Statement to Media and Citizens of Central Kentucky
April 8, 2003 - ECHL (ECHL)
Burlington News Release
Lexington, KY - Today, the East Coast Hockey League will announce a voluntary suspension of the membership that has operated in Lexington for the 2002-03 season.
We have been well aware of this potential move for several weeks, and we want to reiterate what we have done to continue with the operation of the Lexington Men O' War.
Please be advised of the following set of circumstances:
1) For the last year, Micadco, USA, Inc., the operating entity of the Men O' War, has leased an ECHL membership from Elmore-Tuttle Sports Marketing for the 2002-03 season just completed, with an option to purchase this membership.
2) In December of 2002, Micadco issued a company directive for the construction of a business prospectus to attract an investor or group of investors to operate the membership.
3) As of April 2, 2003, a contract was signed with a local investment group in which the assets of Micadco (the team name, logo, copyrights, office furniture, locker room equipment, etc...) have been purchased.
4) In March of 2003, this investment group tendered an offer to purchase the current Lexington membership from Elmore-Tuttle. This offer was rejected, and Elmore-Tuttle found a new owner who intends to operate the membership elsewhere.
5) The local Kentucky investment group, via signed documents, have agreed on the purchase price of a different ECHL membership, with the intent to move that membership to Lexington and play under the Men O' War copyright under a different corporate structure.
6) For the completion of this transaction to occur, the East Coast Hockey League is currently conducting due diligence on the background of the Kentucky ownership group, and a lease proposal has been submitted to Rupp Arena.
Pending the completion of these projects, it is our intent to submit a membership transfer document and lease paperwork to the ECHL Board of Governors for a vote on a membership transfer to Lexington.
Under Letters of Confidentiality, we are currently prohibited from naming the investment group or the intended membership to be purchased. However, a reasonable timeline for the completion of all of the aforementioned is May 1, 2003.
ECHL Stories from April 8, 2003
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- Falcons Sweep Player of the Week Honors - Fresno Falcons
- 3 Komets named UHL First/Second Team All Stars - Fort Wayne Komets
- St. Pierre Named Goaltender of the Year - Bakersfield Condors
- Condors and KGET Hold 'Support the Troops' Rally - Bakersfield Condors
- ECHL Transactions - ECHL
- ECHL Approves Sale of Mississippi to Local Group, Voluntary Suspension Requests for Lexington, Richm - ECHL
- Statement to Media and Citizens of Central Kentucky - Burlington
- Atlantic City Opens Northeast Division Finals Friday - Atlantic City Boardwalk Bullies
- Atlantic City Knocks Trenton Out of Playoffs in Second Consecutive Year - Atlantic City Boardwalk Bullies
- Texas Wildcatters and Fox News Radio Team Up to Knock the Puck Out of Cancer - Texas Wildcatters
- Pride to meet Inferno for Division Crown - Myrtle Beach Thunderboltz
- All Along The Coast - ECHL
The opinions expressed in this release are those of the organization issuing it, and do not necessarily reflect the thoughts or opinions of OurSports Central or its staff.
