Tuesday, September 1, 2009

Len Barrie on the outs?

The Globe and Mail today has an article about more trouble with Len Barrie's investments and according to a source, he was unable to put together a deal to buy out Oren Koules for ownership of the Lightning.

A financial accusation of misuse of funds was made by a former auditor of Bear Mountain Resorts. It says that Barrie used some company money to buy the Lightning, though Barrie denied it and said the money was repaid to Bear Mountain.

Also interesting:
"However, sources close to the executive committee and the auditor’s report tell a different story. One source with knowledge of the committee’s deliberations said Mr. Barrie may soon be replaced as CEO of Bear Mountain by an interim leader from a Toronto company that specializes in corporate rescues.

Mr. Barrie at first denied he was being replaced as soon as today but then said “a couple of different possibilities” were being discussed"

Barrie has until the end of September to put together a package to buy out Koules for ownership of the Lightning before Koules will a get a chance to buy out Barrie.

I think we are going to see the end of Len Barrie the Tampa Bay Lightning owner very soon, which is too bad, because I kinda like the idea of two guys playing armchair GM's for real. It didn't really work out for the team's success, but it was neat to see an ownership group who was touted as being passionate about hockey. Though incidents like this makes me question where the NHL was when they reviewed their application as owners. Another incident of failed ownership reflects badly on the NHL because most of us and news media haven't forgotten about 'Boots' Del Biaggio yet.

No comments:

Post a Comment