IceArizona Takes Over Coyotes

And the Commissioner couldn't be any happier over the idea that he can hand over the keys to the Phoenix ArizonaPhoenix Coyotes from his own pockets once and for all...

For three years or so, anyway...

The guys from RenaissanceIceArizona took over the team and held their initial press conference detailing just how much they love Glendale and want to commit to keeping hockey in jobing.com arena- until they lose enough money so they can move somewhere like Seattle...

"Today is about starting over," Ice part-owner Anthony LeBlanc said.

AZCentral's Sarah McLellan caught up with the commish...
The City of Glendale, put over a barrel again, released this statement: "The city of Glendale is very pleased with the announcement from the National Hockey League (NHL) that IceArizona Acquisition Co., LLC has finalized its purchase of the team. The city is looking forward to working with IceArizona to continue the long-term presence and success of the Coyotes in Glendale. "As we move forward, the city and team will focus on building momentum for this season by welcoming new and returning fans to Glendale's Sports and Entertainment District and supporting the many shops and restaurants that make up this important economic engine for the city. "We want to thank the dedicated fans for their ongoing support of the team and the city of Glendale. As the anchor tenant for Jobing.com Arena, the Coyotes play more than 40 home games in our city that annually attract more than 500,000 fans and we are looking forward to many successful years ahead."
The HQ gives it 3 years- tops before the $50-million loss elevator clause kicks in...

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 jobing.com arena? That deal was made under the premise of getting extra money on ticket surcharges, parking fees and naming rights.

Hmmm...

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))

Glendale Signs Lease Deal With Renaissance, Will Goldwater Respond To Bad Bonds...? (UPDATED: Goldwater Speaks)

((HT: Sportsnet.ca))

The wanna-be/almost/soon-to-be owners of the Phoenix-slash-Arizona Coyotes have signed their lease agreement for Jobing.com Arena and the city of Glendale, Arizona.

Daryl Jones, one of the partners with Renaissance Sports & Entertainment, tweeted on Monday that the lease agreement with the City of Glendale has been executed.

We have executed the lease for http://Jobing.com Arena in Glendale, Arizona. The long term home of the Coyotes ! Howlllll!

The Glendale City Council approved a 15-year, $225 million arena lease deal with RSE during a special session last week, RSE still has to complete its purchase of the team and get approval from the NHL’s Board of Governors.

Sportsnet's Roger Millions caught up with Renaissance's George Gosbee who thinks the Coyotes can be profitable- even as his own home got wiped out by the floods in Calgary...
 The interesting play in the Millions piece is the possible response from the Goldwater Institute... Here's Carrie Ann Sitren, Goldwater's lead attorney in their original case, from a little over a year ago... Let's just see if some of these same points come up in the near future... ((HT: Goldwater Institute their own selves)) Mike Ozanian, over at Forbes, is also writing that bond holders don't like the deal, either... evidenced by the yield jumping a full percentage point since the restructuring came into play- at the beginning of the calendar year...  The middle paragraph: ...the upside of the deal tilts heavily towards the team’s potential buyers, and the risk towards the city’s taxpayers. Not only does the agreement requires the city to pay $15 million a year to Anthony LeBlanc’s group to manage the city-owned Jobing.com Arena, but RSE is not guaranteeing it will pay the city money it says it will generate from non-NHL events that will reduce the burden on taxpayers, and RSE can bolt Glendale should its losses reach $50 million in five years. Oops... THURSDAY UPDATE: Goldwater spoke... and they okayed it for now... Based on the information available to us at this time, we do not believe that the Glendale arena management deal would be held unconstitutional. Changes made to the agreement during the course of negotiations partially bridged the gap between the market cost of arena management and the amount of the payment to the team owner, thus bringing the deal into conformity with cases interpreting the Gift Clause of the Arizona Constitution. The initial deal proposed several years ago would have included not only a substantial annual arena management fee, but a $100 million up-front payment to subsidize the purchase of the team. We are proud to have played a constructive role in protecting the taxpayers and taking an illegal deal off the table. Glendale’s long and painful experience illustrates why local governments should focus on providing basic and essential public services and avoid the temptation to subsidize private enterprises such as sports teams.

