VANCOUVER — The Vancouver Canucks already had the dazzling Sedin twins starring on ice. And now they have the three Aquilini brothers in full control of the business side of the National Hockey League franchise.
The Aquilini Investment Group, owned by local residents Francesco, Roberto and Paolo Aquilini, reached an agreement Wednesday to purchase the remaining 50 per cent of the NHL club and General Motors Place arena from Seattle billionaire John E. McCaw.
The Aquilinis had earlier gained a 50-per-cent share of Orca Bay Sports and Entertainment from McCaw in November of 2004.
Details of both transactions were not disclosed. Forbes Magazine two years ago estimated the value of the Canucks franchise at $148-million (U.S.).
The latest transaction is subject to approval by the NHL board of governors and is expected to close in early 2007, the Aquilinis said in a release.
"Today's announcement is exciting for our family and we are proud that we will be the 100-per-cent owners of this great franchise and world-class facility," Francesco Aquilini said in the prepared statement.
"We would like to thank John McCaw for his tremendous efforts as owner of the club since 1994. He has shown great commitment to this city and to this team. The business of hockey in Vancouver is very strong now and John McCaw deserves credit for that."
The Canucks have played to more than 100 consecutive sellouts at GM Place, which seats more than 18,000, with additional private suites.
"Good for him, I think it's really great for Vancouver," said realtor Bob Rennie Jr., an Aquilini business associate. "My guess is the whole [franchise is worth] about $300-million [Canadian] due to the value of the real estate. To have local ownership shows pride in the community and the team will always stay here."
The Aquilini Investment Group is a diversified family business founded by the brothers' father, Luigi Aquilini, nearly 50 years ago. The business claims to have real-estate holdings and operating entities in nearly every major city in Canada.
However, Francesco Aquilini and McCaw are being sued by Vancouver businessmen Tom Gaglardi and Ryan Beedie over the 2004 sale. In a statement of claim filed in B.C. Supreme Court, they allege McCaw and Aquilini acted in bad faith and disregarded legal agreements when they completed that deal.
The suit may reach court some time next year at the earliest.
McCaw, a reclusive owner who came to only the occasional game in Vancouver, thanked the Canucks' fans Wednesday for the passion they showed in supporting the club he bought from the Griffiths family.
"Owning the Canucks has been an honour and I am proud of the work the organization has done in Vancouver over the years," McCaw said in a statement released by the club. "The Aquilini family is committed to making the Canucks the best organization in the NHL.
"I know I am leaving the team in good hands."
McCaw also once owned the Vancouver Grizzlies franchise in the National Basketball Association, which lasted just six years before new owner Michael Heisley moved the team to Memphis, Tenn.
