Glendale to vote on proposed lease for Coyotes on Tuesday night
It's judgment day for the Coyotes in Arizona. Probably. The city of Glendale will take a vote on its proposed lease for the Coyotes.
Tuesday is kind of a big deal in Arizona; the future of the Coyotes seems to hang in the balance.
On Tuesday night, the City of Glendale, Ariz., will open a meeting regarding the proposed lease for the NHL franchise and then eventually -- probably on Wednesday morning, at least in the East -- the council will vote on it. This much we know: If it fails, it likely spells the end of the Coyotes in Arizona.
Will it fail, though? That's the big question that even the oddsmakers at Bovada have posted odds on.
Will the City of Glendale Approve Section 6, Item 26 of the Agenda; "Authorization for Lease Financing"
Yes, City Votes For Lease Financing: +150 (3-2)
No, City Votes Against Lease Financing: -200 (1-2)
Bovada is a bit pessimistic, but at this point who knows?
"I'm not prepared to presuppose any particular result," NHL deputy commissioner Bill Daly told Bruce Garrioch. "We obviously hope the council members will recognize the value the Coyotes' franchise brings to the community, both as a point of social connection and as a business and financial engine for the surrounding area."
UPDATE: And this is a big one from Craig Morgan of Fox Sports Arizona:
Renaissance Sports & Entertainment (RSE) has hired industry leader Global Spectrum to ensure the financial and promotional success of RSE’s 15-year, annual $15 million arena management proposal – which projects to return an estimated $8.5 million to $11 million in yearly revenues to Glendale.
This is huge and significantly increases the chances the team will stay in Arizona. RSE now has a proven entity with it to help ensure it can meet the promises made on the revenue streams to the city. This partnership should make the Glendale council feel a lot better that the money will get back to the city as laid out.
Global Spectrum is part of the Comcast group run by Flyers owner Ed Snider. The company oversees the Wells Fargo Arena in Philly as well as University of Phoenix Stadium, next door to the arena in Glendale. Global's presence could help RSE attract more events to the arena, creating more revenue to go back to the city.
If the odds were to be updated after this news, the chances of the team staying would be significantly better.
The lease that the city will be voting on is its own proposal, a counteroffer that it made to RSE a few days ago. Included in that counteroffer was what was deemed as a "non-starter" by RSE, an out clause for the city. It's something that's not seen anywhere else in sports and would give the city a chance to kick the Coyotes to the curb and leave them without a place to play. The city is believed to be leaning toward passing that lease on Tuesday night/Wednesday morning, but would that be acceptable to RSE?
For clarification, the lease on the table requires the city to pay $15 million per season to help run the franchise and cover operating costs. In the RSE lease, they propose ways to funnel the majority of the money back to Glendale through such things as ticket surcharges and parking. The city would like to see the number that it pays down around $6.8 million, and RSE believes the revenue streams that it has designed will keep the number where Glendale wants. The city sees it as too much risk on its end, thus the counteroffer.
Yes, it's possible that we still have more things to be sorted out. But we do know this: it's a critical day in the future of the franchise, the NHL has finally begun speaking in terms of deadlines and this is that day.
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