More than two months after declaring a “sense of urgency” to find a buyer or investors who would keep the Thrashers in Atlanta, part-owner Michael Gearon Jr. reports limited progress.
“We continue to have discussions with different prospective investors or buyers of the franchise,” Gearon told The Atlanta Journal-Constitution this week. “The comments I made in February generated some preliminary interest. I wish there was more. There are some people we are talking to, but nothing that is far enough along at this stage that it deserves further comment.”
A cloud of uncertainty hangs over the Thrashers and their fan base, and in the rumor-rich NHL, speculation has gained momentum recently that the team’s fate could be tied to how another franchise resolves its own muddled ownership situation.
The Phoenix Coyotes are expected to be sold soon, either to a Chicago businessman who would keep them in Arizona or to a Winnipeg, Manitoba, group that would move them to the Canadian city. If the Coyotes remain in Glendale, Ariz., Winnipeg reportedly would pursue another team — possibly the Thrashers, whose ownership group, Atlanta Spirit, wants to shed the franchise’s financial losses.
NHL commissioner Gary Bettman, attending a playoff game in Nashville this week, declined to address whether the Thrashers would be a candidate for relocation to Winnipeg if the Coyotes stay put, according to yahoosports.com. But it was a strongly worded no-comment.
“I’m not going to weigh in on something that is purely speculative and made up,” Bettman said. “The fact of the matter is, we’re focused on making Phoenix work, and that’s where we’re directing our attention right now.”
Since February, the Spirit has had at least preliminary talks with several individuals or groups interested in buying the Thrashers and keeping them in Atlanta. Some parties also have expressed interest in the Spirit’s other holdings: the Hawks and the Philips Arena operating rights. But there is no indication that a deal is close with any of the parties.
“There is still a sense of urgency, and that has not changed one bit,” Gearon said. “Each day that goes by, we need to find a solution.”
He also said: “As someone who has lived in this city my whole life, it’s important to me that we do everything we can to try to have our sports teams survive and prosper in this city. ... I think this city of 5 1/2 million should prosper as a successful NHL city.
“But we need others in the community that are willing to come in and either invest alongside us or buy the franchise. I would be more than happy to stay in and roll over my equity and continue to participate as a minority partner.”
Asked if Atlanta could awaken one morning to find that it’s too late to keep the Thrashers, Gearon said: “I’d hate to see it get to that point. ... You sometimes don’t appreciate what you have until you don’t have it — whether that’s the children that eventually get out of high school and go off to college and don’t live in your house any more, or sports teams.
“I know what it was like for me as a child when the Atlanta Flames [the city’s first NHL franchise] left in 1980. It was tough on me, and it was tough on the city. I don’t want to see that happen with the Atlanta Thrashers.”
It is not clear what price the Thrashers could fetch, although there have been reports the Winnipeg group might pay as much as $170 million for a team, of which $60 million would go to the NHL as a relocation fee.
Thrashers president Don Waddell has been dealing with prospective purchasers who are interested in keeping the team in Atlanta. He told the AJC this week that two such prospects are currently in the mix, both from out of town.
“I’m optimistic we have some potential buyers out there,” Waddell said. “Is anything close? No. These things always take time. The disappointing thing is we don’t have anybody locally. There was one local group early on, but they faded away.”
Former Braves pitcher Tom Glavine said two weeks ago that he would like to help keep the Thrashers here, possibly by putting together a group of investors, but that hasn’t led to any breakthroughs.
It’s unlikely the Thrashers’ picture will come into focus until the Phoenix situation is resolved.
The Coyotes are owned by the NHL, which bought the franchise out of bankruptcy in 2009. The league has been negotiating a sale to Matthew Hulsizer, who would keep the Coyotes in Glendale, Ariz., but it is not clear whether the deal will go through. Terms of a proposed agreement between Hulsizer and Glendale are opposed by a taxpayer watchdog group.
The Coyotes moved from Winnipeg, where they were known as the Jets, to Arizona in 1996.
For Waddell, with the Thrashers since their inception, the current uncertainty is another chapter in the franchise’s turbulent history.
“You hear it; you read it; it’s tough,” he said of the speculation about the team’s future. “But we are spending every ounce of energy right now trying to find owners to buy and operate our team in Atlanta. If we can do that, all this other stuff and speculation will go away.”
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