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SBD/December 28, 2012/Franchises
Greg Jamison Unsuccessful In Securing Coyotes Investors Through Green Card Program
Published December 28, 2012
GETTING CLOSER: In Phoenix, Mike Sunnucks noted the sale of the Coyotes "took another step forward this week as the city of Glendale has signed its arena management deal and lease" with Jamison. The city’s move "represents progress towards keeping the Coyotes in Glendale." The city approved a previous deal in June but "decided against signing it," instead opting to "forge a new arena pact with Jamison last month." The new deal totals more than $300M over 20 years and "pays Jamison to run the city-owned Jobing.com Arena." Jamison has until the "end of next month to buy the Coyotes and ink his signature line of the arena deal" (BIZJOURNALS.com, 12/27). Sunnucks in a separate piece wrote the Coyotes could have their "best financial season ever -- by not playing a single game because of the NHL lockout." The team could "turn a profit this season -- or at least break even -- thanks to first-year money" from the arena deal, "as well as the lockout." The Coyotes "won’t have to pay out an estimated $49 million in player salaries." Financial estimates show that the Coyotes lost $20-25M "in recent seasons" (BIZJOURNALS.com, 12/26).