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Lightning co-owner Len Barrie appears close to selling Bear Mountain Resort

Here's an interesting little tidbit that may or may not have an effect on how the Lightning's ownership situation plays out. It seems co-owner Len Barrie may be close to an agreement to sell his Bear Mountain Resort in Victoria, British Columbia to a Saudi Arabian investment firm for what is believed to be $350 million.

"It's still not done," Barrie said Wednesday. "But the CEO has given me assurances it will be done."

An announcement could come soon. If it does, the deal with Siraj Capital could close in October, Barrie said.

Why should Lightning fans care? Remember, financial squabbles between Barrie and co-owner Oren Koules was one reason commissioner Gary Bettman called them to his New York offices and told them to settle their differences. It seems the sale would give Barrie some liquidity as the process goes forward.

There are not many options there. An accommodation could be reached between Barrie and Koules, new investors can be brought in or one could buy the other out. Whatever happens, it will not be a fast process. 

[Last modified: Sunday, August 16, 2009 4:38pm]


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