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 In what many analysts see as a prelude to the NHL owning the Phoenix Coyotes, the league has loaned the club an unspecified amount money, giving the league more control over the floundering franchise. Should the Coyotes not repay the loan, the league has the right to take over its operations. That move could allow the NHL the ability to relocate the club.
According to the Arizona Republic, “The Coyotes have never made money since owner Jerry Moyes became an investor in 2001, and annual financial losses have exceeded $20 million during his tenure. Moyes, also owner of trucking giant Swift Transportation Co., is looking for new investors in the team. He declined to comment.” The loan comes just less than a month after Commissioner Gary Bettman said publicly that the Coyotes "not on life support" and called formal loans to the team "wildly exaggerated" speculation. As further reported: To get money from the league, the team pledged all of its assets, including its management agreement of Jobing.com Arena in Glendale, as collateral, according to financial records filed with Maricopa County Recorder's Office. Glendale officials had no comment.
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