PAJHS-Bulldogs ink tentative sales deal

The Port Alberni Junior Hockey Society has reached an agreement in principle with Okanagan Hockey Schools to buy the Alberni Valley Bulldogs

The Port Alberni Junior Hockey Society has reached an agreement in principle with majority shareholder Okanagan Hockey Schools to buy the Alberni Valley Bulldogs of the B.C. Hockey League.

If the sale is approved by the B.C. Hockey League, it will mean the Bulldogs will be 100 per cent owned by the society, director Al McCulloch said. Minority owner Dr. David Ness has already stated publicly that if the society’s purchase is successful, he will also sell his 20 per cent share in the team to the society. The See Group of Companies also owns shares.

A business plan has been drawn up, a term sheet signed and plans submitted to the BCHL board of governors for approval. If the society’s sale structure, business plan and operating budget are approved by the board, the society will own 100 per cent of the team and will hold no current liabilities, the society announced in a press release.

“We’re going to end up meeting with (the board of governors) in the next week or so to talk about it,” McCulloch said. While the BCHL must puts its stamp of approval on the deal for it to go through, McCulloch was hopeful.

“We’re really excited to move forward now,” he said.

The junior hockey society has raised $250,000 and still needs to raise another $50,000 “just to make sure we’re solid through the season,” McCulloch said.

Vendor financing is involved on a long-term basis, with a competitive rate of interest.

Last week an Island-owned company, Vancouver Island Sports and Entertainment Ltd., became the majority shareholder of the Victoria Grizzlies, also of the BCHL.

Their deal is also up for approval in front of the league’s board of governors. McCulloch said the move to local ownership in the south Island will positively affect Port Alberni’s bid.

The PAJHS 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.

editor@albernivalleynews.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Accident, downed power lines closes Highway 4 west of Port Alberni

Detour is available near Hector Road as BC Hydro crews work to restore power

Huu-ay-aht First Nations qualify for national wage subsidy

Limited partnership structure caused concern when CEWS was first introduced

ARTS AROUND: Giant Book Sale has new date, new location

Book sale will take place in November at Alberni Athletic Hall

A second wave of COVID-19 is probable, if history tells us anything

B.C.’s top doctor says that what health officials have learned this round will guide response in future

Yukon writer reads at virtual Alberni Valley Words on Fire

Joanna Lilley will make her appearance on May 27

An ongoing updated list of Alberni Valley events affected by COVID-19

Has your event been cancelled or postponed? Check here

Ferry sailings scheduled once again at Nanaimo’s Departure Bay terminal

BC Ferries announces that resumption of service June 3 includes four daily round trips

Island Health signs working agreement to turn former Comox hospital into a ‘dementia village’

Island Health has signed a project development agreement with Providence Living to… Continue reading

Kelowna man charged with harming a hamster

The 20-year-old Kelowna man faces several animal cruelty charges

High tech fish transport system set up to ‘whoosh’ salmon past Big Bar landslide

Fish will spend roughly 20 seconds inside the system, moving at roughly 20 metres per second

Trudeau to seek 10 days of paid sick leave for Canadian workers, says talks are ongoing

Paid sick leave is key to keeping COVID-19 spread under control, prime minister says

Snowbirds jets will not be leaving Kamloops, just yet

The Snowbirds have been in Kamloops since May 17 when a plane crashed killing Capt. Jennifer Casey

COVID-19 checkpoints ‘up to them,’ Bonnie Henry says of remote B.C. villages

Support local tourism economy, but only if you’re invited in

Most Read