Mackcanuck Posted June 10, 2015 Share Posted June 10, 2015 The City of Glendale sent the Arizona Coyotes scrambling when it announced late Tuesday that it will meet Wednesday in a special session to explore the possibility of canceling the professional management services and arena lease agreement between the city and IceArizona, which owns the NHL team. Glendale alleges the team breached its 15-year, $225 million arena lease by using the $15 million a year it receives from the city to pay down debt incurred when the group purchased the team. “This is a blatant attempt to renege on a valid contract that was negotiated fairly and in good faith and in compliance with all laws and procedures,” Nick Wood, of the Law Firm Snell and Wilmer, outside counsel for the Arizona Coyotes, said in the statement released Tuesday. “In the event the City Council initiates any action to revoke, repeal or otherwise rescind the agreement, the Coyotes will immediately take all actions available to them under the law against the City of Glendale.” The Coyotes have had financial difficulties numerous times, including spending four years being run by the NHL after declaring for bankruptcy in 2009. Coyotes co-owner — who along with George Gosbee heads IceArizona — president and CEO Anthony LeBlanc, who bought the team in 2013, said, “This action by the City of Glendale is completely ludicrous, especially in light of the fact that myself and (investor) Andrew Barroway visited with the City yesterday and the particulars of this were never raised. “In fact, we to this moment have not been advised of this other than the notification on the City website. The City of Glendale is displaying a complete lack of good faith, business acumen or an understanding of a business partnership. We want to reassure our great fans that the Arizona Coyotes are committed to Glendale and playing at Gila River Arena.” http://www.winnipegsun.com/2015/06/10/city-of-glendale-meeting-to-determine-fate-of-nhls-coyotes Link to comment Share on other sites More sharing options...
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