Report: Panthers owner nears sale of team

Florida Panthers owner Alan Cohen is nearing a deal to sell the NHL team to a New York company that would keep the team in the Miami area, sources say.

Two sources close to the negotiations told Wednesday’s Miami Herald that Cohen has drawn up a contract to sell the hockey team to Sports Properties Acquisitions, a publicly held company set up to raise funds to buy stadiums, sports teams, stadiums and other entertainment properties.

Final language still must be worked out on the deal, which could leave the transaction indefinite for several more weeks, the newspaper said.

The sources said the new Panthers owners would announce soon after the purchase whether they would follow through with Cohen’s proposals to construct a $2 billion mixed-used project near the team’s BankAtlantic Center home in Sunrise, Fla. The Herald said the land development component has proven attractive to Sports Properties.

Cohen’s ownership group bought the Panthers from Wayne Huizenga’s Boca Resorts for $101 million in 2001. He has reportedly been offered a position with Sports Properties but is undecided on whether to accept it, a source told the Herald.