A Sale For The Coyotes: We've Heard This Before...

((HT: Arizona Sports))

The HQ isn't really holding it's collective breath on this one, but we have heard this before, but there is word that a deal is in place for the sale of the Phoenix Coyotes to Renaissance Sports and Entertainment- the Gosbee/LeBlanc group.

Fox Sports Arizona's Craig Morgan reported on his Twitter page that NHL officials Gary Bettman and Bill Daly, along with Gosbee and LeBlanc will meet with Glendale officials next week.

Sources also telling me that the NHL and Gosbee/LeBlanc (Renaissance Sports & Entertainment) have agreed to a deal for #Coyotes purchase.

Glendale councilmember Gary Sherwood: “Gary (Bettman) told us all along that if the league had three suitors for the team, they wouldn’t come to us until they had selected one that they felt was the best group. That is exactly has happened.”

While the sale may be approved by the NHL, any prospective buyer would still have to strike a deal with Glendale for the management of the city-owned arena. And that is the wild card in all of this...

If the Arizona Republic is saying one figure for operating the arena and prospective owners wanted twice that figure, and the city of Glendale will be trying to not give out any kind of subsidy for a new owner- then, there won't be a lot of wiggle room...

Here was Morgan when he was forced to chase down Darin Pastor- before he was turned down rather quickly...
((HT: FS Arizona))

And Start The Coyotes Relocation Talk Again In 3,2,1... (UPDATED W/New, Old Pursuers- Thursday and Friday)

Darren Dreger over at #TSN was releasing this info tonight on his Twitter:

NHL continues to fight to keep Yotes in Glendale, however, relocation decision could take place before the playoffs.

Quebec City, Seattle and Kansas City among relocation sites. Aside from conference issues, Que City appears best fit. Far from done deal...

Aaron Ward followed up:

NHLPA source,expect decision to come before start of playoffs.Gone is Glendale $25M subsidy

It looks like the city is tired of dealing (finally)... the Coyotes are 13th in the west, last in the Pacific, and came into Wednesday losers of four in a row...

They're next to last in attendance figures for home games- only 780 people or so over the Islanders- at just under 80-percent capacity.

Here was the Greg Jamison speech in front of the Glendale City Council back in November...


And the initial introduction of Jamison by Commissioner Gary Bettman as the savior du jour during the playoffs last season...


But, then, surprising no one really... everything hit a snag... and Jamison would never announce who his partners are/were as of a month ago...everything crapped out... Jamison was supposedly working on a new deal, but there's nothing imminent...
((HT: ABC15))


So, remember where we were last month... two months ago... last year...???
Well, we're back to where we started... only thing is JoJo is in Tucson...

Hey, they were close...


Thursday Update: Per OSG Sources in Arizona, AltaCorp Capital chairman & CEO George Gosbee is working with Anthony LeBlanc on @NHL_Coyotes purchase... so, we're back there...

Yep. Ice Edge is back with Gosbee- for those of you unfamiliar: Gosbee founded AltaCorp Capital, a new Canadian investment bank in 2010. As well, he is co-chair of AIMCo (Alberta Investment Management corp), a $70 billion investment fund. Sportsnet's John Shannon thinks a proposal could be done by the beginning of next week after the Easter holiday.

Friday Update: Darin Pastor, via press release, decided to throw his hat in the ring...

If the name rings a bell, it's because his grandfather and uncles owned the Buffalo Bisons in the 50's, 60's, and '70's.

"If we have an opportunity to acquire the franchise, we will do everything we can to make sure it stays in the great city of Glendale and continues to enhance the Phoenix metropolitan area."

Pastor is currently founder and CEO of Capstone Affluent Strategies- whatever that is...