The city of Sierre, HC Sierre AG, and the Sierre-Valais Sport company (chaired by Chris McSorley) signed this morning two memoranda of understanding on the planning, financing, and construction of an ice center in Sierre in the future Condémines district. A memorandum of understanding is typically a legally non-binding agreement, often the first step towards a formal contract.
The one between the city of Sierre and the Sierre-Valais Sport company sets out the details of the work process and gives a picture of what the project will look like: a sports area with a 7,000-seat arena, a second ice rink, a restaurant, club offices, and commercial areas.
The second memorandum, between HC Sierre AG and the Sierre-Valais Sport company, specifies the elements of the future agreement: reinforcement and support of the sports team aiming at the National League in the new infrastructure, gradual entry of investors in the club through share capital increases, the establishment of a "due diligence" and the possibility to invite local minority shareholders to participate.
