Make us your home page

Get the quickest, smartest news, analysis and photos from the Bucs game emailed to you shortly after the final whistle.

(View our Privacy Policy)

Co-owner Len Barrie's resort deal no risk to Tampa Bay Lightning, Siraj Capital official says

The planned sale of parts of Bear Mountain Golf Resort and Spa — the property owned in Victoria, British Columbia, by Lightning co-owner Len Barrie — does not put the team at risk, an official with Siraj Capital said.

"Not at all," general counsel Jonathan Strum said Tuesday. "We're looking for assets that grow. We're not looking to hockey. From a financial perspective, hockey is out of it.

"Maybe the investors can get some hats or a jersey or two at the closing."

Siraj Capital, a merchant investment firm in Dubai, United Arab Emirates, will act like an investment bank in the sale of $350 million of bonds that will back the sale, raising money from various sources around the world, including banks, pension funds and other investment authorities.

Siraj Capital might buy into Bear Mountain, Strum said, but, generally, "We're not an underwriting group. We're not going to fund the $350 million. … We're going to raise it."

The sold assets will be consolidated and owned by what Strum called a "special purpose company." If the investment falters and Bear Mountain or Barrie goes into bankruptcy, only those assets can be sold to recoup some of the investment.

In other words, Strum said, Barrie's ownership share of the Lightning "has nothing to do with it."

Not that Barrie's involvement with the team was overlooked, even in the Middle East.

"The fact that he's a sports owner is exciting," Strum said. "Not a lot of folks are following pro hockey in the desert, but there is a certain cachet to being a professional sports owner."

And he can get hats.

Blackhawks: General manager Dale Tallon, 58, was ousted. The decision came after the NHL Players Association filed a grievance when the team missed a deadline for sending qualifying offers to restricted free agents. Team president John McDonough said the mistake was not all Tallon's fault. But asked if the move to replace Tallon would have been made if not for the mix-up, McDonough said: "Probably not." Assistant GM Stan Bowman, 36, son of legendary NHL coach Scotty Bowman, replaced Tallon, who accepted a two-year extension to remain as an adviser.

Hurricanes: Right wing Tom Kostopoulos, who played with the Canadiens last year, agreed to a three-year deal worth more than $2.7 million.

Information from Times wires was used in this report.

Co-owner Len Barrie's resort deal no risk to Tampa Bay Lightning, Siraj Capital official says 07/14/09 [Last modified: Wednesday, July 15, 2009 6:58am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Rays vs. Mariners, 6:10 p.m. Saturday, Tropicana Field

    The Heater

    Tonight: vs. Mariners

    6:10, Tropicana Field

    TV/radio: Fox Sports Sun; 620-AM, 680-AM (Spanish)

    This is a 2017 photo of Jake Odorizzi of the Tampa Bay Rays baseball team. This image reflects the 2017 active roster as of Saturday, Feb. 18, 2017 when this image was taken. (AP Photo/David Goldman)
  2. Bucs journal: Defense disappointed holding Jags to 1 rushing yard


    JACKSONVILLE — The Bucs' starting defense held the Jaguars to a total of 1 rushing yard on seven carries in the first half of Thursday's 12-8 preseason win.

    And its members were disappointed.

    Jacksonville Jaguars running back T.J. Yeldon (24) is thrown for a 1-yard loss as he is stopped by Tampa Bay Buccaneers linebacker Lavonte David (54) and defensive end Robert Ayers (91) during the first half of an NFL preseason football game, Thursday, Aug. 17, 2017, in Jacksonville, Fla. (AP Photo/John Raoux) JVS102
  3. Jameis Winston's hardest lesson: He can't always save the day


    TAMPA — Ever wonder what in the world goes through Jameis Winston's mind when he tries to fit the ball in a keyhole as he is being dragged to the turf like he was during Thursday night's 12-8 preseason win over the Jaguars?

    JACKSONVILLE, FL - AUGUST 17:  Jameis Winston #3 of the Tampa Bay Buccaneers attempts a pass during a preseason game against the Jacksonville Jaguars at EverBank Field on August 17, 2017 in Jacksonville, Florida.  (Photo by Sam Greenwood/Getty Images) 700069805
  4. Florida starter under center still under wraps


    GAINESVILLE — With two weeks before Florida opens its season against Michigan, the Gators' three-way quarterback battle remains wide open.

    Luke Del Rio, right, is in the mix to start against Michigan in the season opener … as is Malik Zaire and Feleipe Franks.
  5. Jones: What Bucs need in final preseason games, more or less


    That's it. Let's start the season. Start it right now.

    Tom Jones wants to see less of Jameis Winston playing hot potato with the football and throwing it up for anyone to catch. [Getty Images]