Are the Senators done?
An article on the TSN website is reporting that the Senators will run out on money within weeks.Here is the article:
The re-financing involved a sale of the team by Rod Bryden, the current majority owner, to a limited partnership for $186.7-million.
The deal would have given the Senators some badly needed cash and a better lease with the Corel Centre. The terms included injecting $42-million into the team and paying off a $14.3-million loan from the NHL.
The NHL also agreed to lend the team the money if the deal closed.
“The transaction will not proceed,” said Gordon Fox of Norfolk Capital Partners, which managed the limited partnership. “It’s a sad story for everyone.”
Bryden declined comment, as did a team spokesman.
A source told the Globe that the team is likely to run out of cash within weeks.
Another source told the newspaper that the collapse of the refinancing means the franchise is unstable.
Frank Brown, a spokesman for the NHL, said the league was aware the deal fell through and is “working with the club to deal with the reality.”
If this does happen and the team is lost what does that do for other teams that are struggling.I don’t want to say the sky is falling but it has to start somewhere.I hope the Team gets it together because they are for one a good club and also Canada can not afford to loose another team.What probably will happen is the team will move in the offseason.Where?I don’t know but i hope they stay in Canada.