Reading, PA – The Berks County Convention Center Authority and SMG, co-owners of the 2013 ECHL Kelly Cup Champion Reading Royals professional hockey team, today announced that they jointly signed a letter of intent to sell the Royals to Jack Gulati and Fidelity Investment Corporation(FIC).
Financial terms of the sale, which is subject to approval by the ECHL Board of Governors, were not released. As a condition of the sale, FIC has agreed that the Royals will continue to be based in Reading, Pennsylvania, and will continue to play home games at Santander Arena. FIC has also indicated that there will be no immediate changes in the team’s hockey operations or front office staff.
P. Michael Ehlerman, Chairman of the BCCCA, stated “that he believed the ownership transition of the Royals to Jack Gulati and FIC will be good for the Royals and Reading. Mr. Gulati is known locally for starting Fidelity Technologies, resurrecting Stokesay Castle, and other business ventures. Mr. Gulati also exhibited his belief in the local area by becoming one of the partners in the DoubleTree Hotel being constructed across Penn Street from the Santander Arena. I wish nothing but the best to the Royals, Jack and look forward to another Kelly Cup for Reading.”
With respect to the sale of the Royals, Wes Westley, President and CEO of SMG, said “SMG has enjoyed a long partnership with the Berks County Convention Center Authority in the management and operation of the Santander Arena and the Santander Performing Arts Center since their opening, and in the ownership of the reigning ECHL Champion Reading Royals. We are extremely proud of that association in our continuing role of serving the citizens of Reading and Berks County. The opportunity for the Authority and SMG to sell the Reading Royals to a prominent, successful local businessman, Jack Gulati, insures that the team will remain in the Santander Arena and will continue to provide the citizens of Berks County with great sports entertainment.”
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