Port Alberni, BC (ISN) – The Port Alberni Junior Hockey Society (PAJHS) announced today that is has reached an Agreement in Principle and signed a Term Sheet with the current ownership group of the Alberni Valley Bulldogs for acquisition of the team.
The parties involved are now working on a definitive agreement and are preparing to refer the sale to the BCHL for review.
If the sale structure, business plan and operating budget developed by PAJHS is approved, the society will own 100% of the team and will hold no current liabilities. Vendor financing is involved on a long-term basis with a very competitive rate of interest.
The Society has asked current Directors Andy Oakes and Dennis See to stay on as advisors for the near term to ensure a smooth transition of ownership and most importantly, continuity for players, staff and volunteers.
While PAJHS Chair Darren DeLuca is encouraged by the tremendous public support the Society has received to date, he stressed that the foundation of the team going forward will be ongoing reinforcement of that support in the form of ticket sales and sponsor commitment.
“To allow the team to begin the year with the resources it needs to kick off a successful season, the Society would encourage supporters to complete season ticket purchases and finalize annual sponsorship agreements as soon as possible” said DeLuca. “Bulldogs personnel are hard at work establishing winning elements for the season ahead and we would like to remind everyone that it is business as usual for the team.”
The Bulldogs finished the 2011-2012 season with a 22-34-2-2 record and finished out of the playoffs in 6th place in the BCHL’s Coastal Conference.