Society closer to allocating funds in community

By GREGG DRINNAN
Daily News Sports Editor
The Kamloops Blazers Sports Society has moved closer to establishing a
legacy fund from the sale of its WHL franchise.
The society's membership, at an extra-ordinary general meeting attended by
about 20 of its 250-plus members at the Coast Canadian Inn on Tuesday, voted
to change its constitution to reflect that it no longer owns and operates
the Blazers.
One of the purposes of the society now is "to oversee the management and
administration of the Kamloops Blazers Sports Society Legacy Fund . . . to
support the development of amateur sport and other community initiatives
withing the Kamloops region through the provision of funds and services."
Another purpose is "to ensure that the Legacy Fund principal is maintained,
save and except in the event of (the society repurchasing the franchise),
and that the allocation process ensures a minimum of 75 per cent of annual
disbursed funds and services is directed to amateur sport."
Society treasurer Dennis Coates reported Jan. 28 that net proceeds from the
sale of the franchise were $6,133,249. The sale to River City Hockey, Inc.,
which now is the Kamloops Blazers Hockey Club, Inc., was completed in late
October.
The society holds an option on the franchise should the owners want to move
the team or sell it to another party that would want to move it. The option
calls for the society to pay the previous purchase price minus 10 per cent,
or about $5.8 million.
For that reason, the society's board will maintain the fund at that level.
In the meantime, the sale is "pretty much complete," society president
Murray Owen said. "We're just paying off the final bills."
For the last while, the society's directors, under the guidance of executive
director Bob Smillie, have worked to establish the legacy fund.
"I'm really pleased that we have built something that has a true purpose for
the comminity," Owen said. "We're still tidying up the allocation process
prior to the first approval of applications."
The next step for the board is to select an investment firm. Owen said six
proposals have been received to date and candidates soon will be
interviewed.
"Then," Owen said, "we will take the next step and invest the money," which
in the interim is in short-term investments.
Ultimately, the society will change its fiscal year, so that it ends on Dec.
31 as opposed to May 31. That done, Owen said, the hope is that the first
allocations will be made early in 2009.
"From what I've seen, there will be quite a number (of applications)," Owen
said, adding that the society already has heard from "half-a-dozen"
organizations, including the Kamloops Minor Hockey Association and the
Kamloops Track and Field Club.
"This is not going to be an easy thing," Owen said. "We want this legacy
fund to provide serious help for projects that will be lasting."
During the meeting, Smillie made it clear that the society's legacy fund
doesn't have any connection with the Kamloops Blazers Sports Foundation,
which also provides grants to local organizations. But, Smillie pointed out,
the society's constitution has been amended in such a way as to accommodate
a merger "if it does happen."
Prior to the meeting, Owen said: "We would welcome them but it is entirely
their decision."
JUST NOTES: The society has added accountant Norm Daley to its board. He
replaces Don Moores. . . . Members approved a $250 fee for anyone wishing to
join the society. There also is an annual $10 membership fee. As of last
night, 73 members had paid their 2008 fee. . . . The society's annual
general meeting will be held in October.

gdrinnan@kamloopsnews.ca