((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.
Showing posts with label Goldwater Institute. Show all posts
Showing posts with label Goldwater Institute. Show all posts
Tuesday, July 9, 2013
Thursday, June 28, 2012
DEVELOPING: Judge Upholds Glendale Vote On Yotes Sale
((HT: USAToday))
But all that really means that is that any legal recourse will have to come from the voters of Glendale themselves and not the Goldwater Institute...
Judge Dean Fink rejected Goldwater's argument- suing to invalidate the Glendale City Council's decision to approve the sale of the Phoenix Coyotes to Greg Jamison and paying him US$324-million over 20 years (US$90-million in the first four years). Goldwater maintained the Council didn't have the necessary votes and that the city failed to put an arena management contract up for bid- claiming it was an emergency status that would supersede any public referendum.
And that's where we are now...
Registered voters in Glendale are trying to come up with just over 1,800 signatures by early July to put the City Council decision to referendum in November.
That would gum up any sale certainly...
"We are disappointed in today's decision but we are glad that Glendale taxpayers have taken matters into their own hands by working to refer the arena management deal to the ballot," Goldwater's Darcy Olsen said in a statement...
So, the HQ continues to see what is left... and see who isn't saying anything...
Are you listening Quebec City...???
Of course, you are...
But all that really means that is that any legal recourse will have to come from the voters of Glendale themselves and not the Goldwater Institute...
Judge Dean Fink rejected Goldwater's argument- suing to invalidate the Glendale City Council's decision to approve the sale of the Phoenix Coyotes to Greg Jamison and paying him US$324-million over 20 years (US$90-million in the first four years). Goldwater maintained the Council didn't have the necessary votes and that the city failed to put an arena management contract up for bid- claiming it was an emergency status that would supersede any public referendum.
And that's where we are now...
Registered voters in Glendale are trying to come up with just over 1,800 signatures by early July to put the City Council decision to referendum in November.
That would gum up any sale certainly...
"We are disappointed in today's decision but we are glad that Glendale taxpayers have taken matters into their own hands by working to refer the arena management deal to the ballot," Goldwater's Darcy Olsen said in a statement...
So, the HQ continues to see what is left... and see who isn't saying anything...
Are you listening Quebec City...???
Of course, you are...
Tuesday, June 19, 2012
DEVELOPING: Judge Invalidates Part Of Glendale Agreement, Referendum On The Clock
((HT: AZRepublic/Halverstadt, The Glendale Star/Dryer))
Lisa Halverstadt of the Republic is, probably, giving all of us the first salvo that could spell the end of the Coyotes in Phoenix.
Maricopa County ((AZ)) Superior Court Judge Dean Fink invalidated one section of Glendale City Council's lease agreement with Greg Jamison. Judge Fink requested the not reflect that it was not passed as an emergency order. In theory, the vote could have been put up as a referendum and it wasn't...
"There was a request that I invalidate the entire ordinance. I'm only willing to say section 7 is inoperable," Fink said.
Immediately after the hearing, Glendale resident Joe Cobb, represented by the Goldwater Institute, said he plans to start collecting signatures Wednesday for a referendum. The referendum needs 1,862 valid signatures within 30 days of passage of the ordinance. It needs to be validated by July 5th, according to FOSG Fred Poulin and his Twitter feed...
To clarify, from Dryer's article...
To qualify for a referendum on the November ballot, (Owner/Manager of Sanderson Ford, David) Kimmerle’s group needs to gather 1,862 signatures and turn in enough valid petitions by July 5 to be placed on the city’s November ballot. But the referendum action cannot legally start until the council takes action, and that is not scheduled to occur – by law – until June 26.
Arizona Revised Statute 19-142 requires a referendum petition to be filed with the city clerk within 30 days after passage of the ordinance, resolution or franchise. In this instance, the city council is expected to approve the increased taxes June 26, which gives Kimmerle’s group until July 26 to turn in petitions to the city clerk.
