‘A matter of months’: Around 20 buyers in talks for the Kitchener Panthers

The search for a new owner continues for the Kitchener Panthers, as the team continues with the first round of playoffs.

This comes as the announcement was made earlier this month, back on August 8, of the team’s intention to sell to a new owner, with General Manager Mike Boehmer saying that it was getting more and more difficult to stay competitive in the league with the added presence of ex-pro players along with increasing payrolls throughout the Intercounty Baseball League (IBL).

“There’s a real growth in level of ownership being actively involved in growing the teams,” says President of Cosmos Sports and Entertainment, Cary Kaplan, which is handling the sale of the team. “Welland, Hamilton, Toronto, Chatham, you can see it in a number of markets and I think Kitchener wants to be in that discussion.”

Kaplan says there are multiple parties currently in active discussion to purchase the team, which he says is impressive given that it has only been around two weeks since the announcement became public.

“Right around 20 inquiries, which is very encouraging. People didn’t become aware of this (sale) until about 10 days ago, so there a lot of different groups who have expressed initial interest.”

Cosmos Sports and Entertainment, which is based in Mississauga, also managed the sale of the IBL rival Toronto Maple Leafs last year, with Kaplan adding there are a lot of similarities between the two transactions.

The money that comes in to buy the team will go back into the community, it’s a non-profit. Cary Kaplan, President of Cosmos Sports and Entertainment

“The Toronto sale was all about finding the right people that would carry on the tradition of the Maple Leafs’ franchise, but bring it into 2024 and make sure that the league, the IBL, grows. I think there’s a lot of comparables to say about the type of group that we’d be looking for in Kitchener.”

Both management and Kaplan have made similar statements about the people in question they’d be looking for to take the reigns going forward, wanting a buyer that is focused on updating and developing the team, but also making sure to keep the current focus of pushing local baseball for the residents of Kitchener and the surrounding area. In a statement, the team said it wants to make sure, even with a new owner, the Panthers will still call Waterloo Region it’s home.

“We’re really looking for the right fit, we’re looking for someone that wants to commit and invest in the team,” said Kaplan. “That means invest in marketing, invest in stadium upgrades, making an investment in not just sustainability, but the long-term success of the Panthers.”

He also said he wanted to make sure that fans across the region know the full money involved in the sale will go right back into the team in various ways.

“The money that comes in to buy the team will go back into the community, it’s a non-profit. I think one thing that is important is that people know that. If you’re buying the team, after bills are paid, all the money that remains will go back into the development of local sports.”

He goes on to say that he hopes the sale will be finalized before the end of the year, possibly sooner depending on how discussions continue.

“I think it’s a matter of months, not days or weeks, until it’s all done. We’re very optimistic that this will all get done within the calendar year. Hopefully, sometime in October or November we will be able to have an announcement of who the new ownership group for the Panthers is.”

The Kitchener Panthers, sitting with the number 8 seed in the playoffs, is continuing in its series against the number 1 rated Welland Jackfish. The Panthers were able to upset the Jackfish in the first game of the series, surprising the reigning champions in a 3-2 win in extras.