Tampa Bay Lightning

PALACE SPORTS & ENTERTAINMENT STATEMENT REGARDING PENDING SALE OF THE TAMPA BAY LIGHTNING

Tuesday, 11.27.2007 / 9:00 AM / News
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PALACE SPORTS & ENTERTAINMENT STATEMENT \r\nREGARDING PENDING SALE OF THE TAMPA BAY LIGHTNING\r\n
TAMPA BAY - In August, Palace Sports & Entertainment (PS&E) entered into an agreement to sell the Tampa Bay Lightning, the leasehold rights to the St. Pete Times Forum and approximately 5.5 acres of land to Absolute Hockey Enterprises. Since that date, PS&E has worked diligently with Absolute to move the process forward and was confident in its direction.

On November 14, 2007, the Lightning entities terminated the agreement because of the failure of Absolute to comply with the terms of the purchase. At the same time, the buying group expressed continuing interest in purchasing the team, while informing PS&E that there were internal disagreements to be resolved. Prior to the Thanksgiving weekend, PS&E was informed most differences were settled and subsequently was very surprised when it became aware of the lawsuit filed today.

While there is no current agreement in place to sell the team, PS&E is hopeful that those differences can still be resolved and a successful ownership transfer can take place. As it has since purchasing the team in 1999, PS&E will remain 100 percent committed to the best interests of Lightning, its fans and the entire Tampa Bay community, while continuing to operate the team and the St. Pete Times Forum in a first-class manner.