New Storm lease will cost City up to $5 million dollars over the next decade

Photo from http://bruins.nhl.com/club/gallery.htm?id=30974

Photo from http://bruins.nhl.com/club/gallery.htm?id=30974

 

The Guelph Storm and the City of Guelph have reached a new 10-year lease agreement for use of the Sleeman Centre that will end up costing Guelph taxpayers roughly $500,000 per year in revenue, $5 million total. The amount may be lower if the Storm has long payoff runs.

The reason for this hit on the operating budget is a change in the revenue sharing agreement between the City and Storm on various things such as tickets, advertising, concessions and ice rental.

The new deal expires after the 2026-2027 season.

What they said:

“The Guelph Storm are a vibrant part of our city in so many ways, economically, socially, wonderful entertainment and perhaps most of all, a great source of civic pride. We are thrilled to have extended our relationship for at least another decade as our gifted young men attempt to bring another championship to our great city,” said Storm partner and governor Rick Gaetz, in a news release.

“This is great news for Storm fans, and great news for our entire city,” said Mayor Cam Guthrie. “This agreement means that Guelph will continue to be known as ‘Storm City’ for at least the next decade. The Ontario Hockey League market is an increasingly competitive place, and cities across Ontario are knocking on the doors of successful teams like the Guelph Storm in hopes of hosting a team, because they too know of the immense benefits it can bring, The last thing I wanted was for Guelph to lose the Storm to another community. In today’s competitive market, that’s always a very real possibility, and my kids would have killed me!”

City CAO Derrick Thomson echoed the mayor’s comments. “The City values the importance of having an OHL team, including the variety of benefits it brings to our community and downtown economy.”

Related Links:

New lease agreement with Guelph Storm comes with a price tag 

City and Guelph Storm announce 10 year agreement

Guelph Storm reach 10-year deal to stay at Sleeman Centre

Guelph Storm Agree to New 10-year lease with City of Guelph

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