Phoenix XCVII: Forget it, Jake. It's Glendale.
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07-17-2013, 12:31 PM
Join Date: Jan 2009
Location: South of Heaven
Originally Posted by
I don't believe Vinik assumed any debt, but he did assume payroll and operating costs from January onwards. Palace Sports was financing OK Hockey,
along with another secured creditor from NY (name escapes me now)
, but PSE was holding the team as security and had financed nearly half of what OK had set as the purchase price. In the case of a default (which is what happened), Palace got control back, and sold to Vinik for a rumored $90-100 MM. As you know, Davidson's heirs simply wanted to divest themselves of all his sports properties.
That would be Galatioto Sports
To clarify on the assumption of debt part, it was the debt owed to Sun Sports for an advancement to cover payroll just before Vinik assumed those duties Jan. 2010.
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