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http://insider.espn.go.com/nhl/features/rumors/_/date/20110429#6425
"Mike Ozanian of Forbes reports the Minnesota Wild are short on cash. According to majority owner Craig Leipold, falling short of a berth in the playoffs results in a financial deficit for the 2010-11 season. And there are further complications than a simple loss of money.
Another potential problem for Leipold is the team's general partner and minority owner billionaire Philip Falcone, whose Harbinger Capital hedge fund is facing two SEC investigations. Although Falcone is obviously quite wealthy, his business fortunes have diminished greatly over the past year or so. Our figures show that the Wild post a loss of $2.3 million before interest, taxes, depreciation and amortization for the 2009-10 season, when they also missed the Stanley Cup tournament. Given the Wild?s attendance dipped a bit in 2010-11 from the prior season it is safe to say they again lost money.
This means the unless the Wild hit the banks up for a loan the team will likely be making capital calls to owners for cash. The SEC investigation coupled with the relatively poorer performance of Falcone's investments could make it more difficult for Leipold to get cash from his partner.
Under pressure to reach the playoffs - at the very least - next season, general manager Chuck Fletcher was expected to make a splash once the free agent market opened up this summer. This financial news won't help Fletcher's ability to sign the players he covets, at the very least.
- Victoria Matiash"
I will comment that this is from the "Rumors" section of ESPN's NHL page, but I found it interesting nonetheless. Did not figure the Wild to be in this kind of trouble.
http://insider.espn.go.com/nhl/features/rumors/_/date/20110429#6425
"Mike Ozanian of Forbes reports the Minnesota Wild are short on cash. According to majority owner Craig Leipold, falling short of a berth in the playoffs results in a financial deficit for the 2010-11 season. And there are further complications than a simple loss of money.
Another potential problem for Leipold is the team's general partner and minority owner billionaire Philip Falcone, whose Harbinger Capital hedge fund is facing two SEC investigations. Although Falcone is obviously quite wealthy, his business fortunes have diminished greatly over the past year or so. Our figures show that the Wild post a loss of $2.3 million before interest, taxes, depreciation and amortization for the 2009-10 season, when they also missed the Stanley Cup tournament. Given the Wild?s attendance dipped a bit in 2010-11 from the prior season it is safe to say they again lost money.
This means the unless the Wild hit the banks up for a loan the team will likely be making capital calls to owners for cash. The SEC investigation coupled with the relatively poorer performance of Falcone's investments could make it more difficult for Leipold to get cash from his partner.
Under pressure to reach the playoffs - at the very least - next season, general manager Chuck Fletcher was expected to make a splash once the free agent market opened up this summer. This financial news won't help Fletcher's ability to sign the players he covets, at the very least.
- Victoria Matiash"
I will comment that this is from the "Rumors" section of ESPN's NHL page, but I found it interesting nonetheless. Did not figure the Wild to be in this kind of trouble.
