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SPIRIT OF MANITOBA AGREES TO BUY JETS
Published June 14, 1995
The Spirit of Manitoba agreed yesterday to purchase the majority shares of the Jets for $32M, according to today's WINNIPEG FREE PRESS. The agreement is not final, however, until Spirit puts down a $10M deposit -- for which it has until Friday. The FREE PRESS' John Douglas notes that, "while the sale is a major step towards keeping the Jets in Winnipeg long-term, it is not over." Spirit must now complete an agreement with the three levels of government to build a new 16,000-seat arena and raise another $20M to cover future losses. Closure is "contingent on three issues being settled": 1) Private sector investment of $80M -- $60M of which has already been pledged; 2) Favorable rulings on re-capitalization and the charitable status of a fund to cover losses; and 3) Approval by the NHL. In addition to buying shares for $32M, the new owners would pick up $8M in debts and be prepared to cover about $15M in expected losses next year (WINNIPEG FREE PRESS, 6/14).