, with the Edmonton Oilers last at $86 million.
It's unclear if team owners, especially those in large markets such as Toronto, Boston and New York, would accept the offer. Maple Leafs officials declined comment, as did a Game Plan spokesman.
NHL executive vice president Bill Daly was cautious in describing the level of interest the proposal received from the governors.
"I'm not going to characterize it," Daly told the Globe and Mail. "I would imagine different clubs had different feelings. The board listened to a presentation and that's about it."
Daly said the league was compelled to listen based on the significance of the offer.
"When someone's offering over $3 billion, we felt we had an obligation to the board to have them, at least, hear it from the proposed purchaser," Daly added.
The purchase would not be dependent on the NHL reaching agreement with the players on a collective bargaining deal, and a sale would not affect the status of the NHL Players' Association as the bargaining agent for players under U.S. and Canadian labor laws.
According to Bain and Game Plan, the sale would bolster the league's revenue because all of the teams would work together to generate more local television, sponsorship and revenue instead of competing against one another. The consortium told the NHL owners it had arranged for a large Canadian-based financier to join its efforts.
crazy!
Can anyone say Monopoly....without compe ion...what do you have....
The only two leagues I've ever heard of that were owned, part and parcel, by one en y were the CBA and the WNBA. The first is out of business, and the second is only being kept on life support by David Stern's pride and hefty contributions by NBA owners.
The NBA Eastern Conference.
Doesn't MLS own all the teams besides Chivas and Real?
Even though it never would, I'd like to see this happen if for nothing more than the entertainment value of the owners trying to divide that $3.5B.
NHL hockey sucks compared to almost any other form of hockey. The best thing about the lockout is that when the NHL does come back, their rules will be a lot closer to Olympic hockey rules.
i heard on the radio that hockey lost less money this year not being open than they did being open last year! that is insane!
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