LETHBRIDGE – A majority vote among Lethbridge Hurricanes shareholders showed an interest in pursuing a sale of the WHL franchise. Unfortunately for them, a simple majority isn’t enough.
At a special shareholders meeting Monday night, 68 per cent of represented votes were cast in favour of sending the issue to a final sale vote. However, the team’s bylaws state 75 per cent approval was needed. Still, it’s a strong message to the current board of directors about the direction of the team.
“On one side, you could say maybe we’re disappointed,” said Hurricanes president Doug Paisley. “Because that big of a number is against community ownership, or maybe not against it, but for private sale. Do you lose that support? Do you lose those guys buying season tickets?”
Last month Western Hockey League commissioner Ron Robison strongly urged shareholders to vote for a sale amid climbing financial losses. But Paisley feels the league will still back the franchise in its current state. “(Robison) said flat out ‘we’re going to support you guys 100 per cent either way. We’re glad you’re getting this decision done, we’re glad you’re moving forward, and we’re a partner with you.”
However, the team is still far from stable. It has lost more than $1-million over the last five years, with another six-figure deficit from this past season announced to shareholders through unaudited financial numbers.
“We have a monumental amount of work ahead of us,” said Paisley. “But there isn’t one guy here that isn’t on-board. The people who elected (us) into these chairs can rest assured (we’re) going to work for a community owned model because that’s what they hired us to do.”
Shareholders did vote in favour of selling 2-thousand premium shares at $1-thousand a piece. If that sale is successful it could lead to a large cash infusion. But to be stable in the long term the team acknowledges it needs to be better on the ice, and fans need to back them up through ticket sales.
“We can do our share drive and we can hope to get some capital in there, but you burn through it real quick if you don’t make money,” said Paisley. “And making money means playoffs, making money means 3800 people per night coming, not 3000.”
The other big piece of news from the night could mean fans at least have an entertaining team to watch. General manager Peter Anholt announced the Hurricans have signed forward Jordy Bellerive, the second overall pick in the 2014 bantam draft. He is expected to join the team as a rookie next season. There were concerns the club’s instability would drive him away, but Paisley believes his decision to sign shows the club is on the right track.
“If you’d asked me six months ago if it was going to happen, it didn’t look very good and three months later it probably looked worse” said Paisley. “But now, I think we’ve turned a corner in regards to our operational staff, and from what I understand he’s extremely excited to come to Lethbridge.”
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