News Release

It's Official - RiverKings Have A New Owner
 

Southaven, Aug 17, 2002 - SOUTHAVEN - A heavy downpour pounded the roof of the DeSoto Civic Center, but nothing could rain on Robin Costa's parade on Thursday afternoon during a press conference in which she announced she had purchased the Memphis RiverKings hockey team from Chen Sports.

"I'm absolutely elated. I've had chill bumps all day," Costa said.

A purchase agreement was also signed for the arenafootball2 league Memphis Xplorers, which also make their home in the DeSoto Civic Center and are owned by Chen Sports, but the purchase has not been approved by the af2 league.

"The Xplorers are not included at this time because the af2 league negotiations are more extensive and I didn't want to wait another minute to buy the RiverKings. We will continue to negotiate on the Xplorers," said Costa, president and chief executive officer of the Maddox Foundation.

No financial terms of the sale of the RiverKings from Chen Sports to the newly created Maddox Hockey, Inc., an entity established under the umbrella of the Maddox Foundation, were disclosed.

The sale ends a 10-year ownership by Chen Sports, which moved the franchise to the DeSoto Civic Center in October of 2000 and put together a team which won the Central Hockey League's President's Cup on April 27.

"After extensive research on both sides, we've come to a satisfactory agreement for both parties. I know Horn Chen and his family wish the Maddox Foundation the best with the team," said Tim Marting, vice president of business development for Chen Sports.

Chen, who owns minor league teams in dozens of cities, said the sale was bittersweet for him.

"Although it's sad from a personal side, I am excited that professional hockey in the Mid-South will now be moving forward in the hands of some of your own local leaders in the form of the Maddox Foundation," said Chen, president of Chen Sports.

For her part, Costa plans on being a fan as well as an owner.

"Three years ago, I had never been to a hockey game when someone took me to one. I fell in love with hockey and with the RiverKings," Costa said. "As an owner, you'll see a lot of me."

Costa said the Maddox Foundation, a DeSoto County-based non-profit organization, held several fund-raisers with the RiverKings last season that showed her the team's potential to help the community.

"The first fund-raiser was for Conger Park and, we raised $5,000 in one night. Then, we put together a fund-raising event for Hernando Middle School to be able to go to a state championship and, with the help of the RiverKings, we raised $1,500 - enough for the young people to go," Costa said.

Costa first approached Chris Chen about the idea of buying the team the day of the RiverKings' President Cup clinching win.

"He was here, and I told him that I wanted to talk about buying the RiverKings. It went from there," said Costa, whose two children are major hockey fans.

The often acrimonious negotiations dragged on for four months with staff firings and resignations and an altercation between two employees that resulted in police reports being filed.

"I'm sorry that it took so long to buy the team. It seemed like it would never happen at times," Costa said. "Chen Sports had some business that they had to take care of, and that is one of the things that lengthened the process."

Costa said that she will be a hands-on manager who envisions a continuation of winning on the ice and more fans in the stands to go along with more community involvement.

"I have talked with (head coach) Doug (Shedden) almost every day, and he will be back to continue to do the outstanding job that he does with the team," Costa said. "We will also be a channel for the community in so many ways. The Accelerated Reader Program that we had with the RiverKings last year doubled their average attendance with a crowd of about 7,100 people. That is the type thing that we want to do more of."

Costa said that she will be closing the RiverKings' offices until Monday for restructuring purposes.

"We will be accepting resumes and applications to various positions within the RiverKing organization," said Costa.

The announcement of the sale Thursday was welcome news for DeSoto Civic board members who attended the conference along with approximately 50 fans, assistant RiverKing coach Dave Nichols and several players, including CHL Most Valuable Player Don Parsons.

"Our appreciation goes out to Horn Chen for his leadership in bringing the RiverKings to DeSoto County. But, we are excited and elated that we will have local ownership due to the generosity and the leadership of Robin Costa and the Maddox Foundation," said board member Dick Hackett. "I want to pledge that the Civic Center Board will give complete cooperation in making the RiverKings mutually beneficial to this region and to the Maddox Foundation."

The sale has been approved by the CHL owners, according to Costa, and league president Brad Treliving said that there was excitement among the owners on Thursday after the announcement.

"We are extremely pleased to welcome Robin and Maddox Hockey, Inc. to the Central Hockey League family," Treliving said. "We are confident that their strong local presence will only enhance the solid foundation established by the RiverKings organization in their 10-year history."