Aquilini Brothers Buy Remainder Of Canucks, GM Place

Francesco Aquilini And Family Purchasing Remaining 50% Of Canucks, GM Place

Aquilini Investment Group, owned by Francesco, Roberto and Paolo Aquilini, reached an agreement to purchase the 50% of the Canucks and General Motors Place arena that it does not already own from Orca Bay Sports & Entertainment Chair John McCaw, according to Grant Kerr of the Toronto GLOBE & MAIL. While details of the sale were not disclosed, Forbes two years ago estimated the Canucks to be worth $148M. The sale is subject to approval by the NHL BOG and is expected to close early next year. The Aquilinis gained a 50% share of Orca Bay from McCaw in November of ’04, but Francesco Aquilini and McCaw are being sued by Vancouver business execs Tom Gaglardi and Ryan Beedie over the ’04 sale. They allege McCaw and Aquilini “acted in bad faith and disregarded legal agreements when they completed that deal” (GLOBE & MAIL, 11/9). In Vancouver, Iain MacIntyre writes, “The best thing that can be said of John McCaw’s ownership of the [Canucks] is that he always signed the cheques and the team is still here. By most other measures, [McCaw] was a lousy owner.” Francesco Aquilini “could be an ideal owner in almost every respect, but if he won’t sign the cheques, nothing else will matter” (VANCOUVER SUN, 11/9).