However, to qualify for a referendum on the November ballot (by state law, four months before the general election), Kimmerle’s group needs to gather 1,862 signatures and turn in enough valid petitions by July 5 to be placed on the city’s November ballot. The 1,862 figure is 10 percent of the qualified electors in the city’s 2008 mayoral race – 18,620.
Here's the court battle, thanks to our friends at 12News...
Lisa Halverstadt of the Republic is, probably, giving all of us the first salvo that could spell the end of the Coyotes in Phoenix.
Maricopa County ((AZ)) Superior Court Judge Dean Fink invalidated one section of Glendale City Council's lease agreement with Greg Jamison. Judge Fink requested the not reflect that it was not passed as an emergency order. In theory, the vote could have been put up as a referendum and it wasn't...
"There was a request that I invalidate the entire ordinance. I'm only willing to say section 7 is inoperable," Fink said.
Immediately after the hearing, Glendale resident Joe Cobb, represented by the Goldwater Institute, said he plans to start collecting signatures Wednesday for a referendum. The referendum needs 1,862 valid signatures within 30 days of passage of the ordinance. It needs to be validated by July 5th, according to FOSG Fred Poulin and his Twitter feed...
To clarify, from Dryer's article...
To qualify for a referendum on the November ballot, (Owner/Manager of Sanderson Ford, David) Kimmerle’s group needs to gather 1,862 signatures and turn in enough valid petitions by July 5 to be placed on the city’s November ballot. But the referendum action cannot legally start until the council takes action, and that is not scheduled to occur – by law – until June 26.
Arizona Revised Statute 19-142 requires a referendum petition to be filed with the city clerk within 30 days after passage of the ordinance, resolution or franchise. In this instance, the city council is expected to approve the increased taxes June 26, which gives Kimmerle’s group until July 26 to turn in petitions to the city clerk.
However, to qualify for a referendum on the November ballot (by state law, four months before the general election), Kimmerle’s group needs to gather 1,862 signatures and turn in enough valid petitions by July 5 to be placed on the city’s November ballot. The 1,862 figure is 10 percent of the qualified electors in the city’s 2008 mayoral race – 18,620.
Here's the court battle, thanks to our friends at 12News...
Sunday, June 17, 2012
Another Conservative Group May Chase Coyotes Legal Solution
((HT: Phoenix Business Journal/Sunnucks, Sporting News))
Mike Sunnucks is writing that Steve Voeller, president of the Arizona Free Enterprise Club, doesn’t like Glendale’s Coyotes deal (surprise) with Greg Jamison and said his group is considering a referendum on a ballot-to-be-named-later and possibly even recalling the Glendale City Council.
The Enterprise initiative would, probably, be separate from anything the Goldwater Institute may do...
So, now you have more than one group interested in challenging the deal the city of Glendale made with Jamison and the HQ is fairly certain that any challenge that would come from outside Glendale would be challenged by Glendale itself.
See the challenge...???
From Sunnucks:
"The city is in compliance with the laws applicable to the Jobing.com Arena management agreement. This agreement will provide the maximum benefit from the arena to the citizens of Glendale over its term,” said city spokesman Jerry McCoy.
Lisa Halverstadt of the Arizona Republic talked with Bill Daly Friday:
"At this point, the lawsuit has not impacted the process," Daly said, adding that he reserves further judgment until after a Tuesday court hearing on the case.
Daly also said the NHL expects to release its 2012-13 schedule in "the relative near term" and that the schedule will likely assume the Coyotes play in Glendale.
"Both the business and the hockey operations departments have direction with regard to the parameters within which they are expected to operate," Daly said.
More when know more...
Mike Sunnucks is writing that Steve Voeller, president of the Arizona Free Enterprise Club, doesn’t like Glendale’s Coyotes deal (surprise) with Greg Jamison and said his group is considering a referendum on a ballot-to-be-named-later and possibly even recalling the Glendale City Council.
The Enterprise initiative would, probably, be separate from anything the Goldwater Institute may do...
So, now you have more than one group interested in challenging the deal the city of Glendale made with Jamison and the HQ is fairly certain that any challenge that would come from outside Glendale would be challenged by Glendale itself.
