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Lightning's Alive But Still Has Way to Go - Author: Roy Cummings - Oct. 11, 1991 - Vol. 45, Issue. 4
With the Tampa Bay Lightning experiencing serious labor pains, the NHL’s Board of Governors treated one of its conditional franchises the way a doctor treats a newborn. They held up the infant, slapped it firmly on the rear end and gave it life.
After receiving a letter of intent that outlines a complete redesign of the Lightning’s financial and administrative structure, an “encouraged” Board told Phil Esposito and other Lightning officials to move forward with their plans to bring hockey to Tampa in 1992.
“I like what I see from them,” Quebec Nordiques’ owner Marcel Aubut said after he emerged from a 90-minute meeting Sept. 19 between the Lightning and a special committee monitoring the team’s progress. “It all looks very encouraging, very positive.”
The Lightning did not make good on its overdue franchise fee payment of $22.5 million, and chances are it won’t until sometime in October. But that didn’t seem to bother the Board, which refused to establish a deadline for the Lightning’s payment.
“Understand that until they do make their payment they are not in good standing, but there is no deadline,” NHL President John Ziegler said. “We all have a common objective and that’s to have hockey in Tampa in 1992.
“The bottom line is, we want this to succeed. And realistically, you have to realize that between the time the expansion franchises were awarded (Dec. 6, 1990) and today, there has been a substantial change in the financial world.”
Chicago Blackhawks’ owner William Wirtz, the chairman of the Board of Governors and the man who reportedly asked New York Yankees’ owner George Steinbrenner to help the Lightning resolve its financial problems, agreed with Ziegler and seemed unconcerned about the timing of the Lightning’s payment
“These are tough (economic) times,” he said. “And besides, the final awarding of the franchise is Dec. 15. These (meetings) are just checkpoints along the way to that.
“The Lightning have had some delays, sure. But the reasons are all valid. From what they tell us and what we see, everything seems fine with them.”
Lightning officials, who went to Toronto hoping to receive a vote of confidence from the Board, were pleased with the league’s reaction to their plan.
“We got the approval to keep moving forward, which is what we were looking for,” said New York attorney David LeFevre, the point man for the Lightning’s trio of Japanese investors. “They basically said, ‘This looks good. It looks excellent. Now let’s go get hockey for Tampa.’”
The revised financial structure of the club calls for Kokusai Green Ltd., a Japanese firm that owns some of the largest and most prestigious golf clubs in Tokyo, to assume a role as the Lightning’s lead investor. Two other Japanese companies, Tokyo Tower Development Ltd. and Nippon Meat Packers, will bring the level of Japanese interests to at least 51 percent.
Combined, the three Japanese companies will invest at least $25 million in the Lightning. But LeFevre said the Japanese may decide to invest more if more Tampa-based investors can be found.
Steinbrenner heads up a small group of Tampa investors that so far has committed to put up approximately $3 million. The Lightning also have a group of limited partners who are reportedly investing between $200,000 and $1 million each.
Details of the Lightning’s revised administrative structure were not made public, but Esposito will stay on as the team’s president and general manager. LeFevre’s role is uncertain, but a source close to the team said he is expected to become its top business executive.
The word out of Toronto seemed to help renew the public’s confidence in the fledgling franchise. Within hours after word of the Board’s decision became public, the Lightning’s Tampa office was flooded with phone calls from curious ticket buyers.
The Lightning, who will play their first season in the Florida Suncoast Dome in St. Petersburg, have sold approximately 3,500 season tickets for the first year. To gain final acceptance into the league the Lightning must sell 10,000 season tickets before the end of the year.
