John Spano - Legacy

Legacy

The Spano fiasco was highly embarrassing to the NHL, which was still reeling from revelations that former NHLPA head Alan Eagleson had lied to his clients and enriched himself by skimming off the union's pension fund. The NHL was particularly shaken after it was revealed that it spent well under $1,000 evaluating Spano's credentials (estimates range from $525 to $750); most leagues spend well over $30,000 to evaluate prospective team owners. When Spano bid for the Stars, the team was satisfied by a letter supposedly from Comerica attesting to his net worth. Prospective NHL owners are now vetted by Ernst and Young and a New York City law firm.

These safeguards were not enough, however, to prevent John Rigas from buying the Buffalo Sabres, only to have the league take over the franchise after his arrest for fraud. Seven years later, the Nashville Predators were sold to a group that included William Del Biaggio, who was later revealed to have fraudulently obtained $110 million in loans from two NHL owners and eight banks in order to purchase a stake in the Predators, a crime for which he was sentenced to eight years in prison on September 8, 2009 and ordered to sell his share of the team.