After a tumultuous few years, the Brampton Beast is looking for local investors to help take the team to the next level.
Members of the public will soon have the opportunity to buy a portion of the minor league franchise which is a second-tier farm team to the NHL’s Montréal Canadiens.
Currently owner Gregg Rosen owns 97 per cent of the franchise, and the other 3 per cent belongs to team manager Cary Kaplan.
The two, along with local businesswoman Tina Larsen, are looking to bring on about 8 new investors interested in taking a 5-10 per cent stake in the team, which is currently valued between $5-10 million.
The three hope that by bringing on local co-owners, it will boost awareness of the team and ultimately drive more ticket sales and local engagement.
The move comes after Brampton City Council voted last year to give the team a $1.5 million cash infusion in public funds over three years to keep it from floundering.
The decision was highly controversial, sparking questions about privately owned for-profit businesses being given taxpayer money by City Council.
Mayor Linda Jeffrey, one of the two votes against the decision, expressed her concern over the decision, telling The Star that it was not what residents elected her and her colleagues on council to do with their tax dollars.
How The Votes Fell
Give the Brampton Beast $1.5 million over 3 years
Councillor Elaine Moore, Ward 1-5
Councillor Grant Gibson, Ward 1-5
Councillor Doug Whillans, Ward 2-6
Councillor Michael Palleschi, Ward 2-6
Councillor Jeff Bowman, Ward 3-4
Councillor Martin Medeiros, Ward 3-4
Councillor Gael Miles, Ward 7-8
Councillor Pat Fortini, Ward 7-8
Councillor John Sprovieri, Ward 9-10
Mayor Linda Jeffrey
Councillor Gurpreet Dhillon, Ward 9-10