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Report: Tampa owner Barrie to hand $10M to league by Friday

TSN.ca Staff

7/14/2009 9:27:29 AM

It looks like Tampa Bay Lightning co-owner Len Barrie will have to put his money where his mouth is.

According to a report in the St. Petersburg Times, Barrie was told by NHL commissioner Gary Bettman that he had a deadline set for this Friday to have $10 million to prove that he can continue funding the club.

The money would reportedly be used to cover the Lightning's financial losses for the current fiscal year as well as provide a slush fund in case more money is needed.

The Times reports that while the consequences for not meeting the deadline are unclear, it is possible that Bettman could take away Barrie's rights to manage the team.

As it stands now, co-owner Oren Koules acts as the Chief Executive Officer and league governor for the team, but Barrie's input is required for all major personnel decisions.

Bettman called a meeting with the two owners and general manager Brian Lawton on June 23 in an attempt to try to solve the power struggle that has developed between the two owners who are at odds in how to best build the team, both philosophically and financially.