Stability at Scope
Tim Eberly of the Virginian-Pilot reports the City of Norfolk will sign a new lease of up to three years with Oilers Entertainment Group, the parent company of the Norfolk Admirals. When the arrangement was first announced, the Oilers had a “two-year agreement”. The new deal is a bit more concrete, with the Oilers-owned Admirals existing at Scope until at least 2018. The lease can be extended at that point, until 2021. The most interesting point is that the Admirals-so, in reality, OEG-pay rent of $1 per year. What an outrageously good deal for the team. Norfolk does not lose out entirely, because that would be outrageous. The city also gets revenue from admissions and concession taxes, as well as profit split. Pretty decent deal for both sides: a city-managed venue (Scope) doesn’t go dark for most of the year and there’s some stability in the minor league ranks for the Oilers. The ECHL is here to stay for a while.