Posted January 10, 2014

Florida Panthers, losing $20 million annually, seek public funds

NHL
The Florida Panthers are seeking tourism tax funds to help stabilize the franchise. (Miami Herald/Getty Images)

The Florida Panthers are seeking tourism tax funds to help stabilize the franchise. (Miami Herald/Getty Images)

The Florida Panthers claim to be losing more than $20 million annually and are requesting a new arena contract and public funding to help stop the hemorrhaging, according to the Sun-Sentinel.

Panthers president Michael Yormark presented a proposal in which the team and Broward County would rewrite their contract and use $70 million in additional tourism taxes to cover the team’s arena costs.

The team also proposes developing 22 acres adjacent to the BB&T Center to build a casino-hotel — similar to the Seminole Hard Rock Casino and American Airlines Arena in Miami – pending state legislature approval.

“I think the community wants a healthy arena,” Yormark said. “They want a healthy sports team. They want the benefit that a professional sports team and world-class entertainment brings to their community.”

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County records show the Panthers generate more money from concerts and other events than from hockey games, according to the Sun-Sentinel. Though financial records reveal the Panthers do make a profit from arena operations, the team itself is losing money.

“This organization has lost between $20 [million] and $30 million on an annual basis,” Yormark said, “and those dollars have been funded by our owners.”

The nine-member Broward County Commission said it will review the proposal in the near future.


2 comments
Matthew W
Matthew W

The owners are "losing" money on hockey while turning an overall profit on their on-site operations.


Nope. Don't deserve another dime of tax payer money. 


Sooner or later the tax payer will finally understand that they're a tool for millionaires & billionaires to have their toys and not have to pay for it themselves.

TheHip1
TheHip1

I am shocked...a hockey team in Florida is floundering. If Paul Allen would share the Moda Center, I am sure Portland would take the Panthers into greener pastures.