John McCaw opted to sell half the Vancouver Canucks and General Motors Place to Francesco Aquilini in November 2004 after growing weary of prolonged talks with Aquilini's ex-partners for 100 per cent of the enterprise, he testified yesterday in B.C. Supreme Court.
"The other deal had been going on for one year," said McCaw. "The surety of a deal is quite important."
Concessions were made to Tom Gaglardi and Ryan Beedie, he said. McCaw said the price was cut to $232 million to cover $16 million in anticipated losses from the NHL lockout and a further $8 million discount based on expected VANOC payments.
McCaw testified there was no Oct. 29, 2004, conference call involving the Aquilini brothers, their father Luigi, Orca Bay CEO Stan McCammon and him, contradicting evidence from Orca Bay and Aquilini lawyer Lyall Knott. McCaw claimed negotiations with Aquilini began Nov. 4, 2004.
Meanwhile, Gaglardi's $6.1 million offer to buy the WHL's community-owned Kamloops Blazers will be decided by club members on Aug. 20 after a separate B.C. Supreme Court ruling yesterday. Gaglardi's River City Hockey group includes NHL stars Jarome Iginla, Mark Recchi, Darryl Sydor and Shane Doan.