The Port Alberni Junior Hockey Society has reached an agreement in principle with Okanagan Hockey Schools to buy the Alberni Valley Bulldogs of the B.C. Hockey League. Okanagan Hockey Schools (OHS) is the majority shareholder in the team.
With a term sheet already signed, the parties involved are now working on a definitive agreement and are preparing to refer the sale to the BCHL for review.
If the society’s sale structure, business plan and operating budget are approved by the league’s board of governors, the society will own 100 per cent of the team and will hold no current liabilities, the society announced in a press release.
Vendor financing is involved on a long-term basis, with a competitive rate of interest, the release noted.
The society has asked current directors Andy Oakes, from OHS and Dennis See to stay on as advisors to ensure a smooth transition of ownership. This will also provide continuity for players, staff and volunteers.
While PAJHS chair Darren DeLuca is encouraged by the tremendous public support the society has received so far, he stressed that the foundation of the team going forward will be in the form of ticket sales and sponsor commitment.
“Bulldogs’ personnel are hard at work establishing winning elements for the season ahead and we would like to remind everyone that it’s ‘business a usual’ for the team.”