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.
Thanks,
Pat
The views expressed on this blog are those of the moderator and contributors and are not endorsed by 94.1 CJOC or the Lethbridge Hurricanes.
Canes for sale for 2 cases of scotch.
ReplyDeleteI found it extremely frustrating that when questions were presented to the board or the GM, getting an honest and forthright reply was almost impossible. I don't think they actually answered more than half the questions posed to them. Seeing McNaughton sitting beside the podium and whispering to the so-called business manager, auditor, general manager and telling them how to best reply was a telling sign of his having his nose in where it doesn't belong.
ReplyDeleteThe most upsetting thing for us though was when Robson was asked what they are doing to make this team better as it is imperative the players start winning. His response was they have to practice harder, play harder, play with more passion, want it more, etc. Continuing with the ongoing theme of not accepting an ounce of responsibility, he never said what HE was going to do and maybe more importantly, what Berehowsky was going to do. It was all on the players again.
I look forward to the AGM next year already when we have an opportunity to vote on selling this team and one day seeing McNaughon, Robson, Berehowsky and Huisman out on their butts. The players and fans deserve so much more than what these men are giving them.
-cc
-cc - Enjoy that meeting. It will likely be the last opportunity you get to stand up and tell the BOD and management what you think, what your concerns are, and ask any questions that come to mind. Once it is sold, whomever the new owner is, won't give you that opportunity.
ReplyDeleteAs for the gentleman that suggested a caveat that the team stay in Lethbridge upon the sale of the team, money talks and bu****it walks. If the team, under new ownership, for whatever reason, continues to bleed money and the fans don't support it, no owner will keep the team here. As for the league "making sure" the team doesn't leave, just ask the Chilliwack fans how that worked for them.
I get the frustration of the fans and the shareholders. I just don't buy the fact that private ownership is the be all end all. There are no guarantees in hockey or anything else for that matter. Just my opinion.
dc
A lot of good being able to stand up and tell the board has done anyone over the past number of years.
DeleteWhat will the new owners do build a team that has one of the worst CHL seasons ever? Already did that last year. Turn the team into a laughing stock? Already done. Turn players and coaches away? Check and check. Hire incompetent boobs to make hockey decisions and then keep them on when it is clear they have no idea what they are doing? Par for the course for public ownership.
As for the fear mongering about moving the team. Lethbridge is a city of almost 100,000 with easy drives to MH, SC, Cranbrook, Calgary, Edmonton, RD and MJ. It has a 5,000+ seat arena with recent upgrades. What magical city out there is going to provide a new owner/WHL with a situation close to as favorable as Lethbridge? The answer is none.
This team is at the lowest point any team could likely ever get. The fans don't trust management for good reason, the people in charge have no idea what they are doing, the on ice product is pathetic with little to no hope going forward and the general population doesn't give a crap about the team.
Getting private ownership in here can't make things worse because we are already at rock bottom.
We, the shareholders, we GLADLY sit back and watch a private owner run this club. We're sick and tired of the dishonesty and shady practices MacNaughton and Co. have been serving all of us the past 5-7 years.
DeleteYou have no clue of which you speak. Don't compare the Chilliwack situation to this one. They are two separate and irrelevant situations.
The issue is the bulk of the board of directors (which 5 did not run in this election and 1 did not finish out his term) have been there for 8-9 years. In that time we have lost so much money, fired how many coaches and general managers and have made Lethbridge a don't go to destination for employees and players alike.
ReplyDeleteIt's a shame that previous boards worked so hard to build it up to something of worth, just to have this board walk on, treat it as an old boys club and this is the result. Money leaving the team faster than it's coming in, bad reputations built, no willingness to change the current course of action, and most importantly no accountability. If this board really was there to better the team, after the losses breached 1 million dollars they should have accepted they don't know what they are doing and let others step in and try to fix the their mistakes. Instead the board is to arrogant to accept it and continue down the path.
I'm a shareholder, proud to be one, but this goose is cooked and it's time to put a fork in it. To much money has been lost, kids are not getting the best chance to make the NHL because of us. That's just wrong.
DG
Get Red nose Robson out of there already.
ReplyDeleteLet me make one thing clear. During my 8 plus years on the board, I worked by butt off planning the Hall of Fame nights, all the new displays on the concourse and dressing room and the annual golf tournament. The straw that broke the camel's back was because the proceeds from the 2013 golf tournament ($21,000) that had been assigned to various Alumni projects, was arbitrarily moved back into general revenues by the president and business manager without notifying the two co-chairmen of the golf tournament. The money was not replaced and so I resigned. It has nothing to do with the team, it was my decision based on principle.
ReplyDeleteDick Gibson
Good on you Dick! I would of had done the same thing.
DeleteIf that's the case why didn't you bring that up with the Business Manager last night at the AGM in front of all the shareholders. Sure sounds like there is more to this story than what your telling us......
DeleteI did not mention last night, because it could have come across as "sour grapes" on my part. The question was asked at the February shareholder information meeting and the President rather than explain it, said ask Dick. Of course I was not there so it was easy for him to say that.
DeleteThere is nothing more to the story.
Dick Gibson
Wow good on you Dick. That is what this team needed "Alumni Projects" what ever that means. I think "current player projects" would have been money better spent. Thanks for the 8 plus years but it was time to step down
ReplyDeleteLatest news apparently regarding trade is that the Hurricanes have had complaints lodged against them from other teams to the league office. Seems to never end.
ReplyDeleteJack
Have anything to substantiate this Jack? Or just happy to pile on from afar?
Deletesend the canes to the ajhl and bring in the top contender to replace
ReplyDeleteJust want to thank Dick Gibson for the years of service on the board, PA system, and on the radio. Anyone close to the team knows how important the Canes have been to you over the years. Alumni projects benefit both current and past players as well as the fans. Its very unfortunate the team was mismanaged and forced to reallocate funds to cover ass's. This franchise has a very rich history, here is to hoping one day that today's players and fans can celebrate wins from past and present.
ReplyDeleteHere, here!! I also would like to thank Dick for his many years of service and promoting the Hurricanes Hockey Club! You did a fabulous job!!
DeleteDarren Harker