Erie Otters franchise to be sold at auction to Toronto group

ERIE, Pa. (AP) - The Erie Otters minor league hockey franchise is set to be sold at auction in U.S. Bankruptcy Court in Erie on July 10.

Only one bidder, JAW Hockey Enterprises LP of Toronto, will close the deal for the Ontario Hockey League team for $7,225,000, The Erie Times-News reported (https://bit.ly/1TPt49g).

JAW Hockey Enterprises made the opening bid in May and set sale terms as the preferred buyer designated by current Otters owner Sherry Bassin.

“I’m really excited,” JAW Hockey Enterprises owner James A. Waters said. “It’s a special day. The only thing I ever wanted to do besides broadcasting is own a sports franchise, most especially hockey. I wasn’t sure I’d ever get this opportunity.”

A group of local investors considered bidding on the team but opted to pass just hours before Wednesday’s bid deadline. Waters’ assurance that the Otters would remain in Erie spurred their decision since the locals didn’t’ want to see the team leave.

“I’ve been to Erie … to watch the team and loved it there. I enjoy the city and have no intention of moving the team,” Waters said. “I saw how excited the fans were (when the Otters were) in the playoffs, and we hope to keep giving them that kind of excitement.”

The Otters filed for bankruptcy April 8 to halt a forced sale to the National Hockey League’s Edmonton Oilers. The Oilers loaned the team $4.2 million starting in December 2011 so they could continue to operate.

The Otters’ total debt is $5.4 million, which will be repaid once Judge Thomas Agresti and the OHL approve the sale.

The team moved to Erie from Niagara Falls, Ontario in 1996. Otters center Connor McDavid is considered to be the No. 1 pick in this year’s NHL Entry Draft.

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Information from: Erie Times-News, https://www.goerie.com