SBD/June 26, 2013/Franchises

Glendale Officials Still Unable To Agree On Arena Management Deal For Coyotes

Glendale City Council members yesterday after a four-hour private session said that they were "still unable to settle" on a Arena deal for the Coyotes "worthy of bringing to a vote," according to Paul Giblin of the ARIZONA REPUBLIC. Council members are "seeking more assurances" from prospective Coyotes owners Renaissance Sports & Entertainment that hockey will be "a money-making venture." Glendale Exec Communication Dir Julie Frisoni said that Acting City Manager Dick Bowers will "continue negotiations" with RSE. She added that the council will "meet in private session again Friday to reconsider the matter." Frisoni also said that it is "still possible that the council could vote on the matter" next Tuesday. She said, "It seems tight that we would hit a July 2 date, but I would tell you that anything is possible." Giblin notes the deal "focuses on a proposed-use agreement for the city-owned arena." RSE execs "want to be paid as much as" $15M a year to operate the facility, which is $9M "more than the city had budgeted." RSE execs also have "offered to reimburse the city millions by providing slices of ticket surcharges, parking revenue, naming rights and other potential profits" (ARIZONA REPUBLIC, 6/26).'s Craig Morgan noted multiple reports on Monday surfaced that Glendale "might use City Hall as collateral to borrow" $30M to help pay off two $25M "commitments the city made" to the NHL for arena management fees. The commitments were "made in exchange for the league operating Arena in fiscal years" '11 and '12 (, 6/25).
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