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SPAC closes in on purchase of Florida franchise

From The Globe and Mail:

The Florida Panthers may soon have a collection of new owners if a $240-million (U.S.) offer from Sports Properties Acquisition Corp. makes its way to the NHL’s board of governors.

The Panthers, their arena management company and some land surrounding the BankAtlantic Center are all part of a deal that would see SPAC, a public-stock company, conclude its first transaction since being formed last year.

Sources have confirmed the Panthers ownership group and SPAC have been in negotiations for more than a month and have reached an agreement. There are few details but, according to a recent report in the SportsBusiness Journal, the deal may involve a merger between SPAC and Sunrise Sports & Entertainment, with current Panthers owners (Alan Cohen, Bernie Kosar, etc.) receiving stock in Sports Properties.

“You have to look at what assets are included,” a source said. “With sports franchise transactions, you can cut the numbers many ways. I will say $240-million is a very healthy number.”

A spokesperson for SPAC said the company had no comment.

For complete story, click here.

Lots of news out of South Florida today.