Madferret
6-08-05, 11:06 AM
Incentive added in Bain's bid for NHL
TSN.ca Staff
Bain Capital and investment firm Game Plan International have added another 'perk' for National Hockey League owners to sell their teams. Reuters Business news reports that the private equity firm - which has been aggressive in its bid to buy the league over the last few months - will allow team owners the chance to maintain a stake in the league if they sell their respective franchises.
The provision is an added incentive for an offer by Bain and Game Plan to buy the 30-team league for $4.3 billion US. A spokesman for the NHL declined to comment on the deal with Reuters on Wednesday.
The news could not have come at a more crucial time for the NHL, as the league and NHL Players' Association are meeting in New York in an effort to table a new collective bargaining agreement.
Bain Capital Partners and Game Plan International - both based in Boston - made the initial $3.5 billion US offer to the league in March. In a 30-minute presentation to NHL owners and commissioner Gary Bettman, the companies outlined a plan for the league to operate under single ownership.
The two companies reportedly had a formula to compensate each team owner based on revenue, assets and market size. Under the original $3.5 billion US umbrella, each franchise would have been worth an average of $117 million US.
TSN.ca Staff
Bain Capital and investment firm Game Plan International have added another 'perk' for National Hockey League owners to sell their teams. Reuters Business news reports that the private equity firm - which has been aggressive in its bid to buy the league over the last few months - will allow team owners the chance to maintain a stake in the league if they sell their respective franchises.
The provision is an added incentive for an offer by Bain and Game Plan to buy the 30-team league for $4.3 billion US. A spokesman for the NHL declined to comment on the deal with Reuters on Wednesday.
The news could not have come at a more crucial time for the NHL, as the league and NHL Players' Association are meeting in New York in an effort to table a new collective bargaining agreement.
Bain Capital Partners and Game Plan International - both based in Boston - made the initial $3.5 billion US offer to the league in March. In a 30-minute presentation to NHL owners and commissioner Gary Bettman, the companies outlined a plan for the league to operate under single ownership.
The two companies reportedly had a formula to compensate each team owner based on revenue, assets and market size. Under the original $3.5 billion US umbrella, each franchise would have been worth an average of $117 million US.