At the Peterborough City Council Meeting on Monday, February 13 at City Hall, Councillors approved By-law 17-009 concerning the creation of a new facility agreement between the Petes and the City.
The re-negotiated agreement will allow the Petes, the primary tenant of the Peterborough Memorial Centre, to keep more of the revenue the team generates, while still providing substantial funds to the City. Some specific highlights of the agreement include:
- The Petes and City will share the cost of new screens on the existing videoboard, with the goal of enhancing fan experience
- The Petes’ operating expenses will be decreased by reducing fees the Petes pay in several ticket areas, and by altering the advertising revenue sharing model
- The Petes will receive 5% of gross revenues from food and beverage sales at Petes home games
- One-time contributions to the Petes to reduce operating costs
“We want to thank Council for allowing us to undertake this process. I don’t want people to understate the patience it took as we worked through roadblocks to find the best deal,” remarked Petes President Dave Pogue. “We’re ready to move forward now with our plans. The team is having success on the ice right now, as is well publicized. Likewise, we have a strong strategic plan in place to continue to improve our business operations.”
“For us, the real work begins now,” continued Pogue, “and we look forward to reporting back to Council with great news moving forward.”
The Council agenda item 17-009 that was approved read “Being a By-law to authorize the execution of Agreements and such other related documents between The Corporation of the City of Peterborough and Peterborough Petes Limited to reflect the changes to the agreements noted in Report CSD17-001.”
The Petes are back in action on the ice on Thursday, February 16 against the Hamilton Bulldogs. Tickets are available online, in person, or by calling the Peterborough Memorial Centre Collins Barrow Box Office at (705) 743-3561. Be sure to download the new Petes Mobile App for Android or iPhone for the latest news, contests, info, and the Petes Loyalty Rewards Program.