Vees downsize ownership group

The Penticton Hockey Club Ltd., the ownership group of the Valley First Vees, has approved an internal share transfer.

TPHC LTD. Managing Partner, Scott Carter, states the team has not been sold, but has agreed internally to reduce the number of shareholders, who will sell their shares to another shareholder.

This agreement is tentative, pending league approval, and will not take place until after the current season is over.

In a statement, Carter says the ownership group has been reduced from 22 shareholders to 12.

“This agreement will not affect the day-to-day operations of the Vees and will only enhance the long term future of the organization," says Carter.

"Our goals have not changed. We will continue to be committed to building champions, on and off the ice, and giving back to our community."

Carter says getting the agreement in place sooner rather than later was important in negotiations with the city in securing a lease for the new South Okanagan Events Centre.

"How the Vees will need to operate inside the SOEC will greatly change, making it important that our group is committed to moving forward.”