The Swift Current Broncos have given the City of Swift Current an insurance policy.
The Swift Current Broncos are pleased to announce the team has reached a historic agreement with the City of Swift Current in an effort to help facilitate the long term viability strategy of the franchise and insure the Civic Center meets the stringent facilities guidelines as established by the WHL.
Through negotiations with Mayor Sandy Larson and Council, the Broncos have agreed to a commitment of $2 million of equity value of the Franchise. Bronco Chairman, Joe Arling, called the agreement “historic in nature.” “The expansion of the Civic Centre is crucial to our long term viability. In light of the costs of the Project, we felt as an organization we could step forward and make a commitment to the City in their effort to get the best deal they can for the citizens and taxpayers of Swift Current.”
Current Franchise value in the WHL is estimated to be in the $5 million dollar range. “Mayor Larson and Council have negotiated a terrific deal on behalf of the taxpayers, and the Broncos can move forward knowing we will have a facility that will meet our needs and the WHL requirements well into the future.” Exercising the option on the $2 million dollars would happen only if the Broncos ever leave Swift Current. “We don’t quite frankly ever see that happening, but in the event it does, the citizens will realize a value from the Franchise which they’ve helped create. This is a win-win,” added Arling.
The Broncos will commit the first million dollars on approval of the expansion project. The second million dollars will be committed when it is determined the building meets the complete facilities standard as outlined by the WHL. “All of the interested parties have been asked to sacrifice in certain areas in order to move forward with the project. We have also made concessions, but have to keep in mind the strict facility standards that must be met in order to be a member of the WHL,” said Arling. The two million dollars will be in the form of preferred share membership. As well, the City will have the right to appoint a Director to the Board of the Broncos.
Through negotiations with Mayor Sandy Larson and Council, the Broncos have agreed to a commitment of $2 million of equity value of the Franchise. Bronco Chairman, Joe Arling, called the agreement “historic in nature.” “The expansion of the Civic Centre is crucial to our long term viability. In light of the costs of the Project, we felt as an organization we could step forward and make a commitment to the City in their effort to get the best deal they can for the citizens and taxpayers of Swift Current.”
Current Franchise value in the WHL is estimated to be in the $5 million dollar range. “Mayor Larson and Council have negotiated a terrific deal on behalf of the taxpayers, and the Broncos can move forward knowing we will have a facility that will meet our needs and the WHL requirements well into the future.” Exercising the option on the $2 million dollars would happen only if the Broncos ever leave Swift Current. “We don’t quite frankly ever see that happening, but in the event it does, the citizens will realize a value from the Franchise which they’ve helped create. This is a win-win,” added Arling.
The Broncos will commit the first million dollars on approval of the expansion project. The second million dollars will be committed when it is determined the building meets the complete facilities standard as outlined by the WHL. “All of the interested parties have been asked to sacrifice in certain areas in order to move forward with the project. We have also made concessions, but have to keep in mind the strict facility standards that must be met in order to be a member of the WHL,” said Arling. The two million dollars will be in the form of preferred share membership. As well, the City will have the right to appoint a Director to the Board of the Broncos.
Sat, Apr 20, 1:00 PM
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