Pols support Panthers bailout plan; Co-owner says team is losing $100K daily

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Remember when the new owners of the Florida Panthers asked Broward County for money because they claimed to be losing $20-$30 million annually? Politicians there reportedly support the plan to help out the franchise.

Brittany Wallman of the Sun Sentinel reports six out of eight Broward County commissioners support a plan to give money to the team to help make sure the team stays in South Florida. The Panthers are asking for an extra $80 million.

Team co-owner Douglas Cifu said the money is needed because they’re bleeding money even worse than what was previously assessed.

“We’re losing $100,000 a day,” said Cifu. “So where I sit, time is of the essence.”

The one good thing going for the Panthers is they have one of the best lease deals in the NHL. Concerts and other events at BB&T Center are making money for the team and the deal runs through 2028.

Working against the Panthers is the amount of debt left to pay on the arena, totaling around $225 million. The team is looking to get a break on  payments against that through money taken from tourist taxes that have produced more money than they expected over the years.