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23/06/2003
Future of Belfast Giants in doubt
The future of the Harp Lager Belfast Giants was on thin ice today after it was revealed that the former Superleague champions are being pulled down by debts believed to be in the region of £1.4 million.
The club's Dutch-Canadian owner Albert Maasland revealed that despite the team's success on the ice rink, off it they had yet to make a profit or even "fully repay all our creditors".
Despite selling out virtually every home game for the past three seasons, if a new financial backer cannot be found, the Belfast Giants could find themselves going into liquidation and out of business.
It is believed that the team's future was being gambled on a substantial television deal which never materialised.
As a result creditors were sent a letter by the Giants' lawyers last week which admitted that the financial structure had been "flawed'' from the beginning.
Despite this, the Giants' contribution to the local economy has been amazing.
Nicky Dunn, Chief Executive of the Odyssey Arena, revealed that in it’s first year and half of operation, thanks to the Giants, the Odyssey contributed £27 million to the local economy, £14m of which would not have otherwise been spent in Northern Ireland.
He also confirmed that the Giants were responsible for a third of its total attendance figures during that period.
(MB)
The club's Dutch-Canadian owner Albert Maasland revealed that despite the team's success on the ice rink, off it they had yet to make a profit or even "fully repay all our creditors".
Despite selling out virtually every home game for the past three seasons, if a new financial backer cannot be found, the Belfast Giants could find themselves going into liquidation and out of business.
It is believed that the team's future was being gambled on a substantial television deal which never materialised.
As a result creditors were sent a letter by the Giants' lawyers last week which admitted that the financial structure had been "flawed'' from the beginning.
Despite this, the Giants' contribution to the local economy has been amazing.
Nicky Dunn, Chief Executive of the Odyssey Arena, revealed that in it’s first year and half of operation, thanks to the Giants, the Odyssey contributed £27 million to the local economy, £14m of which would not have otherwise been spent in Northern Ireland.
He also confirmed that the Giants were responsible for a third of its total attendance figures during that period.
(MB)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
