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. Abominable Bucs Missing Their Chance


    Of course, they can still win the division.

    They can still make the playoffs.

    Another Sunday, another celebration for the other guys
  2. Justin Timberlake in Super Bowl halftime show for first time since 'wardrobe malfunction'


    Justin Timberlake has finally been invited back to the Super Bowl halftime show, 14 years after the "wardrobe malfunction" with Janet Jackson caused a national controversy.

    Singer Janet Jackson covers her breast as Justin Timberlake holds part of her costume after her outfit came undone during the halftime show of Super Bowl XXXVIII in Houston in 2004. The NFL announced Sunday, Oct. 22, 2017, that Timberlake will headline the Super Bowl halftime show Feb. 4 in Minnesota, 14 years after the "wardrobe malfunction" with Janet Jackson cause a national controversy. [Associated Press]
  3. No more looking at Jim Harbaugh, but should we look at Notre Dame?


    STATE COLLEGE, Pa. — Overheard Sunday morning in a hotel elevator, among two Penn State fans: "Did you see Coach Harbaugh's interview? He looked shellshocked. One of those coaches with his job on the line."

    Jim Harbaugh and Michigan are falling out of the national conversation; Sunday they fell out of the AP rankings after a blowout loss to Penn State. [Detroit Free Press/TNS]
  4. NFL Week 7: What we learned


    Are the Purple People Eaters back in Minnesota? The Vikings sacked Joe Flacco five times and held the Ravens to 208 total yards in a 24-16 home victory, their third straight win. QB Case Keenum looked ordinary with a 67.7 passer rating after completing 20-of-31 for 188 yards and an interception. Kai Forbath …

    Trainers, top, check Cleveland Browns tackle Joe Thomas after Thomas was hurt in the second half of an NFL football game against the Tennessee Titans, Sunday, Oct. 22, 2017, in Cleveland. (AP Photo/Ron Schwane) OHTD122
  5. Bills' comeback against Bucs a win for the process


    ORCHARD PARK, N.Y. — It hasn't taken Sean McDermott long to understand how to play to his base. Asked if the Bills had "gotten away with one" Sunday, the first-year coach gushed about his team reflecting the character of the town.

    Under first-year coach Sean McDermott, the Bills are 3-0 at home for the first time in six years. “I love playing here,” he says.