Update: Deal in principle reached to sell Caps to out-of-town owner
The Cowichan Valley Capitals will have a new owner at season's end.
Caps' majority owner Stew Gordon revealed Tuesday he reached an agreement Monday afternoon to sell the team. The buyer is "not local,'' he said.
The rumour mill had been working overtime around Cowichan Arena about the status of the B.C. Hockey League club.
"It was put out there a little bit and a person approached me right away,'' said Gordon.
"It's not 100 per cent signed up. It's all hand shake and that kind of stuff.''
The buyer is not being identified at this time.
Gordon earlier quashed one rumour about former National Hockey League player Cliff Ronning buying the team, calling it "untrue.''
Gordon first bought shares in the Caps three years ago. He became the majority owner of the club in March of 2011.
Gordon cited time constraints as one of the main reasons he decided to sell the team, with his time stretched between the Gordon 'N' Gordon Interiors business he runs in Victoria and family matters.
He was also the longtime owner of the Vancouver Island Junior Hockey League's Kerry Park Islanders before selling the club in December of 2012 to Mark and Denika Osmond, owners of the Black Swan Pub in Shawnigan Lake.
"We did great with the Islanders,'' said Gordon. "Once again, I didn't pay enough attention to it.''
The Caps are struggling on the ice this season with the worst record in the BCHL and Gordon hopes someone else can invest more time in the team.
"It's time to move on,'' he said.