Gearon On Thrashers: Looking For Investors Or A Change Of Address

((HT: 680TheFan))

Here's the interview in full... with FOSG John Kincade

Michael Gearon was a guest on the "Buck and Kincade" show on WCNN-AM Wednesday afternoon and was placed on the spit by Kincade...

Gearon admitted that Atlanta Spirit is looking for minority investors or majority investors to help the viability of Spirit and the Thrashers. Kincade is of the mind that local investors would be the best approach long-term, and Gearon replied that the group is of an open mind for any kind of investor.

"We're in a position now where, ideally, we need more fan support. We've been writing checks for the Thrashers for seven years, and it's a lot of money," Gearon admitted. "I know there's a correlation between winning and losing. I think the big challenge we have in Atlanta, is that we're not as strong a sports town as a Philadelphia or a Boston."

Gearon admitted that the on-ice product has had a difficult three or four weeks. From his prospective, he cares about both franchises and that both are important to the city. He's been handcuffed for five years, and he wants to strengthen the ownership of the team. He doesn't want to divest his share.

He also said his greater strength is basketball, but he loves the hockey team. He wants a strong group committed to the teams. It would be an ideal situation to have other locals involved along the line...

The perception of the owners being "cheap" is a misnomer in Gearon's mind- especially with the offer that they gave Ilya Kovalchuk last year, and the signing of Dustin Byfuglien this year to a 5-year, US$26-million dollar deal.

This is what the team is getting for that time...
There's talk that the deal is back-weighted, so the onus is on the new owners should the current owners go ahead with the sale...
((HT: NHL))


Who is Mayflower's competitor down here...???

Two other articles are must-reads where this is concerned...
Stu Hackel's piece in SI.com detailing the financial woes...

And the AJC's Chris Vivlamore piece where Gearon told him this:

“If we are faced with that as the only alternative, that’s what’s going to happen,” Gearon told The Atlanta Journal-Constitution in an exclusive interview. “I don’t think there is an ability to stomach another $20 million in [yearly] losses. We just can’t do it.

“The reality is we need fans showing up and we need investors or a primary investor.”

Vivlamore also says that "...if the Thrashers were to be sold and moved, the Atlanta Spirit would lose a pro-rated portion of the $10 million annual naming rights fee to Philips Arena. It would also lose concession revenue and other income generated by the Thrashers dates in the arena."

Looks like they're going the way of these guys...