KLADNO, Czech Republic — Renowned ice hockey player Jaromir Jagr has announced the sale of a significant portion of his hometown team, the Kladno Knights, which competes in the Czech league.

On Thursday, Jagr revealed that he would be selling an 80% stake to businessman Tomas Drastil while retaining a minority share. However, specific financial details regarding the transaction were not disclosed.

Jagr reflects on this shift, stating, “Something is coming to an end. But a new era, and I hope a more successful one, is about to start.” The former NHL star and Drastil both indicated that enhancing the financial standing of the club played a pivotal role in this decision.

In 2017, Jagr became the sole owner of the team after acquiring a 30% share from the municipality, building on his previous 70% ownership since 2011. At 52 years old, Jagr has been a fixture for Kladno since being released by the Calgary Flames in 2018, marking a return to the franchise where he first skated as a professional in his youth.

This season marks Jagr’s 37th in professional hockey, and he has expressed his desire to guide Kladno to the playoffs for the first time this season. He plans to assess his future in the sport after accomplishing this goal.