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SinD
Unsportsmanlike Conduct
Joined: 11 Feb 2007
Posts: 270
Location: Corpus Christi
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 Posted: Thu May 01, 2008 4:01 pm Post subject: Yesterdays Release.......another that doesn't look so good |
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This was from yesterdays Caller Times
| Quote: |
Rayz
Rayz search for new owner
Frank confirms sale fell through
By Greg Rajan (Contact)
Originally published 03:01 a.m., April 30, 2008
Updated 03:01 a.m., April 30, 2008
It's been a month since the Rayz played a game.
In the interim, not much has happened regarding the team's future prospects and it appears the clock is ticking on the Central Hockey League franchise.
Owner Doug Frank confirmed Tuesday that a deal to sell the team fell through and that he planned to make an announcement this week to reiterate his interest in finding local investors.
Frank said his timetable to get a deal done is "a few weeks." If a sale isn't hammered out in that time, the ramifications could be grim for local hockey fans.
"If a deal doesn't get done, then we face the reality of whether we suspend operations," Frank said. "Or we suspend the franchise and look at whether we come back next year or move the franchise to another market.
"Naturally, our No. 1 interest is to keep the franchise in Corpus Christi and it's preferable that we have additional local interests to help drive us on to the next level."
Frank, who was out of town and didn't plan on returning until next week, declined to elaborate on why the prospective sale fell through. He said he spoke to another interested buyer, but wouldn't provide any specifics.
"I'm willing to make substantial concessions to keep this franchise operating in Corpus Christi because I care about it," said Frank, who has estimated his operating losses at upwards of $2 million since assuming control in December 2002.
Since the end of the season, the team's business operations have been streamlined. Several staffers have been let go, with only two or three people still working in the front office, according to Frank.
"We're trying to collect our accounts receivable, which is pretty substantial, and we've got bills to pay and work to do and we're doing it," Frank said.
Frank's comments about potentially suspending operations marked the first time he has publicly broached that subject.
"I would think that would not be a good thing," American Bank Center general manager Marc Solis said. "We have a year left on the current lease. We expect them to fulfill that and we fully intend to have hockey here next season."
Rick Kozuback, the president of Global Entertainment, the CHL's parent company, said Frank addressed the league's board of governors at its quarterly meeting on Monday in Dallas. Kozuback said Frank was given a couple of weeks to find a buyer before the league holds its annual June meetings in Phoenix.
"(Frank) made it clear to the ownership group that he needs local investors to help him at this point in his tenure there," Kozuback said. "If he needs a little bit of time to see if he can put an ownership group together, the board of governors is giving him time to do it. (But) there is a deadline. He needs to find people to be partners with him or he needs to make a decision on what he needs to do with his franchise."
Contact Greg Rajan at 886-3747 or rajang@caller.com
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CORPUS CHRISTI ICERAYS RETURN!!!!
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