The Lethbridge Hurricanes held their 2014 Annual General Meeting Tuesday night in the lounge at the ENMAX Centre.
A good crowd of shareholders showed up to hear what the club's brass had to say.
The Hurricanes Audited Financial Statement showed the Hurricanes lost $390,331 last season. That loss, coupled with a deficit of $59,441 at the start of the 2013-14 campaign showed an overall deficit of $449,772 as of the official end of the season on May 31, 2014. Adding up all the losses over the past five seasons, the Canes have lost roughly $1.65 million since the 2009-2010 WHL campaign.
Some of the other financials indicates the club received a private load of roughly $300,000 last season. A shareholder questioned where the private money came from, but that wasn't revealed. The financial statement also showed the club spent $75,000 on developing the Hurricanes current logo which was unveiled last season. President Brian McNaughton stated the club had expected a loss, however he didn't expect it to be as much as it was. McNaughton said the significant loss was due to lower ticket sales, lower ad revenue, the agreement with the ENMAX Centre, and no charity dinner like in past years.
Hurricanes Business Manager Terry Huisman spoke about the Hurricanes budget for this 2014-15 season. He has budgeted for a financial profit of $114,863. Part of the optimistic projection comes in ticket sales. Huisman anticipates the Hurricanes will sell $170,000 more in ticket revenue this year over last. Huisman was also asked about the number of season ticket sold this year. He told shareholders they are close to 1300 PAID tickets right now. There was some miscommunication in regards to that. Husiman clarified to me Wednesday morning that the actual number of current season ticket holders is closer to 1700. There is a distinction between paid season tickets and actual season ticket holders.
A number of shareholders brought up the fact they feel the hockey club should be put up for sale. Hurricanes legal adviser Herb Beswick stated in order to do that, a motion would have to be put forward at this AGM to come forward to the next AGM in 2015. Shareholder Doug Cormack made a notice of motion at the end of the meeting that "a special meeting be held to facilitate the sale of the hockey club to private ownership". That motion will now go forward to the next Hurricanes AGM in 2015.
The Hurricanes Board has a number of new directors. Seven people ran for six spots available. Brad Cook, Adele Barrington, Brian Wichers, and Kelly Shigehiro did not run again. There was also a position available after Dick Gibson resigned last season and a position on the board with Randy Joevenazzo up for re-election. Of those six, only Joevenazzo ran again. After a shareholder vote, the new members of the Hurricanes Board of Directors include: Brent McDowell, Cory McLean, Roger Simpson, Daryl Wilson, Glen Wright, Michael Boh. Incumbent Randy Joevenazzo is out.