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Glendale City Council votes to end lease agreement with Coyotes

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Judge: Coyotes must increase bond, Glendale must make quarterly payment

  • Associated Press

GLENDALE, Ariz. -- A judge has ordered the Arizona Coyotes' ownership to increase its bond payment to Glendale by $750,000 while ordering the city to make its $3.75 million quarterly payment to the team.

Bond was increased from $250,000 to $1 million, and Glendale has to make its scheduled fourth-quarter payment by July 1.

City officials say they are satisfied with Monday's ruling. They say the bond ensures Glendale would get financial relief if the court determines the city's arena management contract with the Coyotes is invalid.

The City Council voted June 10 to terminate a 15-year, $225 million lease agreement with the Coyotes, citing a conflict-of-interest law involving two Glendale employees who later went to work for the team.

A judge granted the Coyotes' request for a temporary restraining order June 12.

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They've been talking about expansion to 32 for 16 in each Conference (which is why the East has more rightnow).

 

I could see Florida moving to Quebec.

 

Would not surprise me at all to see them simply add Vegas and Seattle and keep the Coyotes where they are.

 

Could also see a team going into/moving to Kansas City (as absurd as that sounds...) or perhaps Houston...

 

Here's the rub though: You need to have somewhere to go in the event that an existing market fails. If Arizona fails (which is highly likely at this stage), then adding an expansion team to Seattle and Las Vegas presents an immediate problem. Where do you put the Coyotes? Where do you put the Florida Panthers?

 

In effect, the NHL loses the leverage/bargaining power that they have because Glendale city council can now dare the NHL to take the franchise away knowing that the NHL has no place to put it. By keeping a few markets open, there are options for relocation.

 

:)

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Here's the rub though: You need to have somewhere to go in the event that an existing market fails. If Arizona fails (which is highly likely at this stage), then adding an expansion team to Seattle and Las Vegas presents an immediate problem. Where do you put the Coyotes? Where do you put the Florida Panthers?

 

In effect, the NHL loses the leverage/bargaining power that they have because Glendale city council can now dare the NHL to take the franchise away knowing that the NHL has no place to put it. By keeping a few markets open, there are options for relocation.

 

:)

Other potential sites would be Houston,San Antonio. Both could rival Dallas. Kansas City,Portland,Milwaukee and maybe even Salt Lake City though some of these cities may be a reach!

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In effect, the NHL loses the leverage/bargaining power that they have because Glendale city council can now dare the NHL to take the franchise away knowing that the NHL has no place to put it.

Forget the dare, I think some on City Council would be glad to see the team gone, at least then they'd be rid of the horrible deal they're in with this team

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Forget the dare, I think some on City Council would be glad to see the team gone, at least then they'd be rid of the horrible deal they're in with this team

What's so horrible about it?

And what do they do with that arena with no team?

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What's so horrible about it?

And what do they do with that arena with no team?

Seems to me the City is locked into a deal that has an awful lot of cash heading to the Yotes. The team receives 15 mil a year to manage the arena while paying 500k per month in rent back to the City. Hockey revenue (which the city gets a % of) is down and concert is a better one night net. No, you probably can't make a profit on the arena based on nonsports events.

I don't know all the intricate details of the management arrangement, but the City is not happy about it's losses and about how the Yotes' parent is allocating that management fee revenue, something about using it to pay down its own debt instead using for mutually beneficial expenditures like stadium improvements...not sure whether that was a contractual obligation, just remember reading that being a City complaint. I don't think they want the team to leave, I think they want to negotiate an out of court settlement that has the team share in some more of the losses.

A 5-2 vote to terminate says to me the City is losing more money than it had anticipated, to me that pretty much defines a bad deal, you go in expecting to get screwed and it's even worse than you thought!

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Sure, but terminating the lease is one thing.

What happens if the Coyotes move?

The city is still on the hook for a giant albatross of an arena.

I hate public financing of stadiums and I hate the blackmail teams pull on towns.

If this move changes that dynamic, I'm all for it.

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I don't know about this idea! Should this team move, the N.H.L. could put an expansion team or relocate an existing team (Florida) to this site!