See the challenge...???
From Sunnucks:
"The city is in compliance with the laws applicable to the Jobing.com Arena management agreement. This agreement will provide the maximum benefit from the arena to the citizens of Glendale over its term,” said city spokesman Jerry McCoy.
Lisa Halverstadt of the Arizona Republic talked with Bill Daly Friday:
"At this point, the lawsuit has not impacted the process," Daly said, adding that he reserves further judgment until after a Tuesday court hearing on the case.
Daly also said the NHL expects to release its 2012-13 schedule in "the relative near term" and that the schedule will likely assume the Coyotes play in Glendale.
"Both the business and the hockey operations departments have direction with regard to the parameters within which they are expected to operate," Daly said.
More when know more...
Wednesday, June 13, 2012
DEVELOPING: Goldwater Files Suit In Glendale
The Goldwater Institute has filed a lawsuit seeking to invalidate the Glendale City Council's vote to approve the lease agreement for Jobing.com Arena with Greg Jamison.
The lawsuit was filed in Maricopa County Superior Court on behalf of two Glendale taxpayers, claiming last week's vote violated a 2009 court order requiring Glendale to provide all documents in negotiations between the city and a prospective owner to Goldwater in a timely manner.
“We continue to hope that the city will construct a lawful deal that protects the interests of Glendale taxpayers,” said Goldwater Institute President Darcy Olsen. “Without seeing critical exhibits contained in the arena management agreement such as the arena annual budget or the arena management performance standards, it is not possible to determine the constitutional validity of the agreement.”
From Goldwater:
The lawsuit filed by the Goldwater Institute also alleges that the city violated its own charter in casting a vote on a proposed arena management agreement without putting the arena management contract out to bid.
NHL Deputy Commissioner Bill Daly when asked: "We are not in control of Goldwater.. they will do what they think they need to do and we will do the same..."
Councilwoman Joyce Clark, who voted for the Jamison bid, explained her position via her Twitter feed:
Re: GWI's whine that there should have been competitive bids. The universe of potential hockey team owners who also want to manage an arena and perhaps (please GOD) buy the arena and reduce our debt is very, very small. Gl entertained 4, what was determined to be Ice-Edge, Hulsizer, Reinsdorf and Kaites. Gl determined that Jamison is a responsive bid. To pursue bids from a lease mgt co that has no affiliation to an anchor hockey team is an exercise similar to comparing monkeys to fish. Really?
The lawsuit was filed in Maricopa County Superior Court on behalf of two Glendale taxpayers, claiming last week's vote violated a 2009 court order requiring Glendale to provide all documents in negotiations between the city and a prospective owner to Goldwater in a timely manner.
“We continue to hope that the city will construct a lawful deal that protects the interests of Glendale taxpayers,” said Goldwater Institute President Darcy Olsen. “Without seeing critical exhibits contained in the arena management agreement such as the arena annual budget or the arena management performance standards, it is not possible to determine the constitutional validity of the agreement.”
From Goldwater:
The lawsuit filed by the Goldwater Institute also alleges that the city violated its own charter in casting a vote on a proposed arena management agreement without putting the arena management contract out to bid.
NHL Deputy Commissioner Bill Daly when asked: "We are not in control of Goldwater.. they will do what they think they need to do and we will do the same..."
Councilwoman Joyce Clark, who voted for the Jamison bid, explained her position via her Twitter feed:
Re: GWI's whine that there should have been competitive bids. The universe of potential hockey team owners who also want to manage an arena and perhaps (please GOD) buy the arena and reduce our debt is very, very small. Gl entertained 4, what was determined to be Ice-Edge, Hulsizer, Reinsdorf and Kaites. Gl determined that Jamison is a responsive bid. To pursue bids from a lease mgt co that has no affiliation to an anchor hockey team is an exercise similar to comparing monkeys to fish. Really?
Friday, June 8, 2012
BREAKING: Glendale Votes For Coyotes 4-2, Goldwater Thinking Next Move...
More when we know more...
But look for the Goldwater Institute to jump in...
