SBD/Issue 26/Franchises

Hulsizer Reaches Deal In Principle On Jobing.com Arena Lease

Agreement On Jobing.com Arena Lease Allows
Hulsizer To Pursue Purchase Of Coyotes

PEAK6 Investments CEO Matthew Hulsizer Friday said that he "has an agreement in principle for a new Jobing.com Arena lease with the City of Glendale and that he hopes to be able to close a deal with the NHL to purchase the Phoenix Coyotes at the league's asking price," according to Scott Burnside of ESPN.com. Hulsizer "declined to discuss details of the lease agreement." But his comments and the fact he was "planning to travel to Phoenix for Saturday's home opener" suggest that the "long ownership saga involving the Coyotes is nearing its close and the beleaguered team will remain in the desert." Glendale in a statement Friday said the city has an "agreement in principle on a lease which would allow the Hulsizer group to buy the team from the NHL under the terms they requested." The "proposed ownership transaction is subject to formal approval" by the NHL BOG. The final purchase price "hasn't been revealed as it remains a bit of a moving target based on the NHL's desire to recoup the money it has put into the team since taking over operation of the Coyotes" (ESPN.com, 10/16). In Chicago, Melissa Harris reported the purchase price is "expected to be $170 million, $30 million more than the league paid to buy the Coyotes out of bankruptcy a year ago" (CHICAGO TRIBUNE, 10/16). The GLOBE & MAIL's David Shoalts reported Hulsizer is "only willing to pay" $140M, but the NHL "wanted $165-million to cover its costs." Therefore, it "seems the city ... agreed to cover" the $25M difference (GLOBE & MAIL, 10/18). 

LEAGUE OPTIMISTIC: The AP's Bob Baum reported the NHL is "praising" the lease agreement between Hulsizer and Glendale, saying it will "finally lead to a transition of ownership" of the Coyotes. NHL Deputy Commissioner Bill Daly in a statement said, "We look forward to working closely with the Hulsizer group and moving quickly toward the conclusion of this process" (AP, 10/16).

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