6:20 PM ET Update: The Brampton Beast have released a statement on today’s events:

“Today marks a historic day for the Brampton Beast and the City of Brampton. Today the City has joined forces as a true and significant partner with the Brampton Beast and as a result, it solidifies the team’s standing in the ECHL.
 
We look forward to working directly with city staff to promote the many events and programs the City of Brampton produces that are so integral to the fabric of the community. We also are excited to proudly promote Brampton in our travels throughout North America and on the international hockey stage. The partnership also allows us to work with the City to offer many less fortunate families and children a chance at an unforgettable night out, most of whom would otherwise not have the opportunity.
 
We would like to formally acknowledge and thank Brampton City Council and City Staff for their tireless efforts in making this possible. This partnership also would not exist had it not been for the Beast’s fans and corporate partners, many of whom went out of their way to voice their support in recent days during this process.

12:20 PM ET Update:  The Brampton City Council has voted 8-2 to give the Brampton Beast $500,000 each year for three years in sponsorship and advertising.

The total money ($1.5 million dollars) will help with the team’s losses, but will not cover the losses outright, Brampton Guardian reporter Peter Criscione tells thesinbin.net.

Criscione also says the City is continuing to study a deal to purchase the Powerade Centre from Real Star, the arena’s owner. The study expected to take 8 to 9 months at a cost of $250,000.

We will continue keep you updated on this story.

ORIGINAL STORY: The fate of professional hockey in Brampton, Ontario is being decided today.

The Brampton City Council is discussing whether to throw a $1.5 million dollar lifeline out to the Brampton Beast, so the team can cover projected losses for this season and continue playing there.

Team President Cary Kaplan has said the team has lost $4 million dollars in their first three seasons in the CHL & ECHL and will leave Brampton if they do not get any help.

In their first year, the team only managed to attract an average of 2,233 fans per game. After the move to the ECHL in October 2014, the team averaged 2,572 (2014-15) and 2,790 (through 29 home dates this season.) The trend has been to slowly increase the average attendance in their history-to-date.

So far this morning, the Council has proposed giving the team $500,000 per year for three years for sponsorship and advertising, according to Peter Criscione of the Brampton Guardian.

The ECHL has given the Beast until tomorrow to reach a resolution on this issue.

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