Blog Entry

Report: Sale to keep Coyotes in Ariz. almost done

Posted on: February 21, 2012 10:07 am
Edited on: February 21, 2012 11:47 am
 

By Brian Stubits

Last week there were reports of optimism being up in Phoenix regarding the sale of the Coyotes that has been in the works for about three years. I wondered if perhaps it wasn't a move in response to Seattle's arena announcement.

As the Magic 8-Ball says, sources say no. There was some real substance. And by sources I mean Mike Sunnucks of the Phoenix Business Journal.

The National Hockey League is close to putting the finishing touches on a sale of the Phoenix Coyotes hockey franchise to a group led by former San Jose Sharks CEO Greg Jamison. That sale would keep the team playing in the Phoenix market.

The deal still has go through final approvals and due diligence as well as through the city of Glendale which owns Jobing.com Arena. But Jamison, the NHL and Glendale are close to a final deal, according to sources familiar with the hockey team.

The NHL is trying to keep the sale price at $170 million in part to help the value of other franchises. The league bought the Coyotes out of Chapter 11 bankruptcy in 2009 for $140 million.

Now we've been to this point in the past regarding the sale of the Coyotes. Remember how close things were with Matthew Hulsizer at one point? However this is the first time for the group led by Jamison who, with due respect to Hulsizer, appears to have his p's and q's covered a little better.

The other interesting aspect of Sunnucks' report is this little tidbit.

The deal being hatched with Jamison could include some rebates and a fund to help cover the team’s financial losses. The Coyotes lose $20 million to $25 million annually.

That would help explain why somebody would be willing to invest in an organization that bleeds money. However it also brings up the concern that derailed the Hulsizer bid, the watchdog group Goldwater Institute. How many concessions can the city of Glendale give while avoiding their threat of a lawsuit?

At this point, fans in the desert will run with any good news they hear. It's getting down to the wire and this appears to be the most promising point in the negotiations in a long, long time. But hold the celebration (or anger if you're one of those who really wants to see the Coyotes moved) and wait for an official announcement. Too often these deals can fall through and we've already seen it in Phoenix.

But this from Scott Burnside of ESPN.com later on Tuesday is a perfect reminder not to count the chickens before they hatch, particularly with the Phoenix situation.

Everybody has to be glad this is winding down, one way or the other. It's been far too long that the Coyotes have been in this state of limbo but the league has proven at every turn to be hellbent on keeping the team in the desert.

For more hockey news, rumors and analysis, follow @EyeOnHockey and @BrianStubitsNHL on Twitter.

Comments

Since: Jan 25, 2012
Posted on: February 23, 2012 12:24 pm
 

Report: Sale to keep Coyotes in Ariz. almost done

Because I'm a vindictive, vengeful kind of guy, I'm going to repost what was removed earlier.

Seeing all the whiny posts coming out of the pompous, arrogant, narcissistic,  self-important East Valley types reminds me of time I was in the Valley and had to listen to their incessant crying when the football stadium was moved from Tempe to Glendale.

Apparently we can add "fragile persona" and "thin-skinned" to their personality traits because "apparently" one of them complained about the acerbic and perjorative nature of the previous post. And to think I only used one curse word (as delineated by George Carlin and the FCC) and "cleverly"  camouflaged it with "**" in the word.

Note to the hyper-sensative East Valley types. DO NOT wander far from this thread out to the remainder of the website. If you thought my post was offensive, you will find practically every other thread on this site HORRIFIC to your aristocratic sensibilities.



Since: Jan 2, 2007
Posted on: February 22, 2012 11:44 am
 

Report: Sale to keep Coyotes in Ariz. almost done

Nice fanbase in NJ.  Always among the bottom teams in attendance despite having three Cups.  Have fun with bankruptcy.
Seriously, an Avs fan calling another team out on attendance?  On average the Avalanche are running an identical percentage of seats filled as they are in Jersey this year -- 85.7% of building capacity.  Last year, Colorado drew a grand total of 50 more people a game than Jersey.  And the year before that, Jersey outdrew Colorado by more than 1500 per game.  Get your numbers straight before you start talking about other team's attendance numbers and fan devotion.



Since: Apr 11, 2007
Posted on: February 22, 2012 11:10 am
 

Report: Sale to keep Coyotes in Ariz. almost done

Nice fanbase in NJ.  Always among the bottom teams in attendance despite having three Cups.  Have fun with bankruptcy. 



