Erie Otters have filed for bankruptcy today, despite being in the middle of a playoffs run. They will be taking on the London Knights in the Western Conference Semi-Final on April 8th. This bankruptcy filing will not interfere with the playoffs, team owner Sherry Bassin said in a statement.
The reasoning for this bankruptcy claim is due to the legal battle ensuing between the Otters and Ontario Major Junior Hockey Corp, which is a subsidiary of the NHL’s Edmonton Oilers. The Oilers have been trying to purchase the Otters for some time now and move the team to Hamilton, Ontario.
There was a loan of $4 million plus between the Junior Hockey Corp and the Otters that would have saw the Oilers been allowed to purchase the OHL team. But the deal was never completed and thus started the fiery battle between the two companies. The Edmonton Oilers have been keeping quiet on commenting on the lawsuits. With the Otters filing for bankruptcy, this means the Oilers cannot force a sale. The Otters will also be in charge of who they sell to rather than being forced to sell to Oilers.
The Otters have been on the market for awhile, being in it’s peak of value due to having Canadian hockey sensation and the consensus for being the top pick in the 2015 NHL Entry Draft, Connor McDavid, along with Dylan Strome, Travis Dermott, and Alex DeBrincat being eligible for the Draft. Strome and McDavid led the team in scoring with 129 and 120 points respectively, but with McDavid’s total coming in 21 less games due to a broken hand.
The Otter’s 2014-15 campaign was a successful one, clinching their division with 104 points in 68 games and having the second most goals scored with 331. But time will tell if they can keep on storming to the Finals with all the outside distractions.
