LEWISTON — City councilors are set to vote Tuesday on a $1.4 million guarantee to support Milltown Sports and Entertainment LLC’s purchase of The Colisée.

The overall sale is valued at $4.9 million. Milltown Sports’ purchase is being financed in part with a $3.5 million loan from T&M Investments. Under the sales agreement, the remaining $1.4 million will be paid over time to owner Darryl Antonacci.

The city’s guarantee would back that $1.4 million “promise” if Milltown Sports fails to pay. The guarantee makes it possible for the sale to be completed.

The guarantee comes with protections, including being able to put a lien on the property, personal guarantees from Milltown Sports’ owners, and operational commitments from Milltown Sports, according to the city’s economic development department.

Under its ownership, Milltown Sports’ personal guarantees will continue to provide access for youth and high school hockey and will expand year-round programming for potential uses including concerts, wrestling and indoor soccer.

The Colisée, located at 190 Birch St., has changed hands in recent years and has been surrounded by uncertainties with the Maine Nordiques hockey franchise. Antonacci bought the arena in 2020 from Firland Management. In 2023 he and the Maine Nordiques franchise signed a five-year lease agreement.

Antonacci put The Colisée on the market in 2024 for $4.9 million. During negotiations with potential buyers in 2025, the Nordiques’ five-year lease was terminated, and by the time Milltown Sports assumed management in July, an agreement with the franchise had not been reached.

The Nordiques moved to the Norway Savings Bank Arena in Auburn for the 2025-26 season amid the dispute.

The council meets at 7 p.m. Tuesday at City Hall at 27 Pine St.