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

Alberni Valley Tyee Club announces ladder board winners for 2020

The overall winner was Morgan Steed with a 31.8-pounder from Whittlestone Point

Changes to lumber exports are welcome news for San Group in Port Alberni

San Group hoping to have new remanufacturing plant up and running by mid-October

Community celebrates new mural at the entrance to Harbour Quay

The image depicts the history of Tseshaht First Nation

Citing stability, B.C. Premier calls snap election for Oct. 24

John Horgan meets with Lieutenant Governor to request vote

Drive-by Port Alberni Toy Run records 300 riders

The Langley Chapter of Harley Owners Group donated $2,000

B.C. reports 96 new COVID-19 cases, one hospital outbreak

61 people in hospital as summer ends with election

‘Unprecedented’ coalition demands end to B.C. salmon farms

First Nations, commercial fishermen among group calling for action on Cohen recommendations

Earthquake off coast of Washington recorded at 4.1 magnitude

The quake was recorded at a depth of 10 kilometres

B.C.’s top doctor says she’s received abuse, death threats during COVID-19 response

Henry has become a national figure during her time leading B.C.’s response to the COVID-19 pandemic

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

BC Liberals must change gears from election cynicism, focus on the issues: UBC professors

COVID-19 response and recovery is likely to dominate platforms

B.C. could be without a new leader for multiple weeks after Election Day: officials

More than 20K mail-in voting packages were requested within a day of B.C. election being called

Vancouver Island sailor stranded in U.S. hospital after suffering massive stroke at sea

Oak Bay man was attempting to circumnavigate the world solo

Most Read