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