OK Hockey LLC to Acquire Tampa Bay Lightning from Palace Sports & Entertainment
/ Tampa Bay Lightning
AUBURN HILLS, MICHIGAN and LOS ANGELES, CALIFORNIA, February 13, 2008 –
Palace Sports & Entertainment and OK Hockey LLC, an entity controlled by Oren Koules, announced today that they have entered into a definitive purchase agreement whereby OK Hockey LLC would acquire the Tampa Bay Lightning, the leasehold rights to the St. Pete Times Forum and approximately 5.5 acres of land in Tampa’s Channelside District from Palace Sports & Entertainment. Completion of the transaction, which is expected to close within the next 105 days, is contingent on customary closing conditions and final approval from the National Hockey League.
“We are pleased to move forward with Oren Koules and OK Hockey LLC as the next owner of the Tampa Bay Lightning, “ said Tom Wilson, President and CEO of Palace Sports & Entertainment. “Oren is a passionate hockey man who cares deeply about the franchise and the Tampa Bay community. We look forward to a smooth transition and a terrific future as he assumes control of the Lightning.”
Oren Koules, Manager of OK Hockey LLC stated, “We are happy that we are able to take this next significant step towards ownership of the Lightning. We are very excited about today’s announcement and look forward to the day when we can make a difference for the Lightning and its fans.”
Weil, Gotshal & Manges LLP acted as legal adviser to OK Hockey LLC. Galatioto Sports Partners LLC acted as Palace Sports & Entertainment’s financial adviser, and Dykema Gossett PLLC acted as its legal adviser.