Soon...
Here's the initial analysis from our friends at ABC15
The council ratified the 20-year, nearly $325 million agreement after a sometimes-contentious six-hour meeting attended by Greg Jamison, NHL Commissioner Gary Bettman and Deputy Commissioner Bill Daly.
Outgoing mayor Elaine Scruggs admitted in a minority opinion: "We just cannot afford this." The city rules require the rainy day fund have the equivalent of 10-percent of projected revenues. It doesn't...
The $17-million that is supposed to go to Jamison for next season, in part, is coming from a contribution in a city sales tax hike. Within five years, Jamison has option to buy (what is currently) Jobing.com Arena and the city would be debt-free and away from any arena fees.
Ouotgoing councilman Phil Lieberman wanted to table the vote for two weeks, but was turned down by the 4-vote majority.
NHL Commissioner Gary Bettman was part of the process and said: "If we're moving forward together, we will be in a position to discuss deferring at least a portion of what we are owed." But he also wanted to know what was more important to the city and whether they (Glendale) was interested in keeping the team during his time at Q-and-A.
When Jamison was asked who his partners are in the venture, he declined to name any. This jibes with the recent coverage from Forbes' Mike Ozanian that JEG is having problems getting partners.
Here's coverage from 12News and Ed Tribble...
Expect blowback from the Goldwater Institute- and how... the City of Glendale is also in the process of cutting 49 jobs because of budget shortfalls. The HQ is aware how that will sit with the voting base...
Christine Lacroix was in Glendale for 3TV...
((HT: Azfamily.com))
Here's the latest word from Goldwater and Darcy Olsen from Friday afternoon...
This morning, Judge Cooper denied the Goldwater Institute’s motion for a temporary restraining order on the grounds that she felt the court lacked the authority to block the vote. Simultaneously, she issued a strong warning to the City of Glendale about the implications of moving forward today, affirming the Goldwater Institute’s contention that the city has committed “clear violations” both of court orders and open meeting laws.
She emphasized the court would be receptive to considering holding the city in contempt if the council moves forward with the vote, stating that sanctions would be in order. We hope the council will heed the judge’s warning, comply with the law, and give the public sufficient time to review the council’s proposed action.
But look for the Goldwater Institute to jump in...
Soon...
Here's the initial analysis from our friends at ABC15
The council ratified the 20-year, nearly $325 million agreement after a sometimes-contentious six-hour meeting attended by Greg Jamison, NHL Commissioner Gary Bettman and Deputy Commissioner Bill Daly.
Outgoing mayor Elaine Scruggs admitted in a minority opinion: "We just cannot afford this." The city rules require the rainy day fund have the equivalent of 10-percent of projected revenues. It doesn't...
The $17-million that is supposed to go to Jamison for next season, in part, is coming from a contribution in a city sales tax hike. Within five years, Jamison has option to buy (what is currently) Jobing.com Arena and the city would be debt-free and away from any arena fees.
Ouotgoing councilman Phil Lieberman wanted to table the vote for two weeks, but was turned down by the 4-vote majority.
NHL Commissioner Gary Bettman was part of the process and said: "If we're moving forward together, we will be in a position to discuss deferring at least a portion of what we are owed." But he also wanted to know what was more important to the city and whether they (Glendale) was interested in keeping the team during his time at Q-and-A.
When Jamison was asked who his partners are in the venture, he declined to name any. This jibes with the recent coverage from Forbes' Mike Ozanian that JEG is having problems getting partners.
Here's coverage from 12News and Ed Tribble...
Expect blowback from the Goldwater Institute- and how... the City of Glendale is also in the process of cutting 49 jobs because of budget shortfalls. The HQ is aware how that will sit with the voting base...
Christine Lacroix was in Glendale for 3TV...
((HT: Azfamily.com))
Here's the latest word from Goldwater and Darcy Olsen from Friday afternoon...
