Florida Panthers reportedly in negotiations to sell team

Wed. June 03, 2009; Posted: 09:18 AM

Jun 02, 2009 (The Miami Herald - McClatchy-Tribune Information Services via COMTEX) -- HMR | Quote | Chart | News | PowerRating -- The Florida Panthers have drafted a contract and are in serious negotiations to sell the team to Sports Properties Acquisition Corp., an industry source said Tuesday.

Reuters reported Tuesday that Panthers owner Alan Cohen has agreed to sell the team, BankAtlantic Center and land around the arena for $240 million. But the source cautioned that while both parties would like to get the deal done, nothing has been signed and considerable work still needs to be done.

Sports Properties Acquisition Corp. was launched a couple of years ago by investment bankers, former NFL quarterback and Congressman Jack Kemp, and baseball legend Hank Aaron, among others. Kemp died last month.

Cohen has been given the option of remaining with the team, but would not be the controlling partner, a second source said. Cohen has not decided whether to accept that offer.

The two most prominent people on the Sports Properties Acquisition Corp. side are investment bankers Andrew Murstein and Andy Laslow. Either could emerge as the Panthers' control person -- the role Cohen currently holds.

The Panthers lost general manager Jacques Martin on Monday when he left to become head coach of the Montreal Canadiens.

The team is expected to remain in South Florida even if it's sold.

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