January 13, 2015 City Council Meeting. March 2, 2004 lease assigned to IFG-Stockton Franchise Group. April 6, 2010 lease assigned to SC Hockey Franchise.

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Presentation transcript:

January 13, 2015 City Council Meeting

March 2, 2004 lease assigned to IFG-Stockton Franchise Group. April 6, 2010 lease assigned to SC Hockey Franchise Corporation. December 2014 Adirondack Flames Canada, LP entered into a stock purchase agreement for 100% ownership of SC Hockey.

Adirondack Flames Canada is an affiliate of Calgary Flames, Limited Partnership which owns and operates the Calgary Flames National Hockey League Club.

Lease permits transfer with City’s prior consent as long as the transferee possesses the financial capability and management expertise to operate the team. Staff worked with industry consultant and legal advisor who reviewed owner documentation and confirmed that new owners fulfill conditions for transfer.

Represents a higher level of commitment and financial security for the City. A first priority lien over all stocks and assets of SC Hockey. A lien over all of the assets of Adirondack Flames US Limited Partnership.

It is recommended that the City Council consent by motion to the transfer of the team lease at the Stockton Arena to Adirondack Flames Canada, LP, an affiliate of Calgary Flames Limited Partnership.