Monday, August 5, 2013

The Phoenix Coyotes Neverending Sale Ends--For Now

((ht: yahoosports/puckdaddy))

Yes, it's a story that we've repeatedly reported on. And hockey fans have lamented the fate of the owner-less Phoenix Coyotes for over three years now.

That wait is over.

The NHL has approved the purchase of the Coyotes by a group called "Ice Arizona", headed by George Gosbee and Anthony LeBlanc. Their group was "formerly" known as Renaissance Sports. And while Brother Jon might know why they changed their name, I don't, so I won't get into that.

Of course, like all the other proposed sales of the team, there is a catch.

The team has an out clause that states if they lose more than $50 million or after 5-years if there was a fair reason, the team can leave.

Which is exactly what we think will happen.

Oh, did we mention the city is paying the ownership group $15 million to manage the arena? That deal was made under the premise of getting extra money on ticket surcharges, parking fees and naming rights.


Does this sound right to you?

Here's USA Today's explanation of the events RIGHT HERE

My thoughts--This deal smells. Yes, it gets Glendale a primary tenant for their pink elephant of an arena And it might, if they are lucky, give them a way to recoup the gazillions of taxpayer money spent to keep the team in their current boondoggle.

But we'd be willing to bet money, after 5-years, they're gone. The minute someone offers them a new arena in a more northern climate where people are really into hockey, they're gone.

And the people on the hook: The taxpayers of Glendale. Many of whom will never see, want to see and in some cases can't afford to go.

No, we aren't stating a case here for no new arena's or anything like that. What we are saying is the city is already out nearly $60+ million just trying to find someone to buy the team and supplementing the NHL for running it for them, yes, city services and things that are needed for everyday life have been cut-back, but hey, it's for the Coyotes, why shouldn't you live in poverty if you can have the NHL?

Here's the early celebration out of Arizona...
((HT: 12News))

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