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Miami Beach real estate investor Jeff Greene drops bid to buy the Tampa Bay Lightning (updated)

28

October

Miami Beach real estate investor Jeff Greene has decided not to pursue buying the Tampa Bay Lightning. In a statement, Greene said:

“After careful due diligence and a thorough analysis of the terms and economics of the deal, we have determined that this investment does not meet our criteria. At Florida Sunshine Investments, we are presented diverse investment opportunities here in Florida, throughout the United States and around the world.  We looked at the investment in the Lightning like we look at any other potential investments, and after doing our final analysis, the numbers did not work for us.  
 
“I want to thank the National Hockey League and the Lightning ownership for their courtesy during this process."

Greene had been recruited by Lightning co-owner Oren Koules as part of the long-running, NHL-mandated show to consolidate the team ownership. Under Greene's plan, it was believed, co-owner Len Barrie would be bought out and Koules would remain a minority partner, though he would have kept his voice on personnel and organizational matters.

“I would like to thank Jeff Greene for taking the time and allocating the resources to go through the due diligence processes that accompany the prospective investment in an NHL team," Koules said in a statement. "Nobody knows better than I that owning a team in professional sports today must be accompanied by a true passion for the endeavor and a desire to dedicate yourself to that endeavor. I understand Jeff’s position in life and his decision not to invest in the franchise but appreciate his friendship and ongoing support of the Lightning as we move forward.”

The ball now seems to have bounced to St. Louis real estate investor Anthony Sansone Jr., who,  basically, had taken over Barrie's bid to buy the team after Barrie in August walked away from his exclusive window to buy the team. Sansone has not made any statements recently. His last communication in late September was his "passion" for the project remained strong.

[Last modified: Thursday, April 22, 2010 4:26pm]

    

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