More Than Hockey: The Billion-Dollar Vision Behind the Winnipeg Jets

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NHL VALUATIONS

$1.35B FORBES

$1.33B SPORTICO

$1.5B ROUSTAN

OWNERSHIP – MARK CHIPMAN

IT’S HARD TO believe it has already been 15 years since the Jets returned to Winnipeg. And as time passes, it’s equally hard to believe that Mark Chipman was able to make his dream – and the dream of many of his fellow Winnipeggers – a reality.

Consider that when the original Jets franchise left Winnipeg in 1996, it came at a time when relocations were coming in fairly quick succession. The Minnesota North Stars, Quebec Nordiques and Hartford Whalers had, in the several years prior, moved to Dallas, Colorado and North Carolina. Look back a couple of decades further, too, and the NHL had moved on from Atlanta, Kansas City and Cleveland. And more often than not, it’s been the case that the league has not returned to the markets from which it has departed. For a time, Minnesota and Atlanta were the lone exceptions.

But while other former NHL cities bided their time waiting for the big league’s return, Chipman’s gambit was a clever one. In the wake of the Jets flying south to Arizona, he snapped up the then-IHL’s Minnesota Moose, moved the club to the old Winnipeg Arena and, over the next decade-plus, offered what those in the C-suite refer to as proof of concept: Chipman’s True North Sports & Entertainment showed – through fan support and building a new downtown arena, among other things – that Winnipeg was ready for the NHL’s return.

At no point since the Jets’ return has True North rested on its laurels, however. On ice, the ownership group has backed the product financially, including ponying up big money in recent contracts for stars Mark Scheifele, Connor Hellebuyck and Kyle Connor. This, too, comes after the team captured the Presidents’ Trophy. Meanwhile, away from the rink, True North has put shovels in the ground and reshaped much of Winnipeg’s downtown core.

With the arena as the centerpiece, the real-estate arm of the business set to work creating True North Square. The four-tower site offers residential, office and retail spaces, with room set aside for an incoming hotel property. Last December, True North expanded its reach and influence in downtown with the acquisition of the former Portage Place mall. Plans are in place to develop the space – a sprawling 1.2 million square feet – with parks, retail and community spaces. The anchor tenant will be a 265,000-square-foot healthcare facility, while a partnership with Southern Chiefs’ Organization will also see True North develop a 15-storey residential tower, which will designate as many as 40 percent of its units as affordable housing.

FEATURED BUSINESS EXECUTIVE – JOHN OLFERT

PRESIDENT AND CHIEF OPERATING OFFICER

IT WAS ONLY A decade into his professional life, 10 years after his graduation from the University of Winnipeg in 1991, that John Olfert began his tenure with True North. In his earliest days with the company, he served in various roles, eventually rising to chief financial officer in 2002, in the midst of True North working toward the construction and eventual opening of the now-Canada Life Centre in 2004.

In the 20-plus years since, Olfert has been integral to the business operations and expansion of True North Sports & Entertainment’s on- and off-ice ventures. To wit, he helped execute the purchase of the Jets, brought the AHL’s Manitoba Moose back to Winnipeg and was at the center of True North’s acquisition of the iconic Burton Cummings Theatre.

GOVERNOR & ALTERNATE GOVERNORS – MARK CHIPMAN

ALTERNATE GOVERNORS: Kevin Cheveldayoff, John Olfert, Patrick Phillips

FEATURED HOCKEY EXECUTIVE

KEVIN CHEVELDAYOFF – GENERAL MANAGER AND EXECUTIVE VICE PRESIDENT

KEVIN CHEVELDAYOFF DOESN’T ALWAYS get the credit he deserves. Whether it’s player polls or comments from the athletes themselves, Winnipeg tends to top the list of least-desirable destinations. That puts Cheveldayoff at a disadvantage in free agency and has played a part in key contributors asking out. Yet, in almost every instance, Cheveldayoff and the Jets have come out on the winning side of those deals, whether it was the Jacob Trouba swap, the Patrik Laine deal or even the subsequent Pierre-Luc Dubois trade.

Perhaps the ace up Cheveldayoff’s sleeve, though, is that Winnipeg has proven to have something of a Hotel California-esque trait of late: once talent checks in, they don’t want to leave. Scheifele, Hellebuyck and Connor are examples, but the Jets have also had little trouble negotiating long-term extensions for Gabe Vilardi, Neal Pionk and Adam Lowry. In no small part, that comes down to culture on and off the ice – and Cheveldayoff is key in the development of that culture.

SOCIAL MEDIA STRATEGY

THE JETS, DON’T view social media as a necessity but an opportunity – a chance to communicate with the community, engage with fans and take viewers, in the arena or at home, into the game in new ways. And that approach hasn’t gone unnoticed. At the NHL’s club business meetings last July, the Jets were presented with the Stanley Award as social media club of the year.

What has helped set the Jets’ social offerings apart is their dedication to creating social-first content. The strategy has been led, in part, by Adam Krueger, who joined True North in 2022 after several years with Maple Leaf Sports & Entertainment. He leads the Jets’ social team as director of social and content. Meanwhile, Tyler Esquivel is one of the familiar faces to fans. As the Jets’ content manager, Esquivel often appears on camera interviewing fans and players alike.

One area of particular success for the Jets has been YouTube, where the team has grown its channel and found new ways to take fans behind the scenes. Among the offerings is a live pre-game show, hosted by former national broadcasters Sara Orlesky and Jamie Thomas, and live post-game interview footage that provides instant access to thoughts from players and the coaching staff. The game-day coverage is in addition to off-ice video content, including personality pieces such as Home Ice and the Ground Control podcast.

Perhaps the most significant piece of the Jets’ YouTube puzzle, though, is Runway, a behind-the-scenes documentary series that follows the team throughout the season. Following in the footsteps of several other clubs, such as the Boston Bruins and Pittsburgh Penguins, the series launched in 2022-23 and has gained increased traction not only online but through its use as intermission content during TSN broadcasts.

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