The city of Glendale spent $1M "more than expected in the first year of a 15-year agreement" with the Coyotes after "parking and concert revenue at the city's arena fell short of projections," according to Peter Corbett of the ARIZONA REPUBLIC. The city paid the Coyotes $13.5M in FY '14 to "manage the arena and keep the team in Glendale." But hockey and other arena events "generated only" $5.8M in revenue for Glendale, about $1M "less than projected." Overall, the city spent $8.1M on the arena management deal, including "some capital improvements to the arena." In the first year of the deal, Glendale had "expected 23 concerts and other non-hockey events at the arena, but only eight were staged." The city gets "ticket surcharges and parking revenue from concerts and other events." Coyotes President & CEO Anthony LeBlanc said that IceArizona, the club's management entity, "hit its hockey attendance goals in its first year of ownership but did not fill the arena with enough events." LeBlanc: "We need to see more events in the building. We explained that to (Global Spectrum). But it was not entirely their fault. The building has been through four years of bankruptcy and it takes a while to regain the trust of the booking companies." Glendale also will "audit the Coyotes' hockey revenue for the first year, a $45,000 outside review that it expects to start later this month and complete by the end of October." The "ability to perform an audit was part of the agreement between the city and IceArizona." In addition to a $15M "annual management fee -- an amount prorated the first year -- Glendale must pay" $8.5M in "arena debt this fiscal year, escalating" to $11M in '17. The arena "will be paid off" in '33 (ARIZONA REPUBLIC, 9/11).
WHAT'S IN A NAME: In Arizona, Sarah McLellan reports the "home of the Coyotes officially became Gila River Arena" yesterday, "signaling the beginning of a nine-year partnership between the organization and Gila River Casinos that was approved by the Glendale City Council Tuesday in a 6-1 vote." The club held a "ceremony outside the arena to recognize the name change." The deal marks the "first federally recognized tribal naming-rights deal for a sports venue with a major professional sports league in the U.S." (ARIZONA REPUBLIC, 9/11).
