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Coyotes' survival hinges on arena deal battle


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Interesting article from TSN regarding the Coyote's arena situation. Some pretty crooked things going on.

http://www.tsn.ca/coyotes-survival-hinges-on-arena-deal-battle-1.283772

Senior elected city officials in Glendale, Arizona, say they are exploring whether legal grounds exist for them to void an arena management contract with the Arizona Coyotes, an agreement that calls for taxpayers to contribute $15 million per year over 15 years to the flagging NHL club.
When the city council in Glendale voted to give the owners of the Coyotes $225 million (all U.S. dollars) over 15 years, the money was supposed to be used by the team to manage the 12-year-old Gila River Arena, where the Coyotes play their home games.
The deal helped narrow the losses of a club that sports investment bankers say is a perpetual money loser, bleeding some $50 million or more per year.
But nearly two years after council approved the controversial pact, city officials claim the money that cash-strapped Glendale is paying to the team's owner IceArizona is instead going directly to Fortress Investment Group, the New York-based asset manager which financed holding company IceArizona's purchase of the Coyotes.


That's because consultant Tony Tavares, the onetime president of both the Dallas Stars and Mighty Ducks of Anaheim, has delivered to Glendale city auditors a report that alleges IceArizona under-reported its losses last season during the first year of the 15-year arena management contract, sources tell TSN.

While IceArizona said it lost $34.8 million during the 2013-14 NHL season, Tavares's confidential report claims the holding company lost far more than that. TSN couldn't confirm the exact amount Tavares claims IceArizona lost. The report suggests tactics the city might take to challenge the Coyotes in their bookkeeping.

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What a joke. Well Bettman sold the Islanders to a fraudster that just made his own bank statements so i am not surprised that the little keebler elf is overseeing this farce.

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I'm not going to get my hopes up anytime soon. If anything, history has shown Bettman and the league will go to any extent to keep the team there despite the obvious failure and losses the city has brought. I don't expect that to change now all of a sudden. They'll find another excuse to keep the team there and give them "another shot".

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Just get them out of there. I don't understand why the NHL cannot admit failure here. Move them to Seattle, Quebec, wherever

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agreed. I think AZ will become the new LV team and KC will get an expansion (or vice versa). Then SEA will get it's own expansion shortly thereafter.

This is exactly what will happen with LV being expansion next year and KC being a relocate IMO.

You know I've been saying this for a long time. I've seen nothing to back off of that prediction.

It's only a matter of time now....and less than 6 weeks until the LV announcement at the draft IN Vegas.

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This is exactly what will happen with LV being expansion next year and KC being a relocate IMO.

You know I've been saying this for a long time. I've seen nothing to back off of that prediction.

It's only a matter of time now....and less than 6 weeks until the LV announcement at the draft IN Vegas.

well, the Draft is in Florida, but i agree, LV will be announced this summer. maybe at the nhl awards in vegas?

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