Weather Alerts 1 View »

Glendale could pay million a year to keep Coyotes

Glendale could pay million a year to keep Coyotes

CREATED Apr. 29, 2012

Web Producer: Marissa Pasquet
   
PHOENIX (AP) - The Phoenix suburb of Glendale is bracing for a new reality that has it paying millions of taxpayer dollars a year to keep the Phoenix Coyotes in its arena.
   
City Manager Ed Beasley states that any deal with a new owner for the NHL-owned team will require the city to manage Jobing.com arena. That could cost at least $15 million a year.
   
The city borrowed $180 million to build the arena that opened in 2003. Its deal with former Coyotes owner Jerry Moyes had him paying to run the team and the city-owned arena.
   
Moyes put the team into bankruptcy in May 2009 and the NHL bought the team later that year. The city agreed to pay the NHL $25 million a year in subsidies.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

Loading...