In Phoenix, Mike Sunnucks reports the City of Glendale lost $1.8M in its arena deal with the Coyotes during the first half of its current fiscal year, and the city budget states that the losses "could total as much" as $8.8M for the full fiscal year. From July through December, the city allocated $3.75M to the Coyotes owners and "spent $500,000 on capital improvements" for a total of $4.25M. Revenue for the same six months "shows arena revenue to the city coming in" at $2.5M (BIZJOURNALS.com, 1/29).
FULL METAL JACKETS: In Columbus, Kurtzman & Zachariah note the Columbus Coalition for Responsive Government "has made its mission clear: It wants to overturn the public purchase of Nationwide Arena." Coalition Chair Jonathan Beard said, "This is a problem with sports owners across the country and the way they exploit politicians. Why do the people who have the least money support people who have the most money?" However, City Council Communications Dir John Ivanic pointed out that last weekend's NHL All-Star festivities "were a good example of public investment that was paying off" (COLUMBUS DISPATCH, 1/29).
MISSING SOMETHING? The NATIONAL POST's Graeme Hamilton noted the new 18,500-seat arena in Quebec City is set to open this year, but so far, "the only tenants signed on are the Remparts of the Quebec Major Junior Hockey League." The team’s purchase last November by Quebecor "was widely seen as an admission that the company’s plan" to buy an NHL team "had stalled." The NHL "is displaying little interest in returning" to Quebec City. Quebecor "is on the hook" for C$33M for "25-year naming rights to the arena." That increases to C$63.5M "if an NHL team is acquired" (NATIONAL POST, 1/27).
