General Ongoing Coyotes saga thread

[flamesaresmokin]

Originally Posted by Resolute 14

No, but it does need to back off of some of its demands.

No they don't. The city and its taxpayers were given assurances they would be paid back when they made this deal. Now the team is leaving and they are out millions of dollars. Not their fault and I would hold the coyotes/nhl to every stinking penny.

[Resolute 14]

Yes they do, and it is not the NHL's fault that Glendale has repeatedly undermined its attempts to find an owner. The league has gone to extreme lengths in this situation, and frankly at this point, owes the city nothing at all. It is up to Glendale to bargain in good faith if it wants to keep the team.

[shermanator]

Originally Posted by TorqueDog

The Winnipeg Blue Bombers are community-owned as well.

And they're arguably the healthiest teams in the CFL as well.

[valo403]

Originally Posted by flamesaresmokin

No they don't. The city and its taxpayers were given assurances they would be paid back when they made this deal. Now the team is leaving and they are out millions of dollars. Not their fault and I would hold the coyotes/nhl to every stinking penny.

Well you're showing some great business acumen there. Let's take a hard line stance, not negotiate under any circumstances despite our lack of leverage, and just generally be uncooperative. That will obviously lead to a deal that avoids us footing the entire bill for an empty arena with little to no revenue streams for the foreseeable future.

Again, great thinking exhibited there.

[troutman]

Mayor: Phoenix Coyotes asking price may affect Glendale
http://www.azcentral.com/community/g...-glendale.html

The Glendale City Council will meet behind closed doors Tuesday for an update on Phoenix Coyotes negotiations but residents and fans have gotten few recently.

The mayor raised questions about whether the NHL's asking price for the team will force Glendale to pay more.

It's been widely reported that the NHL hopes to get $170 million for the team. A recent Forbes valuation found the team to be worth about $36 million less.

That difference complicates bidders' dealings with Glendale, which must pay off its debt on the city-owned Jobing.com Arena, Scruggs said.

"I think it has kept other potential buyers out of the process of trying to purchase the team and I think it is definitely impacting the financial burden that's being asked of the city of Glendale," she said.

Scruggs' comments follow the council's recommendation that the city budget another $25 million in the upcoming fiscal year to operate the arena in case the Coyotes aren't sold. The city has agreed to pay the NHL that amount for the past two years

Despite the challenges, Daly said the league is dealing with "a number of parties interested" in the team and hasn't looked outside the Phoenix market. He would not specify the number of bidding groups interested in the team. Former San Jose Sharks CEO Greg Jamison and Arizona lobbyist John Kaites are leading two groups that have negotiated with Glendale and the league.

[dissentowner]

John Daly is so full of crap, nobody is going to buy the Yotes and keep them in that situation. Hurry up Quebec and get your new arena done so we don't have to hear about this any more.

[IntenseFan]

^ Bill Daly you mean.

So long as the NHL can hold Glendale hostage enough to get a further $25 million for next year, they are less motivated to get a deal done.

I wonder if the Chapter 11 judge is having regrets? When he approved the NHL's bid, I'm relatively certain no one, including him, thought two years later the team would still have no buyer and still be operated (and financed) by the league and the city.

[Sidney Crosby's Hat]

The more I look at this situation, the more I believe that the NHL is going to own this team in perpetuity where it will be annually funded by the City of Glendale.

[atb]

Originally Posted by Sidney Crosby's Hat

The more I look at this situation, the more I believe that the NHL is going to own this team in perpetuity where it will be annually funded by the City of Glendale.

What's the benefit of doing such a thing for the NHL? In the hopes that one day hockey will take off there and the team because a profitable franchise? Why would players want to sign with a team where there is no guarantee that will be their home for more than a year.

This is assuming there is at least one other viable place to move the team, ie Quebec.

[Northendzone]

So glendale is ready to flush away $75 million.......wonder when Scruggs is up for reelection?

[hwy19man]

Originally Posted by Sidney Crosby's Hat

The more I look at this situation, the more I believe that the NHL is going to own this team in perpetuity where it will be annually funded by the City of Glendale.

Annual fundraisers then?

[PegCityFlamesFan]

Man do I not miss this gong show at all. Scruggs makes Gadhafi look sane.

[Iggy3x]

Originally Posted by Northendzone

So glendale is ready to flush away $75 million.......wonder when Scruggs is up for reelection?

After 4 more years of this, the city of Glendale would have essentially purchased the team. I wonder if the league will be up for that or if that'll even be legal. I know that operating payment and capital expenses are different, but I wonder if the league would count the payment towards the final purchase price. Maybe Glendale should consider doing that.

[Stay Golden]

The citizens of Glendale should livid. They should have shares of the Coyotes after all the payments to the NHL. Its insaine

[Northendzone]

A city owning a pro sports franchise is a lot like a mule with a spinning wheel........I wonder if ms. Scruggs is interested in buying a fleet of hovercrafts I bought at the military surplus sale. I sold some to ogdenville and north haberbrook........ah it is more of a s tots dale idea....and besides, billy d tells me there are many many buyers interested, but they wish to keep a low profile for now until mthe end of the decade.....

[troutman]

City in Penalty Box Over Team Finances
http://online.wsj.com/article/SB1000...337161186.html

Glendale, Ariz., is selling about $136 million in debt in the municipal-bond market this week, just days after Moody's Investors Service cut its bond rating because of the desert city's obligations to cover losses on a National Hockey League franchise.

Moody's downgraded Glendale's general-obligation bond rating a notch, from Aa2 to Aa3, last week, noting the city's "strained" financial position after a "significant" payment to the NHL for the Phoenix Coyotes' operating losses.

Moody's also has a negative outlook for Glendale, because it may have to pay the NHL as much as $25 million more, for 2012, if the team doesn't secure a new owner in the coming months.

Glendale's commitment to the Coyotes is enough to keep some investors from buying the city's debt.

[troutman]

Walt Opaska Calls on Mayor Scruggs, Council to Prepare for Life Without The Coyotes
http://sonoranalliance.com/2012/01/2...t-the-coyotes/

City of Glendale mayoral candidate Walt Opaska calls on Mayor Scruggs and the City Council to plan for the possibility that if the Coyotes leave Glendale. Major Scruggs and City Council must start a process to find a company to manage Jobing.com arena if the Coyotes leave Glendale.

[BACKCHECK!!!]

Like sands through the hour glass, these are the Days of Our Lives...

[fundmark19]

I wish they could work something out. I went to a yotes game last week vs the avs and I was really impressed with the building and fan support that actually showed up. The entertainment district around the stadium as well as the NFL stadium is really neat. I was shocked at how many yotes fans actually had jerseys on. The building is really nice and there is literally not a bad seat in the house.

Sad to see them go out like this!

[Resolute 14]

Originally Posted by troutman

Walt Opaska Calls on Mayor Scruggs, Council to Prepare for Life Without The Coyotes
http://sonoranalliance.com/2012/01/2...t-the-coyotes/

City of Glendale mayoral candidate Walt Opaska calls on Mayor Scruggs and the City Council to plan for the possibility that if the Coyotes leave Glendale. Major Scruggs and City Council must start a process to find a company to manage Jobing.com arena if the Coyotes leave Glendale.

I wonder if Phoenix would support an AHL team right away. Because, honestly, that is the only way that building ever gets any use if the Coyotes leave.