Monday, June 17, 2013

Seattle Mayor Acknowledges NHL Talks As Coyotes Plan B

((HT: KING-TV))

Chris Daniels is on top of it again...

All of the HQ's talk about Seattle being an under-seated Plan B for the Phoenix Coyotes is now out there again...

Daniels caught up with the mayor of Seattle, Mike McGinn, whose response was understandably wary and tempered...
Welcome to your Monday, Phoenix... Mark Brown of Bleacher Report has the lowdown on the last public version of the deal that Renaissance has with the city: The latest deal on the table was outlined in the May 30, 2013 edition of Forbes Magazine. The transaction calls for Renaissance to put up $45 million in equity. Fortress Investment Group, with assets of $55.6 billion as of March 31, 2013, would provide $120 million, and the NHL would make $85 million available through a loan. The Fortress dollars would be repaid by a fee the citizens of Glendale incur to operate the arena. Currently, that would be the $6.5 million allocated in the preliminary budget. At this point, the proposed $120 million from Fortress and a combined $32.5 million over the next five years from the Council appear wide apart. The proposed package of $250 million far exceeds the Forbes value of $170 million placed on the franchise alone.
No word on just how much the Bartoszek-Lanza deal would be straight up cash, no NHL loan, and sans leverage from a hedge fund.

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