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Miami investor says he won't buy Bolts

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By IRA KAUFMAN

ikaufman@tampatrib.com

Published: October 29, 2009

Updated: 10/29/2009 12:12 am

TAMPA - Miami Beach investor Jeff Greene rebuffed the Tampa Bay Lightning on Wednesday, announcing he no longer is interested in purchasing the troubled NHL franchise.

Greene was considered the front-runner to purchase a majority interest in the club and bring resolution to the contentious situation between co-owners Oren Koules and Len Barrie.

"After careful due diligence and a thorough analysis of the terms and economics of the deal, we have determined that this investment does not meet our criteria," Greene said in a written statement. "At Florida Sunshine Investments, we are presented diverse investment opportunities here in Florida, throughout the United States and around the world. We looked at the investment in the Lightning like we look at any other potential investments, and after doing our final analysis, the numbers did not work for us.

"I want to thank the National Hockey League and the Lightning ownership for their courtesy during this process. I still think the franchise - and the Tampa Bay market - are an intriguing investment opportunity for the right owner. I wish the current ownership the best of luck."

Greene, a real estate investor with a net worth estimated at $1.4 billion by Forbes magazine, applied to the NHL for ownership and both sides had begin the due diligence process.

Wednesday's development represents a significant setback for Koules, who recruited Greene and would likely have been retained as a partner had Greene assumed majority ownership.

"I would like to thank Jeff Greene for taking the time and allocating the resources to go through the due diligence processes that accompany the prospective investment in an NHL team," Koules said in a written statement. "Nobody knows better than I that owning a team in professional sports today must be accompanied by a true passion for the endeavor and a desire to dedicate yourself to that endeavor. I understand Jeff's position in life and his decision not to invest in the franchise, but appreciate his friendship and ongoing support of the Lightning as we move forward."

The NHL has sought a peaceful divorce for Koules and Barrie since the two were summoned to the league's New York office in June, when a plan was devised allowing each the opportunity to seek new investment partners and buy one another out for $40 million.

Each was given an exclusive 60-day window in which to buy out the other. According to the league, Barrie's window expired in September, though Barrie said at the time he and Koules agreed both would keep working to find a resolution. Koules' window closes in late November.

Barrie, who had been working on a deal with St. Louis-based real estate mogul Anthony Sansone Jr., could not be reached for comment Wednesday.

With Greene's departure, Sansone could re-emerge as a major player.

If the franchise's ownership issues are not resolved, the team eventually could revert back to previous owner Palace Sports & Entertainment.

The Michigan-based company underwrote a significant portion of the transaction when Koules and Barrie purchased the team, the lease to the St. Pete Times Forum and adjacent land for an estimated $200 million in June 2008.

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