Since: Jul 17, 2007
Posted on: February 22, 2012 12:45 am
 

Report: Sale to keep Coyotes in Ariz. almost done

Nice try, but you're wrong. USAirways Arena was terrible for hockey. And your comment that people in the West Valley have no money is way out of line. That's typical East Valley snobbery. Traffic to the West Valley? No worse than the gridlock through downtown heading east. This is highly amusing, because the East Valley snobs have no complaints about going to Cardinals' games in a stadium next to Jobing.com Arena.



Since: Aug 27, 2006
Posted on: February 21, 2012 9:26 pm
 

3k people REJOICE!

Transplant city.  I'm a Devils fan and we have our own attendance issues-- but we have a fanbase and TV contract.  We just don't have 4k people willing to pay 240 bucks to watch them play the canucks on a wednesday night.  Sorry.   (TAMPA BAY SEASON TICKETS ARE 500 a year)-----Do any reporters report on facts anymore?



Since: Jan 2, 2007
Posted on: February 21, 2012 8:37 pm
 

Report: Sale to keep Coyotes in Ariz. almost done

Dammit, enough already!
The NHL is trying to keep the sale price at $170 million in part to help the value of other franchises.
How about helping protect the value of other franchises by moving the team out of a market that has no interest in supporting it?!?  For the last few seasons, the Coyotes have been battling for the division with San Jose and still nobody goes to the games.  The city built Jobing.com Arena for $180 million because America West Arena was a terrible place to play and watch hockey games in.  And now the team that is winning still can't get butts in the seats!  I understand everything about the arena being in a terrible location -- the rest of the NHL shouldn't have to suffer because of the poor planning of the franchise owners and the local municipalities.  Arizona does not want NHL hockey -- accept it already, Gary Bettman!  Stop trying to force the issue.
At this point, fans in the desert will run with any good news they hear.
What fans?!?  Even the lowly Islanders who, by their own admission are playing in one of the most outdated arenas in all of professional sports, are drawing nearly a thousand more people per game than the Coyotes.  Two of the last three seasons the Coyotes have either finished dead last ('09-'10) or are on pace to finish there ('11-'12).  The team has never finished above 22nd in the league in attendance since the missing season of '04-'05 and are averaging 27th in overall attendance since 2000.  Can we stop this experiment that is costing the taxpaying residents of Arizona something in the neighborhood of $25 million a season.  By their own admission, the franchise has never shown a profit since moving to the greater Phoenix area.  I repeat, NEVER shown a profit in a single season.  Stop the madness!



Since: Mar 2, 2008
Posted on: February 21, 2012 5:30 pm
 

Report: Sale to keep Coyotes in Ariz. almost done

Why a city would waste millions in taxpayer dollars just to keep an NHL team does not make sense.  The people of Glendale might as well be given thousand dollar tax rebates from the city as it is just wasting their tax dollars already.  City could be paving those roads more, maintaining the agriculture/buildings, lowering Glendale's property taxes and fees by a significant portion.  $20 million a year can go to things that clearly would benefit the residents of Glendale.

Nope, instead they overpay to keep an unprofittable hockey team because some idiots negitated a crazy lease during a boom era (where the NHL team was still losing millions already over in Phoenix).



Since: Nov 3, 2006
Posted on: February 21, 2012 2:04 pm
 

Report: Sale to keep Coyotes in Ariz. almost done

Niner75...I am left wondering the same thing.

The thing that still irks me about the Thrashers situation is that it was the NHL that approved the sale of the Thrashers to the Atlanta Clown Group in 2004...that was the end of hockey in Atlanta. 

As much as the NHL wants a team in Phoenix, they just as much did not want a team in Atlanta.  That is pretty obvious.



ALFIwantsout
Since: Sep 28, 2011
Posted on: February 21, 2012 1:32 pm
This comment has been removed.

Post Deleted by Administrator




Since: Sep 25, 2007
Posted on: February 21, 2012 1:19 pm
 

Report: Sale to keep Coyotes in Ariz. almost done

Location in the Phoenix area has nothing to do with it.  Has more to do with the national economy.  I'm willing to drive an hour to a game, and I'm willing to let my kids stay up late to see a pro hockey game.  I'm _not_ willing to let SRP shut off the power to my house to go to a game.

And for you cold weather canadian cities that keep calling hockey in the desert some sort of blasphemy...you can talk as soon as you open up a heated outdoor swimming pool, open year round.


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