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SBD/June 17, 2013/Franchises
If Glendale, Coyotes Cannot Reach Deal, NHL Reportedly Will Relocate Team To Seattle
Published June 17, 2013
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MYSTERY MEN: Glendale City Council member Gary Sherwood on Friday said, "There are other groups lurking that the NHL hasn’t brought to us. They have their one candidate. And the way I look at it is, maybe Renaissance (Sports and Entertainment) is the best for the NHL, but maybe only second- or third-best for Glendale.” In Phoenix, Dan Bickley cited a source as saying that there is a "mystery buyer," who is "real and would bring real money to the table." Renaissance’s deal is "heavy on loans, short on equity, and no person has more than a $10 million stake in the game." They want "an out clause after four to five years, creating fears that they conceivably could run the team into the ground and bail." If there is a "better option for Glendale, the NHL should produce that party immediately." The NHL has been "a loyal partner." It has "stood by the Valley, for better and for worse." But the NHL is "done running this franchise" (ARIZONA REPUBLIC, 6/15).
CLOSING IN? FOXSPORTSARIZONA.com's Craig Morgan noted Glendale and RSE have "done what many thought impossible." Multiple sources have confirmed that the two sides "have bridged a $9 million annual gap on an arena lease agreement and the proposal will be presented at the Glendale City Council executive session on Tuesday." But while the city has "only approved $6 million in its budget to manage the arena," it is believed Renaissance Sports and Entertainment "was able to find multiple Coyotes-related revenue streams for Glendale that will provide the city between" $8M and $11M annually on a 15-year lease. RSE needs "about $15 million annually to manage the arena" (FOXSPORTSARIZONA.com, 6/14).