Tampa Bay Lightning co-owner Len Barrie denies misusing funds as team signs left wing Alex Tanguay

TAMPA — The Lightning gave you a little bit of everything on Tuesday.

It took a huge step forward on the ice by signing free-agent left wing Alex Tanguay to a one-year, $2.5 million deal, a transaction general manager Brian Lawton said he was "thrilled to get done."

The ongoing efforts of squabbling co-owners Len Barrie and Oren Koules to buy each other out also got some play as Barrie said discussions with potential investor Anthony Sansone Jr. still are "moving forward," and the St. Louis real estate mogul confirmed, "We remain interested and due diligence continues."

But Barrie also fended off questions raised by a scathing audit of the accounting records of his Bear Mountain Resort in Victoria, British Columbia, that characterized numerous transactions by Barrie and senior members of the management team as a "misappropriation of funds."

Barrie said the charge is "(B.S.)."

The confidential report, obtained by the Times, was submitted in December 2008 by Victoria-based Norgaard, Neale Camden. The company resigned as auditor with an April 2009 letter signed by partner Allan Neale that said Bear Mountain's executive committee "has not taken appropriate actions to address the serious matters raised."

The letter, which Neale confirmed as authentic, said Bear Mountain's management "had engaged in a number of activities that, in our view, were improper and in some cases illegal."

Barrie fired back on the Bear Mountain Web site:

"The report being referenced … is consequently nine months old, and the issues and concerns raised in the report have all been reviewed and addressed with Bear Mountain Resort's executive committee and investors.

"The report also contains conclusions that were drawn without steps being taken to discuss, clarify and review matters with me prior to finalizing the report, and as a result contains statements that I believe to be misleading and erroneous."

It does not appear any legal action has been taken against Barrie, and the current and former NHL players who invested in Bear Mountain were not accused of any wrongdoing.

Several — Stars GM Joe Nieuwendyk, Hurricanes forward Ray Whitney and Sharks defenseman Rob Blake — declined comment through their teams.

"It's real funny," Barrie later told the Times, "when you're close to almost getting a deal done, and something like this comes out."

Barrie is trying to find financing to buy out Koules. The league gave him 60 days, ending Sept. 24, to do it, but Barrie said he wants to know by the Sept. 12 opening of training camp if it is feasible.

If Barrie fails, it is believed Koules, in a plan enacted by the league, gets a shot at buying out his partner.

"We're trying to resolve it before camp," Barrie said. "I don't want it to be a media circus. We want to let the team focus and the team be the focus."

That was the case at the St. Pete Times Forum, where Tanguay signed his contract after passing a physical.

The left wing missed 32 games last season because of a separated left shoulder, and in April had an arthroscopic procedure to repair a partially torn labrum in his right shoulder.

Lawton called Tanguay, 29, a talented playmaker expected to be on a line with center Vinny Lecavalier, "The last central piece we will address before camp gets started."

Lawton wanted Tanguay so badly, he raised his offer after previously saying he would not unless a trade cleared payroll.

"We restructured some things and we did increase our offer," Lawton said. "We did it because we really felt Alex was the best opportunity for us. I wouldn't say it was a significant move, but it certainly was one of those conciliatory gestures."

"I'm looking forward to the opportunity to help this team get into the playoffs in the first place and hopefully do further damage after that," Tanguay said. "But we'll worry about the playoffs first.

"Knock on wood, I've never missed the playoffs. Hopefully, this is not the first time."

Damian Cristodero can be reached at cristodero@sptimes.com.