LEWISTON, Maine (NEWS CENTER) -- Lewiston City Councilors have approved a proposal to add a new owner to the Androscoggin Bank Colisee Friday night.
Colisee Owner and General Manager Jim Cain asked for city approval to add investor Ron Cain, who has no relation to Jim, to the company.
Ron Cain is currently the primary owner of the Maine Hockey Group, which operates the Junior Pirates hockey organization and the MHG Ice Centre in Saco.
"He's a good fit for this organization and we're quite happy this will take place," said Jim Cain.
He said he is confident the new business relationship will help the Colisee secure a full-time junior hockey tenant in the near future, although he is not ready to make a formal announcement.
Cain has been looking to fill that full-time tenant position since the Lewiston Maineiacs folded in 2011.
Additionally, both Cain and Lewiston city officials think the addition of a new investor will help the Colisee make debt payments back to the city ahead of schedule.
The Colisee, which owes Lewiston $1.2 million, is set to begin its payment schedule this July.
Cain estimates a change in ownership will help the Colisee pay back that money a few years early.
It would be a win-win for both the Colisee and the city -- as Lewiston still owes money from when the city took over the arena and paid for renovations before its sale to Cain in 2008.
"The city's main interests are to see the Colisee be a success," said Lewiston City Administrator Ed Barrett. "And that's both in terms of eventually repaying the amount owed to the city, and the benefits that a successful facility brings to the community."