A tentative deal has been struck that should keep the Olds Grizzlys off the chopping block at tomorrow's AJHL annual general meeting.
A tentative deal has been struck that should keep the Olds Grizzlys off the chopping block at tomorrow's AJHL annual general meeting.
The Olds Sportsmen's Recreational Association announced this morning (May 26) that they have accepted a proposal to purchase the Olds Grizzlys AJHL franchise from a combined group of alumni and possibly some local business people.
During a town hall meeting on Wednesday (May 24), the Grizzlys' board noted that three groups of investors were being considered to buy out the franchise for the price of the debt, and to take over operational control of the club. One Edmonton-based group is willing to pay off the club's $300,000 debt, and commit to keeping the team in Olds for three years. The other two potential buyers are groups of former Grizzlys players and local business people, both willing to assume the debt and keep the team in the town.
The proposal on the table involves members of both local groups coming together. However, because of the last-minute scramble to meet the AJHL's Saturday deadline, many of the logistics of who exactly is in the group is still being ironed out, said Rebecca Henderson, the interim president of the Grizzlys.
Henderson said, however, that the association has seen the business plan and organizational ideas of the group and feel "it is the best fit for the franchise to stay in Olds and grow the community involvement of the team."
Henderson and a spokesperson from the new group will be meeting with the AJHL's management committee tonight (May 26), to present the proposal, in hopes of satisfying the league's fears of the team not being sustainable for next season and the future.
"As a board, we wanted to make every effort to keep the team local and we felt this group had the best plan to keep the team here for next season and beyond," read the sportsmen's association press release.
The Grizzlys aren't out of the woods yet – the decision rests with the board of governors, who represent each of the other teams in the league, and the issue could still be brought forward at tomorrow's AGM.
In addition, assuming the proposal is acceptable to the AJHL, the membership of the Olds Sportsmen's Recreational Association still needs to approve the board's decision, as Henderson explained to the 200-plus crowd that packed the Sportsplex on Wednesday.
Henderson said there are plenty of details to be ironed out and paperwork to be done. However, she believes that this proposal should be enough to satisfy the league and keep the Grizzlys off tomorrow's agenda and on the 2017-18 schedule.