This morning, Judge Cooper denied the Goldwater Institute’s motion for a temporary restraining order on the grounds that she felt the court lacked the authority to block the vote. Simultaneously, she issued a strong warning to the City of Glendale about the implications of moving forward today, affirming the Goldwater Institute’s contention that the city has committed “clear violations” both of court orders and open meeting laws.
She emphasized the court would be receptive to considering holding the city in contempt if the council moves forward with the vote, stating that sanctions would be in order. We hope the council will heed the judge’s warning, comply with the law, and give the public sufficient time to review the council’s proposed action.
Thursday, June 7, 2012
Goldwater Surfaces In Jamison Discussions (UPDATED: Goldwater Seeks Court Order)
The HQ knew it was a matter of time...
The Goldwater Institute has sent their warning shot across the City of Glendale's collective bow in the Greg Jamison/Jamison Entertainment Group purchase of the Phoenix Coyotes...
They have more questions than warnings at present (especially having to do with the lack of Indian nation involvement, possible violations of the Gift Clause, parking values, and putting everything up to a referendum vote) and finish up with the following paragraph...
We hope that these inquiries will assist the Council in its deliberations over the proposed deal. We further urge you to not to rush to a vote. The terms of the 100-page proposal were released to the public for the first time on Monday, and not all the exhibits and associated documents have been released yet. There should be an adequate public comment period after all the documents have been released, particularly when they commit substantial public resources over many years.
Lisa Halverstadt and Craig Harris put out an article for the Arizona Republic today. They also came up with the notion that no other Phoenix-based franchise gets any kind of subsidy like the Coyotes would get if Jamison takes over.
"We believe the average of $15 million over the course of the term is a fair price," Glendale spokeswoman Julie Frisoni said.
ABC15's Eric English covers the idea of the sales tax increase...
Councilwoman Joyce Clark posted an op-ed piece in the Republic trying to justify her anticipated "yes" vote:
Allowing the team to leave will hurt Glendale financially. The debt on arena bond construction and its operating and management costs still must be paid. The Coyotes pay monthly rent. A surcharge on every arena event ticket sold goes to Glendale. The team generates revenue for 42 games and more when there are playoff games. Hotels and restaurants are full. If the team leaves, there will be fewer nights when Westgate will produce substantial revenue for the city.
Although, the HQ doesn't see her logic, we'll let her say her peace here...
Phoenix Business Journal reporter Mike Sunnucks sits down for AZPBS to discuss the situation...
2210 UPDATE: Cecilia Chan reports from the Republic that Goldwater is going to seek a court order at 8:30AM Friday to prevent the Glendale City Council from voting on the Jamison deal.
The Glendale vote is scheduled for two hours later...
Not a shock...
The statement from Goldwater President Darcy Olsen:
Tomorrow morning the City of Glendale plans to consider what is estimated to be a $425 million arena management deal for Jobing.com Arena. Arizona’s Open Meetings Law and multiple court orders require the city to make public all documents related to the proposed contract at least 24 hours before a Council vote is taken, which it has not done. The 100-page deal released on Monday refers to a number of exhibits that are central to analyzing the impact of the deal on Glendale’s finances, which the city must make public. Per respecting Open Meetings Law requirements, the Goldwater Institute will be requesting a temporary restraining order to prevent the Glendale City Council from voting on the contract Friday morning.
Glendale city attorney Craig Tindall told the Republic's Lisa Halverstadt that their deadline for a deal was supposed to be five days after the last Coyotes game (May 22), but the team got a 30-day extension...
The Goldwater Institute has sent their warning shot across the City of Glendale's collective bow in the Greg Jamison/Jamison Entertainment Group purchase of the Phoenix Coyotes...
They have more questions than warnings at present (especially having to do with the lack of Indian nation involvement, possible violations of the Gift Clause, parking values, and putting everything up to a referendum vote) and finish up with the following paragraph...
We hope that these inquiries will assist the Council in its deliberations over the proposed deal. We further urge you to not to rush to a vote. The terms of the 100-page proposal were released to the public for the first time on Monday, and not all the exhibits and associated documents have been released yet. There should be an adequate public comment period after all the documents have been released, particularly when they commit substantial public resources over many years.
