The Winterhawks filed bankruptcy six weeks after the WHL canceled its playoffs due to the coronavirusGETTY IMAGES
The WHL Portland Winterhawks are "heading towards a new ownership solution," the league confirmed in a statement yesterday, according to the CP. This comes following reports that parent company Portland Winterhawks Inc. "filed for Chapter 15 bankruptcy on Thursday, and that the major junior hockey team had been handed over to a court-appointed receiver." That receiver "reportedly has no intentions of shutting down the organization, and the WHL says it believes a solution can be found" (CP, 5/10). In Portland, Jeff Manning noted the Winterhawks filed bankruptcy six weeks after the WHL "canceled its playoffs due to the coronavirus." Winterhawks Owner William Gallacher "allegedly failed to repay money his companies had borrowed" in '18. The lender, Bridging Financing, "went to court in Toronto earlier this month and claims it took control" of several of Gallacher's companies, "including the hockey team." A receivership "could be devastating" for the franchise. The WHL can "terminate a team's ownership agreement if the franchise enters bankruptcy or is in receivership for more than 10 days" (Portland OREGONIAN, 5/10).
