The Bain of hockey's survival?

CHRIS STEVENSON, Ottawa Sun

, Last Updated: 11:40 AM ET

While perched on a barstool at one of my favourite refreshment establishments -- the new Clocktower is the setting for much of Backspin's painstaking research -- it came to my attention that Bain Capital had sold the SuperPages telephone directories. Bain Capital, you will recall, is the same private equity firm which made a bid for the entire NHL last week.

Those Bain Capital folks must know what they are doing because they flipped the SuperPages to the Yellow Pages Group for $2.55 billion US. Bain Capital owned the SuperPages six months less a day and apparently doubled their money.

Of more interest was the way they did it.

Bain, the Boston-based buyout firm, looks for undervalued companies to restructure and resell.

Bain Capital apparently spent that six months chopping the money-losing books in the SuperPages library and laying off staff.

Hmmm.

Does that perhaps give us a glimpse of what Bain might have had in store for the NHL?

CANADA AN AFTERTHOUGHT

Might their plan have been to chop the money-losing franchises and then flip the league somewhere down the road for a nice profit?

You can bet the bottom-line guys at Bain would not have given one moment's thought to Canada being the ancestral homeland to hockey and all that other sentimental crap.

Does a team make money or not? If not, see ya later.

Can you say Original 21?

chris.stevenson@ott.sunpub.com


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