Lightning Ownership Mess Gets Even More Peculiar

As he seeks partners to take controlling ownership of the franchise, Tampa Bay Lightning co-owner Len Barrie is facing some significant accusations of fraud and shady business dealings according to an article in the St. Petersburg Times.

This comes on the heels of a Toronto Globe and Mail report that claims that Barrie sent a letter to the NHL stating he will not be able to buy out co-owner Oren Koules, and Koules is prepared to make his move to secure full ownership of the franchise.

According to the Times report, an executive of Barrie's Bear Mountain Resort accused the Lightning co-owner of misappropriating millions from the company to help buy a 35 percent share of the NHL team.

"My number was, between $16 (million) and $20 million was misappropriated over that period of time," Scott Bye told the Times.

The St. Petersburg Times has been hot on the trail of Barrie, using a confidential audit report from December that said Barrie misappropriated up to $26 million to his other interests.

The auditor, Norgaard Neale Camden, quit as a result of Barrie's actions because they were "improper and in some cases illegal." 

The Globe and Mail reported Wednesday that Koules is finalizing a proposal to submit to NHL Commissioner Gary Bettman to gain control of co-owner Len Barrie's share of the team. Koules is close to securing increased financing through previous team owner Palace Sports and Entertainment.

In any event, it appears the saga may be coming to a head.