NEW YORK (CNNfn) - The National Hockey League's Florida Panthers have been sold to a South Florida investment group for about $101 million.|
The Panthers parent company Boca Resorts Inc. (RST: Research, Estimates) said Tuesday an investor group, including former National Football League and University of Miami quarterback Bernie Kosar, will pay $83.5 million in cash, a $7.5 million secured promissory note and the assumption of certain contingencies such as a $10 million construction obligation.
The investor group is headed by Alan P. Cohen, CEO of generic drug maker Andrx Corp., (ADRX: Research, Estimates) †and includes South Florida car magnate Mike Maroone, and Precision Response CEO David Epstein.
Boca Resorts Chairman and Blockbuster Video founder H. Wayne Huizenga will remain a minority partner in the investment group.
"Despite having a strong attachment to the team, we have an obligation to provide those who invest in our company with the highest return on their investment," said Richard C. Rochon, Boca president, in a statement.
This year the Panthers came in third in the NHL's Southeast Division, failing to make the playoffs for the third time in four seasons.