Team never for sale, executive says
By Damian Cristodero
Published March 31, 2007
RALEIGH, N.C. - Lightning president Ron Campbell said the best thing that came out of the team's relationship with Galatioto Sports Partners was it forced a "category-by-category" examination of the way it runs its business.
Campbell would not go into specifics but said the organization is assessing the recommendations made by the New York investment banking firm to improve the bottom line.
He stressed, though, that Bill Davidson, who owns Lightning parent company Palace Sports & Entertainment, has not put the team up for sale.
"From Mr. Davidson's mouth to my ears, we have never had an intention to sell the team," Campbell said Friday. "You seek out experts in the industry to try to get you through some tough times. The goal is to find a way to keep us in the Palace Sports & Entertainment family for years to come, decades to come."
Campbell said he understands how hiring a banking firm sparked concerns and rumors. In fact, the Canadian Press reported the Lightning recently was taken off the market because Davidson could not find interest at $200-million.
Campbell said the report was false and GSP never had orders to sell the team.
"The primary objective was to get a better handle on our business," Campbell said. "It was an exercise. You look at your business with a different set of eyes. It forces you to focus on everything you do, and then you go through an analysis."
Campbell has said Palace Sports' Tampa operation has lost $67-million since the summer of 1999, when it purchased the Lightning and the St. Pete Times Forum lease. Without home playoff games, Campbell said this fiscal year's losses will be about $9-million and the Lightning will cap payroll next season at $40-million, a cut of about $3-million.
"We want to put together a plan that will help us get better," Campbell said. "But no, we're not for sale."
Still, given the team's financial history, if a substantial offer was ever made, ownership would have to listen.
As Campbell acknowledged, speaking generally, "You always have to look at all your options."
RANGER PLAYS: Defenseman Paul Ranger was back after missing eight games with a partially torn medial collateral ligament in his left knee. Ranger, hurt March 7 in Edmonton when Raffi Torres fell into his leg, was supposed to be out 4-6 weeks. Thanks to an aggressive, daily three-hour rehab program, Ranger missed just 22 days.
In case of ill effects, coach John Tortorella went with seven defensemen. Ranger played 15:39, got special teams time, assisted on Vinny Lecavalier's goal and blocked a shot.
ODDS AND ENDS: The Lightning was 0-for-7 on the power play and is on a 2-for-30 streak. ... The team's 22nd road win tied a team record. ... Wing Vinny Prospal entered a league-worst minus-29. ... Forwards Blair Jones, Karl Stewart and Andreas Karlsson, defenseman Matt Smaby and goaltender Karri Ramo were healthy scratches.
Damian Cristodero can be reached at cristodero@sptimes.com.