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Bolts Sale Entering Final Stage

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By ERIK ERLENDSSON

The Tampa Tribune

Published: May 3, 2008

TAMPA - After months of doubt surrounding the proposed sale of the Lightning to Hollywood producer Oren Koules, the process is in the final stages of being completed.

NHL Deputy Commissioner Bill Daly confirmed Friday that the league has begun its due diligence on Koules and his partners in OK Hockey, the final step before a transfer of ownership from Detroit-based Palace Sports and Entertainment to Koules can take place. The final paperwork was turned over to the league this week following a conference call between Koules and the league on Wednesday.

"We are in the process of doing our due diligence on the transaction and will make a report to the Executive Committee, and then to the Board of Governors," Daly said via e-mail. "There is nothing more I can say while the transaction is being reviewed."

Lightning president Ron Campbell said last week that once the league begins its investigation, the process could take four to six weeks to complete. Once that is done, the sale will be put up for vote to the Board of Governors, which is expected to approve the transfer of ownership.

While the next Board of Governors meeting is scheduled around the NHL entry draft in late June, a vote could take place via fax at an earlier time.

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