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I have to be honest I still think that the New Jersey Devils should relocate to the west! To me there are to many teams between New York and Washington D.C. Should the Coyotes leave Arizona the Devils could replace them and the N.H.L. would still have a team in the desert without the drama hopefully!

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Yotes in talks of relocation in the valley. Possible joint area with the Suns downtown? Or even a rink in Scottsdale with ASU?

 

http://sports.yahoo.com/blogs/nhl-puck-daddy/arizona-coyotes-entertaining-relocation-out-of-glendale--within-phoenix-area-000538619.html

 

 

The city and the Coyotes came to a two-year lease agreement last summer, after Glendale voted to terminate the team’s prior lease via a special vote. During the summer of 2013, the Coyotes and Glendale came to a 15-year $225 million lease agreement. 

...

The best possible situation would probably be a joint arena built in Phoenix with the NBA’s Suns and the Coyotes in mind. 

“Obviously the city of Phoenix has been very open,” Leblanc said. “From the city of Phoenix’s perspective, if they can have two teams in that facility, it makes all the sense in the world.” 

 

Leblanc also talked about a joint facility with Arizona State, which is based in Tempe. 

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I have to be honest I still think that the New Jersey Devils should relocate to the west! To me there are to many teams between New York and Washington D.C. Should the Coyotes leave Arizona the Devils could replace them and the N.H.L. would still have a team in the desert without the drama hopefully!

With the Arizona State Sun Devils things may becoming a tad confusing!

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(Insert photo of Gary Bettman's head on a leech or suckerfish, and have it sucking up money...)

 

:D

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So, after all of this, two years ago, Bettman is now pressuring the State of Arizona to build a stadium in a different location, saying that Glendale is not a good location for a hockey team. what a charlie foxtrot.

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Ugly. 

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22 hours ago, AJgoal said:

So, after all of this, two years ago, Bettman is now pressuring the State of Arizona to build a stadium in a different location, saying that Glendale is not a good location for a hockey team. what a charlie foxtrot.

Wasn't it about 5 years ago where Bettman refused to let the same team be sold and moved to a new location.....and now all of a sudden he is we(The NHL) will leave Arizona if you don't do what we say.

 

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An interesting morning read on the Coyote's arena saga.  :joe:

 

 

Quote

Are the Coyotes leaving Arizona?

 

According to statements by the commissioner of the NHL, Gary Bettman, and the majority owner of the Coyotes, Andrew Barroway: not until all other options are explored. Both have publicly stated that they would prefer to keep the team in Arizona, as long as it’s not in Glendale. However, neither said that the team would stay in Arizona no matter what; so if a viable arena deal in the East Valley can’t be found, then relocation isn’t off the table either. The good news is there are several in-state arena options that are available to the team if the right deal can be struck.

 

 

read more... 

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  • Most Liked Posts in This Topic

    • 3
      Post
      What? The city of Glendale has come to their senses? Did they recently hire an actual accountant to manage their finances?    The only thing that PISSES me off about this is that the Jets never should have left Winnipeg. This was a farce from day one. The Jets deserve their franchise history back. 
    • 2
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      @ruxpin   Bettman hasn't tried Atlanta lately. THIS time I just know it will work.
    • 2
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      @jammer2   Totally agree. I've been reading a number of articles this morning as far as the direct plan of the NHL there hasn't been anything said.  A number of Yotes supporters believe the team should play downtown.  Although the conditions there aren't the best, but with two major teams there the new arena the Suns seek could maybe be accomplished.  Apparently the youth hockey programs in the Phoenix area are doing quite well.  The loss of a team there would have a neg effect.    Other cit
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      Yes, as much as I hate Gary, he does deserve a lot of credit for growing our sport in many, many cities. I'm sure he will someday reside in the Builders section of the Hall of Fame, and (God I hate saying this..!) deservedly so.
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      The Seattle Blue Screens of Death  
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      The NHL wants to maintain a presence in as many top media markets as possible. Let's not forget that the network that distributes their product is owned by an NHL owner. Currently they have 14 of the top 20 media markets. Losing Phoenix (#12) would drop them to 13. Picking up Seattle (#14) makes it somewhat of a wash. Picking up Kansas City (#32) or Vegas (#42) not so much.

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