Petes and Lakers land new arena revenue sharing deals

Peterborough, ON, Canada / (CHEXTV)

Some exciting news for two major tenants of the Peterborough Memorial Centre. On Monday night, city council approved a new revenue sharing deal with the Peterborough Petes and Peterborough Lakers. Greg Davis has more:

The Peterborough Petes say a new revenue sharing deal ensures their future.

Board president Dave Pogue: We’re happy now this gives us what we need to really push forward and keep this team here for many, many years.

Monday night city council endorsed a deal to annually give the OHL team $315,000 in Memorial Centre Revenues. The team says it needs the help – they only have four years of money left in their reserves.

The city originally offered $113,000 – the team makes about $1 million for the city

Pogue: Now it’s our job to take those revenues, convert them into more money and provide the better product for the city and it doesn’t hurt that the team – at the same time – is doing very well on the ice.

In a separate deal, the Peterborough Lakers lacrosse team will receive nearly $68,000 in arena revenues.

Brian Cowie, Lakers communication officer: The Lakers are pretty happy about it. It’s that time of year where we start to hit the payment looking for sponsors and other monies too so this is good news for us.

Cit councillor Henry Clarke says both clubs offer significant economic spinoffs for the city

Clarke: Those teams will create more money and do create more money in the community that they are costing.

But the agreements are creating mixed reactions…

Streeter: I think it’s an absolutely essentially idea and i’m very thankful they come to their senses and found the money where i could be found.

Streeter: I do believe they could be using the money for better purposes – younger recreational stuff, there’s a minimum of men, women and family shelters. That’s a lot of money to be giving out just for players to play hockey

Streeter: I think it’s not fair for others that have to put out their money to support a hockey team

Streeter: I like the idea. It will be good thing for the petes. Works good for us and I hope it keeps up.

The Petes also received an additional $40,000 in capital funds to reinvest for a new video screen… all part of creating new excitement on and off the ice.

Pogue: We are very pleased everyone is getting something out of this deal. city council is expected to vote on the new agreement next Monday.

Greg Davis CHEX News Peterborough

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