Could it be? We’ve heard this song before, but this time the City of Glendale might not be crying wolf, or rather Coyote. The Associated Press reported Friday that The Glendale City Council has scheduled a vote for Tuesday on a new 30-year lease for the Phoenix Coyotes. The City would take on up to $197 million in obligations over the next six years.
If the city approves the lease, Chicago businessman Matthew Hulsizer would be clear to purchase the team. Hulsizer, who was unanimously approved by the NHL Board of Governors this week,
The NHL, who currently owns the Coyotes, said a new lease agreement with the city was a requirement for any new owner of the team. As part of the plan, the city will purchase arena parking rights for $100 million and pay $97 million as a fee to the Hulsizer group to manage the arena.
Here’s how the payments break down:
First partial fiscal year - $10 million
Year two - $20 million
Year three - $20 million
Year four - $17 million
Year five - $15 million
Year six - $15 million
Glendale promised to pay back the $25 million in losses to the NHL if the sale did not happen. Hulsizer emerged as a buyer after deals with Chicago sports mogul Jerry Reinsdorf and Canadian group Ice Edge Holdings fell though.
Matthew Coller is a staff member of the Business of Sports Network, and is a freelance writer. He can be followed on Twitter
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