Sale approved of Reading Royals to Pa. businessman

Written by The Associated Press | Apr 7, 2014 2:40 PM

(Reading) -- The Berks County Convention Center Authority has agreed to sell the Reading Royals.

The authority voted 3-2 today to sell the minor league ice hockey team for $900,000 to Fidelity Investments Corp., a firm owned by local businessman Jack Gulati.

Officials said Gulati has promised to keep the team in Reading's Santander Arena for at least five years.

The payment would be split equally between the convention authority and SMG, the company that operates Santander Arena and Santander Performing Arts Center.

The ECHL voted weeks ago to approve the team transfer to Gulati. Authority solicitor Matthew Mayer said he has not yet received the official document.

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