The Moncton Magic have been enjoying a great season and are now just one win away from capturing the NBLC Cup in the finals against the St. John’s Edge.
So will the fledgling basketball team still need a subsidy from the city?
Mayor Dawn Arnold says this was about risk mitigation and she doesn’t consider any financial support from the city as a subsidy.
“It was entirely predicated on how their numbers would be in the new centre. They were a startup, a fledgling team. I can’t at this time make that projection.”
Last year, Moncton City Council agreed to cover the Magic’s financial losses up to $333,000 during its first year at the Avenir Centre.
Given the team’s success this season, Arnold believes any support from the city will be a slight fraction of the worst case scenario.
