SIMMONS: How a Toronto lawyer wound up as part owner of Seattle Kraken
Steve Simmons #SteveSimmons
Breadcrumb Trail Links
Author of the article:
Steve Simmons 
Toronto lawyer Peter Brauti is part owner of the Seattle Kraken. Photo by DEREK RUTTAN /POSTMEDIA NETWORK Article content
On a telephone call with Tod Leiweke not that long ago, Tod passed the phone to his brother and said: “Tim wants to say hello.”
Tim Leiweke, you probably remember, used to be the CEO of Maple Leaf Sports and Entertainment. He hired Masai Ujiri for the Raptors. He changed Toronto FC from loser to winner. He hired Brendan Shanahan to run the Leafs. And then he left to pursue his own business interests, unwilling to play the corporate game with MLSE.
In doing so, Leiweke wound up being more than involved in the building of the new home of the Seattle Kraken, the NHL team that employs his brother, Tod, as CEO.
Toronto lawyer Peter Brauti was on the other end of the phone that day with the Leiwekes, having known Tim from his involvement with MLSE and known Tod from doing just about everything you can do at the executive level of professional sport.
Brauti had heard the Leiweke brothers were involved with the eventual ownership of the then-unnamed Seattle expansion franchise when he asked a rather forward question. That’s what criminal lawyers do sometimes. Brauti asked Leiweke directly: “If there’s any room in ownership, I would love to get involved.”
Advertisement
This advertisement has not loaded yet, but your article continues below.
Article content
He thought he was being forward in his approach.
Tim Leiweke, who majors in being forward, said “Can you fly to New York on Wednesday?”
“I literally went down, met with the majority owner David Bonderman, and he interviewed me about who I am and what I do and why I might be interested in being involved,” said Brauti.
“Everything happened quickly. Right after that, I got an email from David Bonderman saying ‘we’re comfortable with you.’
“I wrote back saying ‘what does that mean?’
“He wrote back, ‘it means you’re in.’”
This is how a highly regarded Toronto lawyer and well-known businessman, maybe best known for his ability to stickhandle around a courtroom in tight circumstances, became a part-owner of the incoming Seattle NHL franchise. This doesn’t happen often. It wasn’t cheap. The league mandates that the minimum buy-in for any part-owner of any club is $5 million US.
Advertisement
This advertisement has not loaded yet, but your article continues below.
Article content
The Seattle franchise was hugely expensive at a $650 million price tag — which is more than $800 million Cdn. It’s little wonder the Kraken has more than 10 owners, led up top by Bonderman, the highly successful investment banker, and Jerry Bruckheimer, the well-known Hollywood producer, and longtime hockey lover.
And Brauti is now among them, along with Mitch Garber of Cirque de Soleil, along with another Toronto businessman, Ted Manziaris. When the Kraken play their very first home game at the beginning of next season, they may need a luxury box or three, just to fit in all the owners.
For his part, though, this is all a dream come true and then some for Brauti, a kid who grew up in Scarborough in the Finch and McCowan area, did his law degree at the University of Toronto, his Masters of Law at Osgoode Hall, and has dabbled in a variety of business interests while operating his own Bay Street law firm.
Advertisement
This advertisement has not loaded yet, but your article continues below.
Article content 
A general view of the Space Needle as the Seattle Kraken team flag is hung from above on July 23, 2020 in Seattle. ABBIE PARR/GETTY IMAGES
“I’m a hockey guy through and through,” said Brauti. “I come from a hockey family. My son, Jack, who is now 15, is a highly competitive player. The game is just in our blood. And when the opportunity comes that you can be involved in ownership, you jump at that. I’m so excited about this. You grow up dreaming of playing in the NHL. I guess the next best thing is owning in the NHL.
“We’ve watched what Vegas has done really closely (through expansion). They’ve set the bar very high as an expansion team. We’d like to go one step further and hoist the Cup in Year One. I know that’s crazy. But there are some incredible things happening here, things to be excited about. Nobody has sold out in the history of the NHL quicker than we’ve sold out. We’re proud of that.”
Advertisement
This advertisement has not loaded yet, but your article continues below.
Article content
We apologize, but this video has failed to load.
The owners of the Kraken will be spending some $2 billion for all they need to get done in time for their NHL debut. That includes $1 billion for the arena, $650,000 million for the franchise, $90 million on their head office and practice facility, and more to build an arena and facilities for their AHL team in Palm Springs. (No one is going to hate being sent down by Seattle.)
Brauti’s not moving from Toronto but he will be in Seattle for the home opener.
“The whole family’s going to come out for the opener. The difficulty will be getting tickets for extended family and friends. The demand is doing to be that much,” he said.
SIMMONS: The great Delgado on Vladdy Jr.: How much fun is this? 
SIMMONS: There’s much more to an NHL GM’s job than signing players 
SIMMONS: Loaded Golden Knights ready to be more than just a nice story And Brauti’s son Jack, who will be playing hockey at the famous Shattuck-St. Mary’s in Minnesota this fall, will be at the opener. “We’d love to become the first father and son, owner and son team in NHL history,” said Brauti. “And you know what he says to me. ‘Yeah, but you had to pay your way in.’”
The family dream and family dreams.
ssimmons@postmedia.com
twitter.com/simmonssteve
Share this article in your social network Advertisement
This advertisement has not loaded yet, but your article continues below.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 Thanks for signing up!
Comments
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.