The Peterborough Petes—the oldest continuously operating team in the Ontario Hockey League, having won nine OHL championships and one Memorial Cup championship over 60 years—will be in much better longterm financial health after a new deal with the City.
At the Peterborough City Council Meeting on Monday, February 13th at City Hall, Councillors approved By-law 17-009 concerning the creation of a new facility agreement between the Petes and the City.
Memorial Centre, home of the Peterborough Petes
The re-negotiated agreement will allow the Petes—the primary tenant of the Peterborough Memorial Centre—to keep more of the revenue the team generates, while still providing substantial funds to the City. Some specific highlights of the agreement include:
-> The Petes and City will share the cost of new screens on the existing videoboard, with the goal of enhancing fan experience. -> The Petes’ operating expenses will be decreased by reducing fees the Petes pay in several ticket areas, and by altering the advertising revenue sharing model. -> The Petes will receive 5% of gross revenues from food and beverage sales at Petes home games. -> One-time contributions to the Petes to reduce operating costs.
Petes President Dave Pogue presenting before City Council
“We want to thank Council for allowing us to undertake this process. I don’t want people to understate the patience it took as we worked through roadblocks to find the best deal,” says Petes President Dave Pogue. “We’re ready to move forward now with our plans. The team is having success on the ice right now, as is well publicized. Likewise, we have a strong strategic plan in place to continue to improve our business operations.”
The Council agenda item 17-009 that was approved read “Being a By-law to authorize the execution of Agreements and such other related documents between The Corporation of the City of Peterborough and Peterborough Petes Limited to reflect the changes to the agreements noted in Report CSD17-001.”
Historical photo Peterborough Petes
The Petes, who are synonymous with Peterborough around the world, have graduated over 180 players to the National Hockey League.