Former Olds Grizzlys general manager Robert ìBobî Clark thinks it's possible that one ñ or maybe several ñ investors could step forward to buy the Olds Grizzlys Junior A hockey team and prevent it from leaving the community.
But he says in order to make that happen, the town may have to cut a deal with them on things like ice time costs; and creditors may have to take a cut in what they're owed, or maybe become part of the ownership group.
Clark made those points during an interview with the Albertan.
Last week, the Grizzlys announced that they may take a year's leave of absence ñ perhaps even fold altogether ñ if their financial problems can't be solved.
The community-owned team has an accumulated debt of roughly $300,000.
The team is holding a town hall meeting this Wednesday (May 24) 7 p.m. at the Sportsplex to discuss the situation and hopefully find a solution.
The Alberta Junior Hockey League will make its decision on the future of the team when it holds its annual general meeting May 27.
Clark was asked how likely he figures it is that an investor ñ or group of investors ñ would be willing to buy the team and absorb its debt.
He said in other communities, businesspeople own hockey teams as a way to promote their products. By doing so, they can write off certain costs.
He said for example, an investor in the Spruce Grove area who has sporting goods stores in major cities like Calgary, Edmonton and Vancouver, was able to do so.
ìI think there's an opportunity there,î Clark said.
ìBut with the debt, that makes it more challenging. They may have to go to all the people they owe money to and see if they can arrange a write-down or a write-off, or maybe they'll become part of the group buying the team.î
He said there's an incentive for creditors to buy into the team.
ìIf nothing happens, they're going to have a come to God time aren't they, when they're going to get nothing,î he said.
Clark also said the Sportsplex itself is a bit of an issue.
ìThe arena in Olds is not the best in the league. It's not the poorest, but it's one of the older (ones),î he said.
Clark said investors have stepped in before to keep teams afloat. He said that happened recently in Drayton Valley.
ìI certainly think it's possible. But I'm not surprised the league has stepped in. The league can't afford to do a schedule and then in September, October or November, have somebody not be able to make it,î Clark said.
ìBut the town is going to have to ñ along with everybody else ñ decide how important is it to keep them and if it is important, then ëwhat are we going to do?' But they have to get some community leaders to step forward and help.î
However, if that doesn't happen here and the Grizzlys take a leave of absence, Clark is quite certain they won't be back.
ìOkotoks ended up getting a team from the Crowsnest Pass because Crowsnest Pass took a year's leave of absence and then sold the team to Okotoks,î he said.
"The town is going to have to ñ along with everybody else ñ decide how important is it to keep them and if it is important, then 'what are we going to do?'"BOB CLARK FORMER GMOLDS GRIZZLYS
