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[sharkdiver]

Len Barrie's window to buy the Tampa Bay Lightning from partner Oren Koules closed on Monday night but it appears the former NHLer hasn't given up yet.

According to the Tampa Tribune, Barrie was still working on a deal with St. Louis real estate mogul Anthony Sansone Jr. under the assumption his window didn't close until Wednesday.

Originally, Barrie was given until Wednesday but the report indicates because he missed multiple deadlines over the last 60 days, the window was moved up to Monday.

When contacted by the Tribune on Monday night, Barrie seemed unaware the deadline had passed.

"We'll see," Barrie told the newspaper. "I guess I would be happy to get my $40 million."

When Barrie and Koules teamed up to buy the Lightning last year, Barrie invested $40 million of the $200 million purchase price, which appears to be the amount he would like to recoup if he is unable to buy out Koules.

[sharkdiver]

Koules gets his turn at Lightning buyout

According to the St. Petersburg Times, Koules has been courting Jeff Greene, a Los Angeles real estate investor, to buy into the Lightning.

The move comes as Lightning co-owner Len Barrie reportedly missed his Monday deadline to come up with a plan to take control over the franchise, as the co-owners remain at odds over how to run the National Hockey League franchise.

The Times reported Tuesday that NHL deputy commissioner Bill Daly has confirmed that Greene has filed a league ownership application, although he hasn't signed an agreement with Koules.

"If everything falls into place, there's a very good chance we have a deal," Greene told the Times.
According to Forbes, Greene's net worth in 2008 was $1.4 billion.

"I don't need financing," he told the newspaper. "I have the funds available to do this transaction."

Koules and Barrie's relationship has soured since they purchased the team in June 2008, forcing the NHL to step in. Each owner was given a window to buy the other partner out.

Barrie had been working with St. Louis real estate magnate Anthony Sansone Jr. But according to the Tampa Tribune, Daly confirmed that Barrie's 60-day window closed on Monday.

In a text message to the Tribune, Barrie was under the impression his deadline was Wednesday. "We'll see. I guess I would be happy to get my $40 million," he wrote.

Koules, a Los Angeles television and movie producer, now has until Nov. 23 to work out his buyout plan of Barrie.

Barrie, a former NHL player and land developer in Victoria, and Koules initially purchased the franchise, the land adjacent to the St. Pete Times Forum, and the arena lease for a reported $204 million from Palace Sports and Entertainment.

[sharkdiver]

Although not officially done, Tampa Bay Lightning owners Len Barrie and Oren Koules have signed off on selling the team to Jeff Vinik.

NHL sources say the sales price, all in, will be for $170 million, however that includes debt coverage.

A source familiar with the sale says Koules, Barrie and Palace Sports will split far less, perhaps less than $100 million.

[stefano]

noooooooooooooooooooooo

I was hoping the rumours of the team moving to Victoria would be more than just rumours...  I guess we wont be having an NHL team here for a while yet.   

[sharkdiver]

it is done barrie and Koules are out. now keep barrie away from our salmon kings.

Lightning gets new owner
Vinik agrees to buy NHL team from Koules, Barrie

By QMI Agency

Last Updated: 5th February 2010, 10:46am
Email StoryPrintSize A A AReport TypoShare with:
FacebookDiggDel.icio.usGoogleStumble UponNewsvineRedditTechnoratiFeed MeYahooSimpySquidooSpurlBlogmarksNetvouzScuttleSitejot+ What are these? .TAMPA, Fla. -- The Tampa Bay Lightning have a new owner.

Boston hedge fund manager and Boston Red Sox minority owner Jeff Vinik ended weeks of speculation and rumour by agreeing to buy the Lightning and other related assets from Oren Koules and Len Barrie, the NHL team announced Friday.

“Buying the Lightning and joining the Tampa Bay community is a dream come true,” Vinik said in a press release. “I’ve been an avid hockey fan my whole life and I pledge to our fans that I will work my hardest to build the Lightning into a world class organization both on and off the ice. I hope to bring a high level of excitement and intensity back to Lightning hockey, with a goal of having the team consistently compete for the Stanley Cup. I have a passion for the game and will do my best to restore a winning culture at the St. Pete Times Forum that all of our fans and partners can be proud of.”

Pending approval from the NHL board of governors, the sale to Vinik will include the Lightning, the company that operates the St. Pete Times Forum and two parcels of land adjacent to the club's arena.

Koules and Barrie, who will not retain a minority ownership in the team, bought the Lightning for around $200 million in June 2008. The estimated sale price is reportedly in the range of $170 million.

“The day is a bittersweet one for us, as I believe we have established a strong foundation on the ice and begun to point things in a positive direction for the Lightning,” Koules said in the release. “We look forward to seeing Jeff take the team from here and move it forward. I believe we are leaving him with some great pieces in place and hopefully he can build upon them to deliver a consistent winner in the future.”

Vinik, 50, is the founder and chairman of Vinik Asset Management and a minority owner of the Red Sox. he is a graduate of Duke University and holds an MBA from Harvard Business School.

[Max_Power]

I would have no problem with Barrie as owner. He wants to win and is willing to spend money to do it.

People in Victoria take having owners who WANT TO WIN for granted. They dont realize that owners of many, many teams will put the bottom line ahead of winning, not wanting to take the extra steps to be a contender rather than a perennial also-ran. We have been lucky here with both our pro and (Barrie-led) junior team that we have ownership in place that will spend extra money to try and bring championships to this city. Because people in this city have not seen what happens with these other types of owners call the shots for several years, they take it for granted. They shouldn't.

Remember back to the Brodsky and Wagstaff years....just terrible.