As the season winds down, four teams -- the Toronto Maple Leafs, St. Louis Blues, Dallas Stars and Atlanta Thrashers -- are up for sale, while the sale of the Phoenix Coyotes to investor Matthew Hulsizer remains in limbo.
Of the five clubs, the Maple Leafs shouldn't have any trouble lining up potential buyers. They're located in the NHL's largest market and are the crown jewel of Maple Leafs Sports and Entertainment (MLSE), which also includes the NBA's Toronto Raptors, the AHL's Toronto Marlies -- the Leafs farm team -- and Toronto FC in the MLS.
The Leafs are also the NHL's perennial top revenue-producing team, last season pulling in an estimated $187 million.
Forbes.com estimated the Maple Leafs' value at a whopping $505 million, up considerably from the combined $186 million the Ontario Teachers' Pension Plan and Larry Tannebaum (the team's co-owners) spent to purchase the club back in the 1990s.
Despite the Leafs' mediocre record post-lockout (the last time they made the playoffs was 2004), they have no problem selling out the Air Canada Center and are considered the most popular franchise in Canada.
Canadian cable giant Rogers Communications (which also owns MLB's Toronto Blue Jays) was reported last December to have offered the Teachers Pension Plan $1.3 billion for its share in the Leafs, which would've given Rogers a virtual sports monopoly in Toronto.
Both sides subsequently denied the report but it wouldn't be surprising if Rogers made a serious pitch for MLSE.
Regardless of who owns the Leafs next season, management won't be hindered by salary cap constraints. The same, however, cannot be said of the other teams currently up for sale.
The Blues (valued at $165 million, earning $70 million in revenue last season) at first glance wouldn't appear to have too much difficulty attracting potential owners.
They're located in what has traditionally been a sound hockey market, and under current majority owner David Checketts rebounded from being one of the league's worst teams (on the ice and in attendance) five years ago to rank among the top 10 in attendance this season, rebuilding its roster primarily with promising young talent.
Yet Checketts was unable earlier this season to find potential investors to help him carry the burden of ownership, forcing him to put his stake in the Blues up for sale.
Ownership uncertainty could have a significant impact upon the Blues' rebuilding efforts for next season, possibly forcing management to keep payroll close to the league's mandated minimum ( or “cap floor”), which is projected to reach $46 million.
Meanwhile, the Stars are valued at $227 million and last season were 13th overall in revenue, pulling in $95 million, but have been seeking new ownership throughout this season.
Formerly a Western Conference powerhouse, the Stars have fallen on lean times, and were taken over by creditors after current owner Tom Hicks' company defaulted on $525 million in bank loans last April.
That's forced general manager Joe Nieuwendyk to maintain a roster with a payroll just above the salary cap floor. To his credit, Nieuwendyk was able to build and maintain a playoff-contending club this season.
Still, the uncertainty over new ownership could adversely affect his efforts to re-sign star center Brad Richards, who'll be eligible for unrestricted free agency this summer.
There have been rumors of potential buyers for the Stars, including flamboyant Dallas Mavericks owner Mark Cuban, but to date there's been no word on when the club will be sold.
Neither club, however, appears threatened by the possibility of relocation. It's a different story for the Thrashers and Coyotes.
Recently released court documents revealed Atlanta Spirit, which owns the Thrashers and NBA's Hawks, had been trying to divest itself of the hockey team for several years despite public claims to the contrary.
Since buying the Thrashers in 2003 the Atlanta Spirit group revealed in a lawsuit it had lost millions, which isn't surprising given the club's years of mediocrity. The team only made the playoffs once since it came into existence in 1999 and the loss of name players like Dany Heatley, Marian Hossa and Ilya Kovalchuk seriously eroded the fan base, putting the Thrashers near the bottom of the league in attendance in recent years.
Over the past year, there have been wild rumors that the Thrashers would be sold and moved to Winnipeg or Quebec City. Recent reports claimed there were three groups with varying degrees of interest willing to keep them in their current location, but so far no one has emerged with a serious offer.
Finally, there are the Coyotes, whose two-year ownership follies appeared to be resolved last December when Matthew Hulsizer was approved by the NHL Board of Governors to take over as the new owner and keep the club in their current location.
All that was required to finalize the deal was the city of Glendale selling $100 million of bonds to finance the sale, but the Goldwater Institute, a conservative local taxpayer watchdog, is attempting to block that move with threats of a lawsuit.
If the bonds aren't sold, the deal with Hulsizer could effectively fall through. That could then leave the league, which currently owns the Coyotes, to consider selling the team to someone interested in moving the franchise.
True North Sports and Entertainment is believed to be patiently watching this situation and could be the prime candidate to purchase the Coyotes and move them back to Winnipeg, where the team was located from 1972 to 1996.
The league is doing everything it can in conjunction with the city of Glendale to keep the Coyotes in the Phoenix market. In the meantime, Coyotes management continues to operate on a shoestring budget, yet for the second straight season has managed to put a playoff-contending team on the ice.
Still, the two years of uncertainty over the club's future has been tiring for all concerned. Most are hoping the situation will be resolved to keep the team where it is, but they could be facing the real possibility of toiling in a new city by next season.
