Lightning owner Len Barrie says NHL is "satisfied" with his letter of credit
Lightning co-owner Len Barrie said Thursday the NHL is "satisfied" with his letter of credit.
"The league is satisfied and things are progressing nicely," Barrie said from New York, where he met almost two hours with commissioner Gary Bettman at the league offices.
Deputy commissioner Bill Daly confirmed the sentiment.
"We had the meeting," he said in an e-mail. "We're satisfied with where things stand, and things are moving forward."
Barrie, by Friday, had to come up with either $10 million in cash or an irrevocable letter of credit from a financial institution and payable to the NHL to cover his portion of the team's projected losses for the fiscal year beginning July 1 while also providing a funding cushion. There was no word on the name of the institution involved.
Barrie's next deadline is Aug. 1, when he apparently must come up with $3 million to repay a cash call he missed last season that co-owner Oren Koules apparently covered. Additionally, Bettman is wading through briefs and papers filed by both Barrie and Koules as they vie for ownership control.
For the time being, though, things presumably are status quo in the Lightning front office. Koules is still CEO and governor and, with general manager Brian Lawton, controls most of the day-to-day activity surrounding the team. Barrie still has managerial rights in that he must sign off on all "major" player transactions.