Video Report | Read The Complaint | Bolts Coverage
The Tampa Bay Lightning have terminated the sale of the franchise to Absolute Hockey Enterprises amid a legal squabble between two of the principal partners, Jeff Sherrin and Oren Koules.
Sherrin, a real estate developer from Fort Lauderdale, is suing Koules, the Hollywood producer behind the ''Saw'' movie franchise who was brought in as the main money man, for not providing his initial payment of $4.16 million (of his total investment of $40 million) by Nov. 13 and allegedly using confidential information to try and negotiate a deal on his own with the team, according to a lawsuit filed in Hillsborough County's 13th Judicial Circuit on Monday.
Though the deal with Absolute is in jeopardy, the Lightning are believed to still be interested in selling the team. As of last week, they still were in negotiations to complete the sale. An initial deadline of Dec. 31 was in place to complete the purchase agreement and it's unclear whether that date remains in effect in light of the latest development.
The suit is asking for damages in excess of $50 million exclusive of interest, cost and attorneys' fees.
''While there is no current agreement in place to sell the team, PS&E is hopeful that those differences can still be resolved and a successful ownership transfer can take place,'' the team said iin a statement tonight. ''As it has since purchasing the team in 1999, PS&E will remain 100 percent committed to the best interests of Lightning, its fans and the entire Tampa Bay community, while continuing to operate the team and the St. Pete Times Forum in a first-class manner.''
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