For the NHL's litany of poor potential owners—John Spano's swindling, Boots Del Biaggio's fraud, Greg Jamison straight up not having the money—at least this has never happened. The Belfast Giants, in the UK's EIHL, were recently sold to
American Floridian Christopher Knight. That was before they learned he has a 2003 conviction for "Lewd or Lascivious Battery," entailing "sexual activity with a person 12 years of age or older but less than 16 years of age."
Knight had closed the sale, for roughly $225,000. But there was an out. The company that owns and manages the arena formed a new company and signed all the players to the new team, also called the Belfast Giants. So Knights still has a franchise. He just doesn't have a rink or any players.