RedFX 48 Report post Posted July 7, 2009 You know you've set the Fail Standard when you get the entire franchise suspended... From AHL Web Site SPRINGFIELD, Mass. … The Iowa Chops American Hockey League franchise has been involuntarily suspended for the 2009-10 season by the league’s Board of Governors, effective July 6, 2009. “The Iowa franchise has unfortunately been unable to remedy certain violations of the provisions of the league’s Constitution and By-Laws,†said American Hockey League President and CEO David Andrews. There will be no further statement from the league at this time. In operation since 1936, the AHL continues to serve as the top development league for all 30 National Hockey League teams. More than 84 percent of today’s NHL players are American Hockey League graduates, and for the eighth year in a row, more than 6 million fans attended AHL games across North America in 2008-09. Rumor is the club's owners used the franchise as collateral for a loan, a GARGANTUAN no-no in any sports league, and overall just a stupid move in any field of business. Share this post Link to post Share on other sites
betterREDthandead 58 Report post Posted July 7, 2009 That's basically the death sentence for the franchise. If the owners can't even get a loan without using the whole shebang as collateral, there's no way they'll have any money to get this thing back on its feet next year. Share this post Link to post Share on other sites
Gizmo 21 Report post Posted July 7, 2009 (edited) More details from The DesMoines Register Basically they borrowed $2M back in 2008 from Wachovia to cover operating losses and used the franchise as collateral. The suspension could be lifted if the club is sold to new owners, but an Iowa judge has issued an injunction barring a move... which makes that a lot harder. Edited July 7, 2009 by Gizmo Share this post Link to post Share on other sites
