TAHLEQUAH — In an effort to cut costs and improve efficiencies, Cherokee Nation Businesses announced Friday that it has sold its corporate plane to a private buyer, saving the tribe more than $400,000 annually.

“As the economic engine of the Cherokee Nation, it is the responsibility of CNB to be fiscally conservative in order to maximize our contributions to the tribe,” said Shawn Slaton, executive vice president of CNB. “When Chief Baker took office he asked us to look for ways to streamline business costs and become more efficient. After examining our historical usage of the plane, we found the ongoing maintenance and associated expenses did not warrant CNB owning and maintaining a C-90B Raytheon King Air.”

Purchased in 2007, the plane’s Net Book Value is $1.3 million. Through the sale, Cherokee Nation Businesses will save at least $400,000 per year through elimination of the plane and hangar’s associated expenses, including maintenance and fuel.

“The proceeds from the sale of the plane will go directly into contract health,” Principal Chief Bill John Baker said. “There is always a real need to better serve the health concerns of the Cherokee Nation and this sale will help a few more citizens receive desperately needed services.”

“From due diligence to appropriations for capital projects, the CNB board of directors acts in a fiduciary role, overseeing and administering CNB funds in the most responsible manner possible,” said CNB Board Chairman Sam Hart. “In this case, our due diligence showed that owning and maintaining a corporate plane was simply not the most practical use of our resources.”