Lisa Halverstadt and Craig Harris put out an article for the Arizona Republic today. They also came up with the notion that no other Phoenix-based franchise gets any kind of subsidy like the Coyotes would get if Jamison takes over.
"We believe the average of $15 million over the course of the term is a fair price," Glendale spokeswoman Julie Frisoni said.
ABC15's Eric English covers the idea of the sales tax increase...
Councilwoman Joyce Clark posted an op-ed piece in the Republic trying to justify her anticipated "yes" vote:
Allowing the team to leave will hurt Glendale financially. The debt on arena bond construction and its operating and management costs still must be paid. The Coyotes pay monthly rent. A surcharge on every arena event ticket sold goes to Glendale. The team generates revenue for 42 games and more when there are playoff games. Hotels and restaurants are full. If the team leaves, there will be fewer nights when Westgate will produce substantial revenue for the city.
Although, the HQ doesn't see her logic, we'll let her say her peace here...
Phoenix Business Journal reporter Mike Sunnucks sits down for AZPBS to discuss the situation...
2210 UPDATE: Cecilia Chan reports from the Republic that Goldwater is going to seek a court order at 8:30AM Friday to prevent the Glendale City Council from voting on the Jamison deal.
The Glendale vote is scheduled for two hours later...
Not a shock...
The statement from Goldwater President Darcy Olsen:
Tomorrow morning the City of Glendale plans to consider what is estimated to be a $425 million arena management deal for Jobing.com Arena. Arizona’s Open Meetings Law and multiple court orders require the city to make public all documents related to the proposed contract at least 24 hours before a Council vote is taken, which it has not done. The 100-page deal released on Monday refers to a number of exhibits that are central to analyzing the impact of the deal on Glendale’s finances, which the city must make public. Per respecting Open Meetings Law requirements, the Goldwater Institute will be requesting a temporary restraining order to prevent the Glendale City Council from voting on the contract Friday morning.
Glendale city attorney Craig Tindall told the Republic's Lisa Halverstadt that their deadline for a deal was supposed to be five days after the last Coyotes game (May 22), but the team got a 30-day extension...
Wednesday, June 6, 2012
Greg Jamison Better Not Agree With This In Glendale... Part 2 In A Series... (UPDATED w/Jamison Problems)
Lisa Halverstadt and Cecilia Chan filed another piece today in the Arizona Republic that says the HQ's initial analysis is pretty close to right...
A Republic analysis revealed that even if the Coyotes went to the Stanley Cup Finals for the next 20 seasons and the arena booked 30 sold-out concerts each year for the next 20 years, Glendale could still expect to lose about $9 million annually.
That figure does not include the city's annual arena debt payments, which will average about $12.6 million a year over the next 20 years.
Longtime Glendale Mayor Elaine Scruggs, who has said next year's budgeted $17 million arena management fee is too steep, said Monday she cannot support the deal.
Scruggs is also concerned that capital improvements won't be seen in the city (which has its ghost-town moments both commercially and residentially these days) for, at least, five years as Glendale itself is seeing its budget for the same thing decrease.
And this deal with Jamison would grant him something over the city's own needs...
Really...???
Another issue... TL Hocking and Associates...
Thomas L. Hocking is a former investment banker who knows his way around the idea of municipal bond financing. Hocking formed "TL Hocking and Associates, LLC" and partnered with Global Entertainment Corporation to promote the development of mid-sized event centers and arenas including one in Prescott, Arizona- home of the Central Hockey League's Arizona Sundogs in the 2000's. The Sundogs and the CHL are owned by Boston Pizza magnate James Treliving.
Treliving has been linked to the Coyotes sale, but has denied any involvement in a purchase- despite being linked by Canadian talk show host Bob McCown
As told by OSG hyah in May and hyah in April...
According to Halverstadt and Chan, Glendale Deputy City Manager Jim Colson said an analysis by TL Hocking & Associates
(and paid for by the city) projected Glendale could expect to bring in an average of $15.7 million annually over a 20-year lease with Jamison and $6.5 million without the Coyotes.
