Earlier today, we, along with our partners, signed an asset purchase agreement to sell the Atlanta Thrashers to True North Sports and Entertainment. If ratified by the NHL, Commissioner Bettman and the league's Board of Governors, this will result in the relocation of the Atlanta Thrashers to Winnipeg, Canada beginning with the 2011-2012 season.
It's extremely disappointing to all of us that it became necessary after all other options were exhausted. We want to express my gratitude to you, the fans, for the years of dedication you have offered to the Atlanta Thrashers.
As many of you know, for some time we have been seeking a buyer for the team or a partner willing to join with us in continuing to fund the team. We hired an investment banking firm to seek out potential investors with the expressed goal of finding someone who would keep the team here in Atlanta. In recent months, we openly indicated a growing urgency to secure assistance in off-setting our operating losses in hopes that our public plea would produce investors who, to that point, had eluded us.
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