No Penalty For Coyotes' Late Rent Payments At Jobing.com Arena

Glendale's Contract With Coyotes Doesn't Stipulate Any Fines For Late Rent Payments

The Coyotes "won't have to pay any penalties to Glendale for missing eight months of rent and other charges at Jobing.com Arena," according to Rebekah Sanders of the ARIZONA REPUBLIC. Glendale's contract with the team "doesn't stipulate any fines for late payments." The contract also states that the team has an "'unlimited' amount of time to repay or rectify any missed payments ... as long as the team 'commences to cure such breach within 30 days after the team's receipt of such notice.'" The team pays $42,708 each month to Glendale for rent at the arena, as well as a "percentage of parking fees, sales taxes, security costs and repairs." Glendale City Manager Ed Beasley said that the payments "will be made, but some have been delayed by contract negotiations." Beasley: "The city has not forgiven or waived any debt." Beasley said that the city is "giving the team some financial 'room' as it works out payment responsibilities among the future ownership" (AZCENTRAL.com, 3/4).