From their article again...
A 2009 study the consultant completed for Glendale assumed all city sales-tax revenue the surrounding Westgate City Center and fees from the arena would halt if the team left, adding up to a $500 million loss for Glendale over 30 years.
But the team is losing ten million more than that by being around... and the city is still pouring more money over the idea that the Coyotes are the savior...
The problem... can Hocking be trusted since they were a party in a lawsuit brought forth against the city of Prescott
in September of 2009 by Wells Fargo...? Fargo felt they were duped by an artificial rating of bonds used to build the Prescott Events Center.
In an 83-page brief filed in Arizona State Superior Court, Wells Fargo was looking to take all defendants to court because of what they called...
"...the negligent offering and sale of $35 million in face value of what were misrepresented to be “A-” rated, investment grade excise tax revenue bonds (“Bonds”) used to finance construction of a 5,000 seat event center in Prescott Valley, Arizona (the “Event Center”)."
((The Events Center is on the right, thanks timtoyotacenter.com))
Wells Fargo was also looking to claim sales taxes in the neighborhood of $1.2-million that were failed to be paid to them as a bonds Trustee by October 1, 2007. Wells Fargo claimed that certain information wasn't disclosed to them by a combination of the defendants saying that there was no way that the Prescott Events Center would ever generate the income it was claimed it would...
Retail Bondholders, reasonably believing that they were buying investment grade securities, purchased the Bonds in reliance upon recommendations from their brokers in many cases employed by the Defendant underwriters and/or upon review of the prospectus called a “Preliminary Official Statement”
Revenue was supposed to come from sales taxes from in and around the area of the Events Center that even included what was referred to as an "Entertainment District" adjacent to the Events Center and something called a "Secondary Credit Support Area"- which could be considered businesses not in the "Entertainment District," but close enough to be part of any revenue stream.
The HQ would like to ask if this is sounding the least bit familiar in the Glendale situation at present...
The feasibility studies, according to Wells Fargo's suit, had padded numbers for events in the venue- and the number hasn't been reached to date. Padded numbers for events led to padded numbers for return on the bonds and that would, eventually mean Prescott would not meet its financial obligations.
One of the 17 defendants, Global Entertainment Corporation, was referred to in the lawsuit as being operated by its directors- which included Treliving...
"General Allegations" in the suit included the following...
36. Global is a holding company established in April 2000 through a
reverse merger with the Western Professional Hockey League, Inc. In June 2001
Global negotiated a Joint Operating Agreement with the Central Hockey League
(“CHL”) and fielded sixteen teams using the CHL name. In November 2002
Global acquired International Coliseums Company (“ICC”) which was in the
business of designing, managing and operating multi-purpose event centers.
According to Global (Official Statements p. 27), this vertical integration provided
Global with, “the expertise to develop, design, build and manage multi-purpose
event centers.” Global also arranges the financing of event centers. At all times
pertinent to this Complaint, Global was directly and indirectly controlled by its
officers and directors, including Treliving and (Richard) Kozuback.
37. Global and Hocking seek to persuade communities that are not large
enough to attract major league professional sports franchises to build event centers
that will be anchored by a CHL hockey team or other minor league sports teams.
Global offers to develop, arrange financing, build and operate the event center.
38. Revenues from event centers are derived from the annual number of
events and the number of people who pay to attend those events. Net operating
revenues from event centers are a function of project revenues less operating
expenses. The amount of attendance at events depends primarily on the population
and number of households in the market area for the event center and disposable
income. The annual number of events an event center can attract also depends
upon the population and number of households in the market area. The amount of
sales tax revenues generated by an event center and surrounding businesses is also
dependent upon the population and number of households in the market area. The
economic feasibility of an event center that uses both operating revenues and sales
tax revenues to service the debt incurred building the event center is highly
dependent upon the surrounding population and the level of disposable income.
Once again, we'll assert that through Section 37 of the Wells Fargo suit that the Prescott situation is virtually the same as the Glendale situation- only possibly larger in scope if followed through since Hocking was directly involved in the Glendale appraisals.
