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Panthers seek county help to cover $20M losses
- Updated: Jan 11, 2014
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The Florida Panthers claim they’re dropping $20 million to $30 million a year whereas operating out of Broward County’s Dawn, Fla., primarily based BB&T Heart. To be able to offset those costs, the staff hopes to rework its contract with the county to be able to gather $70 million in tourism tax revenue to cover the prices the Panthers are paying on their enviornment.
In keeping with the Solar Sentinel:
The Panthers group runs Broward’s arena in Dawn, bringing in extra money from concerts and different events than from its hockey video games, county data show. Monetary records show the Panthers make a profit from area operations. It is the Panthers workforce that’s losing money, [Panthers President Michael] Yormark said.
“This organization has lost between $20 [million] and $30 million on an annual foundation,” Yormark stated, “and those dollars have been funded by our house owners.”
The deal hinges on the approval of the nine-member Broward County Fee. County officers mentioned they didn’t wish to rush to a vote. They will vet the proposal at a workshop within the close to future.
The adjustments have “very vital implications,” County Administrator Bertha Henry mentioned, and would require a rewrite of the present contract.
The world was constructed with public funding in 1998 with promises that the taxpayers would see a return of income, however according to the Sun Sentinel that has happened only as soon as. There’s additionally some dispute that the team is actually losing as much because it says it’s, due partly to the truth that the BB&T Heart can be a preferred live performance venue.
Within the Panthers’ proposal, summarized by the Sun Sentinel, it appears as if there’s plenty of give on behalf of Broward County and little or no giveback from the Florida Panthers. The only promises appear to be investing in payroll “at a degree comparable to the rest of the Nationwide Hockey League” and a plan to construct a lodge-on line casino or another sort of growth to extend tax revenue. The group would additionally repay loans from the county immediately and contribute to the local convention and customer’s bureau.
In return for that, the Panthers get the county to select up the remainder of the tab on repaying the debt on the constructing, of which the Panthers at present pay $four.5 million yearly. The county would also provide funds to the operation of the building and cover a part of the insurance coverage on the constructing if the tab exceeds $1 million.
Every time a request for public cash is made on behalf of an expert sports group, the following question is what occurs if the crew would not get what it needs. One potential consequence is shifting the crew, so you higher believe folks in Seattle and Quebec City are going to be following these developments intently.
That said, Yormark told the paper that he did not consider new proprietor Vinnie Viola intends to maneuver the workforce if he doesn’t get his way.
There’s nonetheless a ways to go in this process, however the proposal has been tossed out there and now the ball is in the Broward County Commission’s courtroom, it will seem. As is all the time the case, playing with taxpayers’ money is risky enterprise, especially when that money goes to a for-revenue sports group.