Report: OK Hockey in default on Palace Sports Loan

Bruce MacLeod, a Red Wings beat reporter for the Macomb Daily (a suburban Detroit newspaper), is reporting on his newspaper blog that, allegedly, OK Hockey has gone into default on it's loan from Palace Sports and Entertainmentt - the previous ownership group for the Tampa Bay Lightning.  This news was part of a larger story concerning ownership issues with the Detroit Piston's franchise and Palace Sports and Entertainment in general.  The widow of Bill Davidson (Late principle owner for the Lightning and Palace Sports and Entertainment) is looking to move assets under Palace Sports ownership -- or Palace Sports itself.

As for the Lightning, the report from MacLeod says:

The Palace source said that traditional financing is being sought so that the Pistons will be paid in full for the sale of the Lightning. That source also said that the NHL is setting a Feb. 15 deadline for finding new ownership.

The Lightning source, however, said that Tampa Bay ownership denies that it is working under a deadline.

Restructuring the Lightning ownership group with the addition of new capital is a possibility and one that the current Tampa Bay ownership would prefer. But the source said that: "The most likely scenario is a new owner. The League wants to expedite it."

There is enough from the source (being close to Auburn Hills, being a third party with no interest in Lightning gossip unlike the rumor-mongering from the Canadian press) that makes us take this report seriously.

We'll have more information as it becomes available.

 

[Note by John Fontana, 01/20/10 8:23 PM EST ] multiple edits since initial publication

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join Raw Charge

You must be a member of Raw Charge to participate.

We have our own Community Guidelines at Raw Charge. You should read them.

Join Raw Charge

You must be a member of Raw Charge to participate.

We have our own Community Guidelines at Raw Charge. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_9355_tracker