Elmira’s First Arena, whose soon-to-be new owner was named Friday, will live to see another hockey season — but the Elmira Jackals won’t.

Brian Barrett, co-owner of the Simmons-Rockwell car dealership group, will purchase the arena from the Chemung County Industrial Development Agency for $3.5 million, county officials announced Friday.

But the Elmira Jackals, a franchise as old as the arena itself, will cease operations at the end of the current season.

Twin Tiers Economic Development, a community board that was given the team by Victory Associates LLC in 2015, requested the ECHL voluntarily suspend the team’s operations at the conclusion of the season, according to a news release from the Jackals organization. The league’s board of governors has approved that request.

The team will play out the remainder of its 2016-17 schedule, which includes 10 more home games; the final Jackals regular-season game is scheduled for April 8 at home.

“The Elmira Jackals organization would like thank its incredibly loyal fans and sponsors for their support over the past 17 seasons,” the team’s release says. “We are proud of the positive impact the Jackals organization has made on the community during this period.”

County officials, however, were confident another hockey team would be playing at First Arena in time for the next hockey season. Barrett, who wasn’t in attendance at a Friday news conference, will have more information at a later date “pending closure of a franchise deal,” said Chemung County Executive Tom Santulli. Additionally, finalization of the arena transaction is pending Barrett obtaining a new franchise, county officials said.

Chemung County Legislator Rodney J. Strange says he is in full support of the sale and has complete confidence that Brian Barrett will be very successful with making First Arena achieve it’s full potential. “I believe this is a tremendous opportunity to make First Arena the sports and entertainment mecca that it was intended to be.” Strange said.  “Brian Barrett has the finances, determination and commitment that we need to make this venture a complete success story. Elmira and Chemung County will benefit incredibly from this sale.”

“The new owner is an experienced, very successful businessman. I expect incredible things from him. I just urge everyone to wait until he speaks and tells people of his plans. Hockey is very important to him but so is making the Arena a year round facility. Please don’t jump to conclusions about what is or isn’t coming to the NEW First Arena. He will let us all know soon enough,” Strange said.

Barrett has negotiated with the IDA for about 18 months to obtain the arena, IDA Executive Director Mike Krusen said Friday. The IDA officially purchased the arena in June after enacting an option-to-purchase agreement in December 2015.

Because the IDA is a public benefit corporation, several actions had to take place, including a requirement for the agency to request proposals from interested buyers, Krusen said. An RFP to purchase the arena received zero responses.

Others showed interest in purchasing the arena, he said, but Barrett was willing to assume any operating losses instead of asking the county to guarantee them, First Arena has operated at annual deficits around $800,000 a year, Santulli said Friday.

Barrett is also expected to invest millions in renovations to the facility. The deal is entirely privately funded, although past discussions had included contributions from Chemung County and the City of Elmira toward repairs to the facility’s aging ice plant. Elmira officials announced in February they would not be able to participate in the proposal due to the city’s financial condition.

It’s not yet clear what team or league would arrive at the arena. The International Developmental Hockey League, a league for senior players expected to start its inaugural season in October, has an Elmira team listed on its website, and commissioner Andrew Richards said in a Friday interview the arena’s ownership team has expressed interest in bringing the league to First Arena.

However, an IDHL team would likely play at the arena’s secondary rink, as the league isn’t gate-driven, Richards said.

The IDHL does have an affiliation with the Federal Hockey League, where Richards serves as vice commissioner. He said the seven-team FHL would be interested in possibly putting a team in Elmira if the opportunity presented itself, and league officials had approached the arena’s past owners about opportunities four years ago.

“At the time, they thought it was in the best interest to keep the Jackals. I’m sure that we would have extreme interest if they don’t get another ECHL team there,” Richards said. An FHL team, he added, “would be a team that we would put in the primary arena should an opportunity exist.”