McCaw Agrees to Purchase Griffiths' Shares in Orca Bay Sports & Entertainment;
VANCOUVER, Nov. 12 /PRNewswire/ -- Orca Bay Sports & Entertainment, today announced that the company's chairman, John McCaw, has agreed to purchase all shares in Orca Bay held by Arthur Griffiths. Griffiths will continue with the company as Vice Chairman, Alternate Governor NHL, NBA.
"Arthur will continue to contribute his community leadership and his knowledge and experience in sports businesses to Orca Bay," said McCaw. "I respect the personal business decision he has made in tendering his shares in the company and I look forward to our continuing efforts to build this organization."
"I would like to also acknowledge the many thousands of Canucks fans for their consistent support over the years and most recently the support fans are showing for the Grizzlies. The enormous response we have had to concerts and other special entertainment events at General Motors Place is very exciting. There is a tremendous commitment to sports and entertainment in Vancouver and I am honored to be a part of it."
Griffiths said "My family has been committed to the success of the Vancouver Canucks for 22 years. That commitment has been the basis for all of my decisions. In fact, if I had decided not to build an arena without taxpayer dollars and then secure an NBA basketball franchise, the Vancouver Canucks would not be in Vancouver today."
"However, in reviewing the overall financial commitment that is required to operate these businesses, I have concluded that it would be in my best personal interest to sell my shares in Orca Bay to the majority owner, John McCaw. I feel that this was the best and most appropriate course of action for the teams, the employees, the community and myself and my family. In John McCaw, the Grizzlies, the Canucks and Orca Bay have an owner who has both commitment and passion for the sports and for the City of Vancouver. This is a decision that I feel very good about and one that fans, employees, players and the general community should feel good about."
"It's important to point out that it was not John's desire to purchase my shares and I concluded that this decision was in the best interest of myself and the business."
In addition to his executive responsibilities, Griffiths will continue to chair the Canuck Place board and serve as a director on the Canuck Foundation and Grizzlies Foundation boards.
John McCaw now owns 100 per cent of Orca Bay Arena Limited Partnership, 100 per cent of Orca Bay Basketball Limited Partnership and owns 72 per cent with the right to acquire an additional 14 per cent of Northwest Sports Enterprises Ltd., which owns the Vancouver Canucks.
Orca Bay is working to build a unique leadership position in the sports and entertainment business. The Orca Bay companies will acquire or create exceptional sports, entertainment and related businesses with the objective of setting high standards for consumer enjoyment. These goals will be achieved through solid long term planning, investing in talent and the strategic application of internal resources to opportunities and projects.
Orca Bay Sports & Entertainment includes the NHL Vancouver Canucks, NBA Vancouver Grizzlies, RHI Vancouver VooDoo, General Motors Place, the new state-of-the-art sports and entertainment facility in Vancouver, BC, and other sports properties. Orca Bay is also the Community Partner of the PGA Greater Vancouver Open.
SOURCE Orca Bay Sports & Entertainment
/CONTACT: Kevin Gass, Vice President, Communications and Community Investment, Orca Bay Sports & Entertainment, 604- 899-7817/
CO: Orca Bay Sports & Entertainment ST: British Columbia IN: ENT SU:
CW-MZ -- LA083 -- 5137 11/12/96 19:55 EST http://www.prnewswire.com
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|Date:||Nov 12, 1996|
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