The Vancouver family who bought 50 per cent of the Vancouver Canucks two years ago is now buying the other 50 per cent of the NHL team from Seattle billionaire John McCaw.

The acquisition by the Aquilini Investment Group includes the Canuck's home-ice General Motors Place.

Francesco Aquilini (centre) with former Canucks coach Marc Crawford (left) in 2004.
(CBC)

There's no word on the price tag.

Family spokesman Francesco Aquilini says McCaw should be thanked for his commitment to Vancouver and the hockey club since taking over the team in the mid-1990s.

McCaw had been brought in by former owner Arthur Griffiths. The Vancouver-based Griffiths family had owned a majority interest in the team since 1974.

Local owners better for fans

Vancouver media analyst Brian Schecter, who specializes in sports economics, said local ownership should be a good thing for the city and its fans.

He said local owners tend to be "more aligned" with the community.

"That's what fans really care about, that they're secure they know when they put that emotional investment into rooting for this team that they're going to get something back in return in terms of longevity and a commitment from ownership to continue to stay the course."

Initial sale triggered lawsuit

The original sale of 50 per cent of the team to Aquilini in November 2004 led to a lawsuit by two other Vancouver businessmen who say they had worked with Aquilini on an earlier, unsuccessful bid for the Canucks.

Tom Gaglardi and Ryan Beedie alleged that Aquilini reneged on the deal when he bought into the Canucks on his own.

Aquilini denies the allegations. The case is expected to go to court next April.

The latest sale will require approval from the NHL, with the deal expected to be finalized early next year.