Panthers admit losing over $20 million per year, asking for public funds

The Florida Panthers say they are losing over $20 million per year and that they have asked for additional public funding.

"This organization has lost between $20 [million] and $30 million on an annual basis,'' Panthers president Michael Yormark told the South Florida Sun-Sentinel. "And those dollars have been funded by our owners.''

The Panthers recently made a proposal to Broward County under which a tourism tax increase would allow the team to cover $70 million of the costs tied to the BB&T Center in Sunrise, Fla.

"I think the community wants a healthy arena,'' Yormark said. "They want a healthy sports team. They want the benefit that a professional sports team and world-class entertainment brings to their community.''

Yormark told the Sun-Sentinel he wants to see changes made immediately.

The proposal will be put to a vote and hinges on the approval of the nine-member Broward County Commision.

The BB&T Center cost $185 million when it was built in 1998. It was funded with public money. The Sun-Sentinel reports Broward County leaders were sold on the '98 plan with "promises that profits would return to the taxpayers."

As for relocation, Yormark says that is not in the owner's plans at the moment.

"I don't believe that's the intent of Vinnie Viola,'' Yormark said. "I think Mr. Viola's thought process is as follows: He invested a significant amount of money to buy the team and made a significant investment in Broward County. He wants to create a true partnership with Broward County.''