Canucks: Aquilini Investment Group to take over management of Abbotsford Center
The Aquilini’s deal to bring the AHL back to Abbotsford is more than just a hockey team.
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One of the things that came up about the Vancouver Canucks’ interest in bringing their American Hockey League team to Abbotsford was whether they would get more than just a deal to found their team at Abbotsford. Center, city property.
Now an answer.
According to a document published on the BC Bid website Thursday, the province’s central government procurement registry, the city of Abbotsford and AIG Acquisitions Inc., a company owned by the Aquilini family, have agreed to a “transaction of five years”. and management agreement ”from January 1, 2022.
After the initial five-year term, there would be three more years of options.
The city would pay $ 750,000 per year to Aquilini Investment Group to manage and operate “the Abbotsford center as a multi-purpose entertainment and sports facility serving as community facilities and for a wide range of other sporting events, trade shows , cultural and entertainment. events.”
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Under the contract, the Aquilinis will pay all operating costs, but the city will remain responsible for maintenance and repairs to fixed assets.
The city will take a percentage of the revenue generated by the Aquilinis, depending on the number and types of event tickets sold.
“The City chose to solicit a bid for the proposed operator deal exclusively because of its unique experience and ability to leverage the operational synergies within the Canucks Sports and Entertainment franchise and the desire of the operator proposed to move its American Hockey League (AHL) development team to the Abbotsford Center as a primary tenant from the 2021-2022 AHL season, without which the fixed-price management fee with liability operating costs would not be sustainable, ”adds the tender document.
Abbotsford hosted the AHL Abbotsford Heat from 2009-2014. The team was affiliated with the Calgary Flames.
The deal that brought the Heat to Abbotsford was criticized from the start as it guaranteed the team a $ 5.7million balancing annual budget and left the city on track to fill the shortfall, what they had to do each season.
City paid more than $ 5 million in the first four years of the deal and estimates at the time suggested the city would be close to paying the team an additional $ 11 million between 2014 and 2019. , when the original deal was set to run out.
To mitigate these future losses, the city paid the Flames $ 5.5 million in 2014 to end their agreement.
Abbotsford Center is currently managed by Spectra Venue Management.