kdb209
Registered User
- Jan 26, 2005
- 14,870
- 6
Its not going to happen. Cities or any form of government can not own a sports frachise anymore. Green bay packers were grandfathered in.
The Packers are not owned by the city. They are owned by a non-profit corporation which sold shares to the public.
As I said in the last thread:
kdb209 said:What? Isn't it already impossible per bylaws to publically own a team.
Glendale doesn't even have the money to operate the team.
The NHL Constitution prohibits community ownership under the Green Bay Packers model - a non-profit corporation with shares owned by the public. An NHL team has restrictions on the sale of shares to the public - the public shares are limited to a 49% total stake and BoG approval is needed to acquire a 5+% of the shares.
There is no restriction preventing ownership of a team by a city/county or gov't owned corporation. That said, I seriously doubt that the NHL would ever approve the sale of a team to Glendale (or any city/county/gov't entity).