Local entrepreneur Jack Gulati has signed a letter of intent to purchase the Reading Royals from the current co-owners, SMG and the Berks County Convention Center Authority (BCCCA), according to a release from the the Royals organization.
This new opportunity has brought Gulati out of retirement and into the world of hockey.
“My main reason for entering negotiations is that I feared that other potential buyers would move the team away from Reading, something that I, as well as SMG and the BCCCA, did not want” stated Gulati.
Gulati has a long history of starting companies in the Reading area, including Stokesay Castle, The Knights Pub, SafetyCare and Fidelity Technologies Corporation, all currently owned and operated by his three sons, along with his recent investment in the DoubleTree Hotel being built on Penn Street,
Gulati said he is looking forward to taking on this new endeavor in support of the City of Reading.
“For the past 13 years, the Royals have operated in Reading,” Gulati says. “I’d like to take this opportunity to recognize SMG’s and the BCCCA’s hard work and dedication to the team and to bettering the City of Reading. In addition, I’d like to thank the Reading Parking Authority for their ongoing support of the Royals and their fans; without them this purchase would not have been possible. Coupled with the strong leadership of Mayor Spencer, this support will carry Reading into the future, and I’m honored to be a part of the growth of the City through my partnership with the Reading Royals.”
Under Gulati’s ownership, the Royals will remain in Reading and they will continue to play home games at Santander Arena.
Saturday night, the Royals celebrated their newfound stability with a 4-1 win over the Evansville IceMen.
The game marked the annual Pink-in-the-Rink Night, with the Royals donning bright pink jerseys.