SBD/August 30, 2012/Franchises

Glendale Wants To Rework Coyotes' Lease Terms With Prospective Buyer Jamison

Glendale passed a fourth 30-day extension with the NHL to operate Job.com Arena
Prospective Coyotes buyer Greg Jamison said that he is “ready to move forward with his bid for the team,” but now the city of Glendale said that it “wants to rework" its 20-year, $324M lease deal with him, according to Lisa Halverstadt of the ARIZONA REPUBLIC. Jamison said, "We have the funds together. We're ready to go forward, and I'm ready to sign the deal that was negotiated earlier in the summer." The city was “expected to send Jamison an updated draft on Wednesday night.” Glendale officials repeatedly have said that they were “waiting for Jamison to hold up his end of the bargain -- purchasing the team from the National Hockey League -- after approving the Jobing.com Arena lease with him in June.” If a sales-tax initiative “makes it to the ballot and is repealed by voters, the budget-strapped city could lose a $20 million funding stream." Glendale Assistant Deputy City Manager Julie Frisoni said, "Since June, the city and the NHL have been saying the next step is for Mr. Jamison to purchase the team, at which time the city was ready to sign the agreement. At this time, in light of other issues, the council has asked us to go back and look at options that are feasible in terms of the management agreement." A “fourth 30-day extension of the NHL's agreement to operate the city's arena,” which was passed on Monday, “provides more time to rework the deal” (ARIZONA REPUBLIC, 8/30).
 
REVERSE COURSE: In Phoenix, Mike Sunnucks noted Glendale is asking for the changes “after an Arizona Court of Appeals ruling that moves forward a ballot measure reversing a city sale tax increase.” That sales tax increase was approved by the Glendale City Council earlier this summer and it “raises $125 million over five years.” The city “worries if the sales tax measure goes to the November ballot and the increase is reversed it won’t be able to afford the Coyotes deal” (BIZJOURNALS.com, 8/29).
Return to top

Related Topics:

Franchises, Arizona Coyotes

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug