John Shannon from Sportsnet said on January 7th edition of Marek vs. Wyshynski podcast that he has talked to several involved since the end of the lockout news and has confirmed that they were waiting to see what kind of changes in revenue sharing were going to happen and that all is well. The deal will get done by the 31st.
I hope this doesn't kill Glendale once and for all - I'm happy for Yote fans, but Glendale's financial situation is just horrible and if it falls off another cliff... well, let's just hope it doesn't...
The former San Jose Sharks CEO has not disclosed where he is getting the money to buy the Coyotes or who is partners are, and the ACC filings do not shed any additional light on his investors.
Revenue sharing between teams increased to $200 million annually
A review of the actual expenditures year-to-date suggests that some downward revisions are needed due to some unanticipated, or under budgeted, costs...
Revenue collections through the end of November 2012 for city sales tax and state-shared revenue (almost 75% of the General Fund (GF) revenue budget), indicates that the city is about $3.4M below the amount expected after five months...
If I have my facts correct Glendale is going to make its sales tax 3.0 %with the extra money going to pay the Arena management fee to keep the Coyotes.
How will this work?
Next time I am in Phoenix I will try to shop in Gilbert, Scottsdale or Chandler and save 1.5%. Once you get to the top end of the tax scale relative to nearby options overall revenue will not go up as much as expected... Especially in a depressed economy.
PS. Sales tax is a great way to make the snowbirds/carpet-baggers pay for the infrastucture they use.
PPS. The 500,000 visitors to Glendale for hockey (41 days/yr) will be offset by the 4.5 M people who will avoid shopping in Glendale 365 days/yr.
Quote:
Originally Posted by valo403
You seriously think people are going to go on county to county hunts for the lowest sales tax when the difference is typically going to be less than 1%? Unless you're dropping serious dollars you'd spend more on the gas to get you there than you'd save in sales tax.
Well that's some simplistic thinking. I assume you've done a full scale analysis of the Glendale books to determine where the revenue shortfall occurred?
Joyce Clark - subsidizes the Coyotes. Does not pay for tickets.
Joyce Clark @clarkjv Watching end of SF/Atl game then getting ready to leave for Coyotes game. My thanks to Paul & Dawn M for snagging tickets for me & family.
Tick Tock Greg. 9 business days left. Down to the wire. No one can predict this one.
I am hearing conflicting stories on whether the opener was "sold out". Certainly was a lot of Hawks fans there.
If Jamison has the money, what's the holdup? So in 9 days the deal with Glendale expires... then what? Would they have to renegotiate with the new city counsel? Would Glendale throw the yotes out on the street?
must show all Flames games nationally when they play on Saturdays, Mondays, and Wednesdays !!!
