Public not privy to terms of deal

City officials have laced up a new six-year deal with the Penticton Vees to keep the team’s home base in the South Okanagan Events Centre through the 2028-29 campaign, but financial details of the pact will not be disclosed to the public.

The deal maintains the Vees as the SOEC’s main tenant — a position they’ve occupied since the 5,000-seat arena opened in 2008 — and contemplates at least 30 home games per season, plus playoff dates.

The SOEC, which is owned by the city and managed by private firm Spectra, is budgeted to operate at a $2.2million loss this year, up from $1.9 million in 2021, although the municipality views the building as an important generator of economic activity and other community benefits.

But, while the building’s finances are considered public information, the Vees’ contract is not because the club operates as a private business, according to Anthony Haddad, the city’s general manager of community service.

“The Vees operate on a slim margin in what is a highly competitive market, so the team obviously want to keep the information private,” said Haddad in a phone interview Wednesday.

Haddad would confirm only that the city and Spectra get a cut of revenue from food and beverage sales from all games, plus a portion of ticket sales from playoff games. That money doesn’t actually flow to the city, though, but rather is used to reduce the SOEC’s operating subsidy.

The Vees’ last contract, which expired at the end of the 2021-22 B.C. Hockey League season, was a four-year extension of an earlier four-year deal signed in 2014.

“As the major tenant of the South Okanagan Events Centre, the Vees are an integral part of our community and provide incredible benefits on and off the ice,” said Mayor John Vassilaki in a press release.

“This agreement provides stability for the facility and the team as we recover from the last couple of years and chart a brighter future.”

Vees president Fred Harbinson, whose club is fresh off a BCHL playoff championship, said in the release the deal “allows us to be a competitive team that sets the standards for our league.”

“We pride ourselves on excellence on the ice and excellence in the community, supporting local activities and ensuring we are vibrant part of the city. The last couple of years were tough dealing with COVID and the ensuing restrictions. Now, we can focus on continuing to build a team that we all can be proud of,” added Harbinson, also the club’s head coach and general manager.