New ownership structure proposed
Published on March 23, 2004 under National Lacrosse League (NLL)
Vancouver Ravens News Release
VANCOUVER (Tuesday, March 23, 2004) - MSA Sportworks Entertainment, Inc. of Vancouver, the holder of the National Lacrosse League franchise rights to the Vancouver Ravens Lacrosse Club, and Partners Group 1,Inc., have signed a letter of intent to create a new partnership structure in support of British Columbia's professional indoor lacrosse franchise.
The letter of intent will see Partners Group 1, Inc., a dynamic Atlanta-based investment group headed by Ottawa-born Raj Kalra, assume majority ownership of the Vancouver Ravens, ensuring a strong financial infrastructure for the third-year NLL franchise. The proposed deal, scheduled to officially close on or before June 1st, 2004, is designed to keep the Ravens franchise in British Columbia.
"We're absolutely delighted to have reached this agreement with Raj Kalra and Partners Group 1," said Tom Mayenknecht of Sportworks Entertainment, Governor of the Vancouver Ravens. "It's a very positive development for the Vancouver franchise, for our players, coaches and management and for all of our fans of Ravens Lacrosse. Raj and his group are committed to helping take the Ravens franchise to the next level and to making it a source of pride for the BC lacrosse community and for all sports fans throughout the province."
Mayenknecht credited Kalra for his vision of building a strong NLL franchise in British Columbia, one of the key cradles of lacrosse in North America.
"In our plan to ensure a full recovery and a strong future for the Ravens franchise here in British Columbia, we were committed to an ownership group that was long-term in its approach to building the business, aware of the special nuances of sport ownership and passionate about lacrosse," said Mayenknecht. "In Raj Kalra and his group, we have all three criteria in place and we're excited about the prospects for the growth and development of Ravens Lacrosse with that kind of backing."
According to Mayenknecht, who will continue to serve as managing partner of the Ravens franchise, National Lacrosse League Commissioner Jim Jennings was instrumental in setting up the new partnership.
"We've been working closely with Jim, the NLL league office and Board of Governors for one year now and when we widened the net of possible solutions to secure the future for Ravens Lacrosse, Jim was there with a solid understanding of how important it was to retain a strong NLL presence in British Columbia," explained Mayenknecht. "We're fortunate that Raj Kalra has the same vision and a sophisticated recognition of BC's value to the NLL in terms of fan base, sponsorship and broadcast, merchandising and perhaps most important, long-term player development."
The Ravens are in their third season in the NLL, having made the playoffs in each of their first two years with regular season records of 10-6 and 9-7. In their inaugural season, the Vancouver franchise averaged 10,211 fans per game at General Motors Place, led the NLL in national television ratings and were among the league-leaders in merchandising.
"It's a key market for lacrosse in general and for the NLL in particular," said Jennings. "With the right resources in place, we're confident that the franchise will experience positive growth in terms of ticket sales, sponsorships and overall fan development."
Kalra, a self-confessed sports enthusiast, met the players and coaches of the Ravens in Saturday's 15-11 loss at the hands of the San Jose Stealth at the HP Pavilion in San Jose. The loss dropped the Ravens to a disappointing 4-9 on the season.
"As a Canadian and as a former lacrosse player myself, I know the BC market very well and I understand the heritage of the game on the West Coast," said Kalra. "I'm convinced it's a great lacrosse market and I'm very bullish on the opportunity to build the franchise for the future, particularly in light of the tremendous upside I see in the National Lacrosse League throughout North America. This is a great product and I see great things for it and the NLL in the years to come."
National Lacrosse League Stories from March 23, 2004
- NLL trade deadline passes - NLL
- Phair returns to Mammoth at trade deadline - Colorado Mammoth
- New ownership structure proposed - Vancouver Ravens
- Wings Honor 10th Anniversary of 1994 World Championship Team This Saturday - Philadelphia Wings
- Stealth Acquire Forward Josh Bergey From Toronto Rock - San Jose Stealth
- Rock Make Trades as Deadline Approaches - Toronto Rock
- Ravens Insider - Vancouver Ravens
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