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Len Barrie Needs $10M By Friday

from Damian Cristodero of the St. Petersburg Times,

Another chapter in the story of the Lightning’s bickering owners will play out this week, as Len Barrie has a Friday deadline to come up with $10 million to prove he can continue funding the team.

The deadline was imposed by commissioner Gary Bettman, who has ordered the participants to not speak on the issue.

Bettman acted during a June meeting in his New York office when he demanded Barrie and co-owner Oren Koules settle their financial and philosophical differences about how to build the team.

Barrie must come up with cash or an irrevocable letter of credit from a financial institution payable to the NHL. The money is to cover his share of the team’s projected losses for the fiscal year that began July 1 and provide an additional cushion.

continued

Filed in: NHL Teams, Tampa Bay Lightning, NHL Talk, NHL Business of Hockey, | KK Hockey | Permalink
  Tags: gary+bettman, len+barrie

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

Email Paul anytime at pk@kuklaskorner.com