Shareholders to vote on sale of Hurricanes

LETHBRIDGE – After years of rumours, suggestions and controversy, a vote on whether or not to sell the community owned Lethbridge Hurricanes will take place.

At the club’s annual general meeting Tuesday night, a motion was put forward by a shareholder to allow all shareholders to vote on whether or not to explore the sale of the team. The vote will take place at next year’s AGM.

“I’m very happy to be quite honest with you,” said Hurricanes president Brian McNaughton. “That’s a very positive move for us that finally this can be put to bed and let the shareholders vote and see what happens in a year from now.”

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The motion capped an eventful night as the club announced a deficit of $390,331, well below the $74,000 profit budgeted last year. McNaughton pointed to low attendance numbers, lower than expected advertising revenue and a new lease agreement with the Enmax Centre, which includes a settlement payment of $220,000, for the larger than expected loss.

READ MORE: Financial woes plague Lethbridge Hurricanes

However, McNaughton feels that same deal with the Enmax Centre will provide opportunities for the club to become profitable going forward.

“In the long term it’s a very good deal and it’s a partnership with the city,” said the Hurricanes President. The new contract allows the team and Enmax Centre to share ticket sales and advertising revenue. McNaughton sees that as a vital cog in turning around a franchise that hasn’t made the Western Hockey League playoffs in five seasons, and has posted combined losses of $1.65 million over that time.

The Hurricanes are budgeting for a profit of $114,863 in the 2014-15 season including a hefty jump in ticket revenue, despite the fact the team has seen its season ticket base drop from 1795 last season to under 1300 paid season tickets this year.

Shareholders also elected six new members to the board of directors, as Michael Boh, Cory McLean, Roger Simpson, Daryl Wilson, and Glen Wright will fill three year terms. Brent McDowell will serve a one year position. Incumbent Randy Joevenazzo was seeking re-election but was shut out.