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Erie Otters sold at auction for $7.225 million US, will stay put
All is well that ends relatively well with the Erie Otters' ownership saga.
From afar, how Otters managing partner Sherry Bassin was able to wriggle out from a legal row with Edmonton Oilers owner Daryl Katz and find a means by which the team could be sold to buyer who wouldn't move it has been fascinating. As it turns out, only one bid was placed for the team at an auction conducted by a bankruptcy court, with JAW Hockey Enterprises LP, a group led by former CHUM Radio executive James A. Waters, anteing $7.225 million to buy the Ontario Hockey League team.
From Valerie Myers (@etnmyers):
Waters on Wednesday reiterated his assurances that Otters' home ice will continue to be in Erie.
"I've been to Erie three to five times to watch the team and loved it there. I enjoy the city and have no intention of moving the team," Waters said. "I saw how excited the fans were (when the Otters were) in the playoffs, and we hope to keep giving them that kind of excitement."
Waters has said that the franchise will be guided by Roy Mlakar, a Cleveland area native and former Ottawa Senators president and chief executive. But Waters plans to be in Erie regularly. (Erie Times-News)
Well, then, everything has been wrapped up a neat little package, then, pending approval from the OHL's board of governors. Given Mlakar's long involvement in hockey, with the Senators and the Los Angeles Kings, that shouldn't be too big a hurdle.
The OHL really didn't need the prospect of another team pulling up stakes after having three relocations in as many seasons with the Brampton/North Bay Battalion, Plymouth Whalers/Flint Firebirds and Belleville Bulls/Hamilton Bulldogs.
Erie businessman Owen McCormick, who is one of the owners of the Pennsylvania city's minor-league basketball team, said his group didn't see enough "return on investment" to justify trying to top the JAW group's bid.
Neate Sager is a writer for Yahoo! Canada Sports. Follow him on Twitter @naitSAYger.
