Panthers' co-owner Doug Cifu: 'The current business model is not sustainable'

Amid constant questions about the future of the Panthers in Florida, co-owner Doug Cifu acknowledged the apparent instability of hockey in the marketplace, while outlining the club's attempts to generate revenue by beefing up the products offered at the BB&T Center.

Cifu addressed the future of the franchise in a recent interview with Jameson Olive of FOX Sports Florida:

[Co-owner] Vinnie [Viola] and I have both publicly said that we are here to make this franchise work in Florida. I said that in the hearing held by Broward County in February and Vinnie said it in our initial press conference when we bought the team. That being said, as you said in your question, the arena and the team have lost a significant amount of money year over year for the last 10-plus years and the current business model is not sustainable.

We have kept our end of the bargain by signing six free agents on July 1 to more than $60 million of contracts and resigning some key young players to multi-year deals. Our payroll is currently about $5 million from the NHL cap, the highest it has ever been in the history of the franchise, and we are excited about the team we will put on the ice come late September.

We've also continued to bring strong non-hockey content to the BB&T Center including events that drive significant tourism dollars and have a number of high profile acts that will be announced in the next month.

Cifu added he's more than aware that "like any business, there are many near and far term challenges that have to be continually addressed." 

As per Capgeek, the Panthers sit 18th overall in payroll, with close to $64 million committed for the upcoming season. 

Some of the lowest paid players on the roster - most notably Aleksander Barkov, Jonathan Huberdeau and Nick Bjugstad - represent the greatest source of hope for the future of the team on the ice, while the recent signings of Dave Bolland, Jussi Jokinen and Shawn Thornton are expected to provide veteran leadership for the young core, which now includes No. 1 overall pick Aaron Ekblad.

It's yet to be seen whether the Panthers can succeed both in the standings and on the balance sheet, but Cifu and Co. appear to be banking on the former as a means to the latter.