BCCCA and SMG Finalize Sale of Reading Royals to Jack Gulati and Fidelity Investment Corporation

Reading, PA – The Berks County Convention Center Authority and SMG today announced the completion of the sale of the Reading Royals Professional Hockey Club to Jack Gulati and Fidelity Investment Corporation .

The purchase and sale agreement has been approved by the ECHL Board of Governors. Financial terms of the sale 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.

P. Michael Ehlerman, Chairman of the BCCCA, stated “We are extremely proud of the Authority’s efforts in working with SMG during our stint as co-owners of the Royals. We’re also proud to entrust the ownership and operation of Reading’s professional hockey team to Jack Gulati, whose business experience and dedication to our community make him the perfect person to continue the Royals’ history of excellence on and off the ice.”

Wes Westley, President and CEO of SMG, added “We wish the best to Jack Gulati and FIC as they take over the ownership and operation of the Royals. SMG had a long and fruitful stint as a co-owner of what has to be considered one of the finest minor professional hockey organizations in North America. SMG is thankful for our long partnership with the Berks County Convention Center Authority in the management and operation of the Santander Arena and the Santander Performing Arts Center, and we look forward to our continuing role of serving the citizens of Reading and Berks County.”

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