Amerant Bank Arena, Home to the Florida Panthers – Sunrise, FL – Courtesy: Shutterstock – Image by Felix Mizioznikov
The Florida Panthers hockey team’s success is now centered on the alignment of the community, organization, and team.
“At first, all the doubters said, ‘Is there ice hockey in South Florida? Teams in the Everglades’ center?” Matt Caldwell, the president and CEO of the Panthers, told Fox News Digital.
We made an effort to accept everything and declare, “Well, that’s what makes this so beautiful. Like, our mission is really difficult. Therefore, it’s incredible that we were able to replicate the image.
Caldwell has been in charge of the fledgling franchise since 2016, trying to improve the “worst” team in the NHL by reorganizing the management, altering the ticketing system, and securing new sponsorship and branding partnerships.
After winning the Stanley Cup finals three times in a row, the Florida Panthers are now vying for their second straight Stanley Cup victory. The Panthers contribute about $100 million to the local economy during these approximately three weeks of finals games; this amount is projected to increase in 2025.
Jenni Morejon, president and CEO of the Fort Lauderdale Downtown Development Authority, also told Fox News Digital, “The reach is definitely going to increase, so I can only imagine that that number is going to get higher because of the geography that’s widened.” “So that hundred-million [dollar] impact is certainly going to grow.”
With the Panthers spending over $65 million to renovate their official practice rink, public ice rinks, and even a concert venue, hockey has now become a driving force behind urban growth in the broader Fort Lauderdale area.
Local business leaders claim that on any given game day or weekend, foot traffic and income can increase by 30 percent.
“You mean it gets more and more popular every year? According to Emi Guerra, founder of Breakwater Hospitality Group, “I think it also helps that they’ve been playing phenomenally,” she told Fox News Digital. “The thrilling nature of the games, the ups and downs, and the fact that they play so well.” That, in my opinion, is fantastic entertainment, demonstrating the hard work they put into their work. It improves the community as a whole.
When he started to spearhead the Panthers’ charge, Caldwell, a former captain of the U.S. Army and vice president at Goldman Sachs, had two main objectives in mind: achieving financial stability and winning a championship.
“What I attempted to motivate our hockey operations and staff to do… Having a motivating feeling of purpose was something I truly desired. And I spent a lot of time discussing with our staff that we should make the biggest comeback in sports history,” Caldwell stated. “Winning is the No. 1 ingredient in sports to financial success, ultimately.”
“In every financial metric, including season tickets, sponsorship, and attendance, we had the lowest record in the league. Every one of our subsidiary companies was at the bottom of the league. Thus, it’s a difficult assignment,” he continued. “The team was losing a lot of money and was having a lot of financial difficulties. Additionally, my short- to medium-term objective was just to make it financially secure.
“I was undoubtedly fighting every day to try to persuade people to enter the building, respect our brand, and establish a stable cash flow loss. And gradually, we simply continued to chip away and began to make headway. Then, of course, with all the steady teamwork over the past five years, everything has come together,” Caldwell added.
At $1.35 billion, the Panthers were most recently ranked 26th in terms of NHL team valuations by Forbes. The Toronto Maple Leafs, who are valued at around $4 billion, are at the top. Caldwell, meanwhile, is not very worried about the amount.
“The sports sector is not listed on any stock exchanges. Therefore, it’s not as if you’re keeping an eye on a stock price. According to the Cats’ CEO, they don’t always adhere to standard discounted cash flow or specific financial modeling and valuation techniques.
“These sports teams have a supply and demand relationship. It serves as a sort of gauge to ensure that the investment you’re making in the team is outperforming the valuation, according to Caldwell. “Our media rights, our tickets, our sponsorships, all of our social media marketing data, all of our casual fans, our TV viewership… All of those factors increase our income and visibility.
From handing out free home game tickets “on the street” around 10 years ago to now ranking sixth in terms of NHL attendance and paid tickets, the Panthers’ actions have had a “tremendous domino effect” on the local macroeconomy.
“They put not only their money, but their energy and their personalities into this community with programs that are matching up students and young skaters, causes for the veterans,” explained Morejon. “It’s not only about selling tickets and bringing a team here. The main goal is to make an impression.
“It does help everyone: staff, neighboring businesses, all the supporting businesses, everything from suppliers and the guy driving the truck to deliver the vegetables and the fruit and the booze, all the way down to the person serving the drink,” Guerra said. “I believe that everyone is really grateful, and they can absolutely sense it when they win. They do that, which makes it amazing. Their specialty is that, but when they triumph, the team’s success is not the only thing at stake. Everyone in the community feels that they have won.
“Before moving forward, we took a step backward. Caldwell thought, “We just knew that we had to kind of tear it down and start all over.”
“Over the next several weeks, I hope we bring another Stanley Cup home. We aim to be more than that, but I hope we bring more in the years to come,” the CEO continued. “We wish to set an example. Local counties and cities know they can call the Panthers when they need something. They are aware that they may contact us at any [moment] of crisis, and we will be available. They are aware that we will always act morally.
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Born and raised in South Florida, Krystal is a recent graduate from the University of Miami with professional writing experience at the collegiate and national news outlet levels. She’s a foodie who loves all things travel, the beach, & visiting new places throughout Florida.