Sport Yukon, a non-profit organization representing a variety of local clubs and associations, is now officially out of the red and ready to take ownership of its Whitehorse headquarters.

The organization borrowed $1 million from Whitehorse city council in 1991, to set up shop on Fourth Avenue. The agreement was that Sport Yukon would gradually pay the city back.

"We're out from under what was a large cumbersome debt that we had struggled with over the 25 years," said George Arcand, executive director of Sport Yukon.

George Arcand

'We're out from under what was a large, cumbersome debt that we had struggled with over 25 years,' said George Arcand, executive director of Sport Yukon. (Meagan Deuling/CBC)

The original plan was that Sport Yukon would assume ownership of the entire building on Fourth Avenue, once the debt was paid off. Part of the building, however, now belongs to the Golden Age Society, so Sport Yukon will only take over the other part once city council approves the transfer.

"At that point, there may be a mortgage-burning party," Arcand said. 

Arcand said Sport Yukon has been paying all the bills and taxes on the building from the beginning, but he's now looking forward to operating debt-free in the coming years.