Because the town of Prescott defaulted, in Wells Fargo's view, on two occasions in paying on the Events Center (delivering tax revenues and interest payments on schedule), they had no recourse but to file the lawsuit.
Fargo asserted that the defendants (including TL Hocking and Treliving) were party in artificially inflating the numbers in feasibility studies released in 2005 that reflected a (seemingly) magical 50-percent increase in activity to justify a $35-million bond to build the Events Center. A third-party was brought in to back up the appraisals and was, subsequently, not renewed when their numbers didn't mesh with the defendants supposed needs.
Leading to Section 109 of the Wells Fargo suit:
109. Global, Hocking, the Town, PVEC, PVSE and Fain Group had actual
knowledge that Global had substantially and wrongfully inflated the revenue, event
and attendance figures in the Official Statements over the projections contained in
the 2001 Feasibility Report and the 2005 Preliminary Feasibility Report because
they each received and reviewed the 2001 Feasibility Report and the 2005
Preliminary Feasibility Report.
The end claim by Wells Fargo was that the underwriters and the Events Center Authority, all acted negligently by issuing the bonds. They were also negligent since they "DRAFTED OR APPROVED DEFECTIVE BOND DOCUMENTS GIVING THE TOWN THE ABILITY
TO EVADE THE PAYMENT OF SALES TAX REVENUES." (ed. note- capitalization from header in the lawsuit wording)
Wells Fargo asserted in the suit that all defendants were in violation of the Arizona State Securities Act, were negligently misrepresented in this case, and claimed that the town of Prescott was in breach of contract.
And, if that doesn't set, another plaintiff- Allstate Life insurance Company- spun off to chase after the defendants themselves as part of a class action suit.
The second amended case was filed in 2010 in District Court in Arizona...
We're still looking for a resolution in either case...
These days, if you try and access Global Entertainment's website, you don't get anything but a dead link while the Sundogs were dead last in the CHL's Western Division.
Attendance figures have been the following since their entry into the CHL:
2006/07- 8th at 4,225 per game average
2007/08- 6th at 4,310
2008/09- 9th at 3,521
2009/10- 13th at 2,689
2010/11- 16th at 2,150
2011/12- 10th at 2,507
NB: Those are the attendance figures released by the league, so accept them as you wish...
The best we can figure, the HQ would like to equate all of this activity in the last three years to that of the duck and its walking and quacking- from Prescott all the way down Interstate-17 to Glendale...
If Greg Jamison is looking for a boondoggle or a massive tax write-off, he should take the deal with the City of Glendale. If he's a smart businessman, he runs away from the deal. It looks like there are too many shady folks out there looking for another run...
If the Goldwater Institute is watching, all of this may not get that far...
More when we know more...
Here's the video from FSArizona when the Sundogs hosted the CHL All-Star Game this season...
1600 UPDATE: According to a report from Forbes Magazine's Mike Ozanian, Jamison is having issues raising the $170-million.
Investors are coming to their senses and are having issues believing that the team could be profitable. Forbes gave the value of the Coyotes at US$134-million...
A Republic analysis revealed that even if the Coyotes went to the Stanley Cup Finals for the next 20 seasons and the arena booked 30 sold-out concerts each year for the next 20 years, Glendale could still expect to lose about $9 million annually.
That figure does not include the city's annual arena debt payments, which will average about $12.6 million a year over the next 20 years.
Longtime Glendale Mayor Elaine Scruggs, who has said next year's budgeted $17 million arena management fee is too steep, said Monday she cannot support the deal.
Scruggs is also concerned that capital improvements won't be seen in the city (which has its ghost-town moments both commercially and residentially these days) for, at least, five years as Glendale itself is seeing its budget for the same thing decrease.
And this deal with Jamison would grant him something over the city's own needs...
Really...???
Another issue... TL Hocking and Associates...
Thomas L. Hocking is a former investment banker who knows his way around the idea of municipal bond financing. Hocking formed "TL Hocking and Associates, LLC" and partnered with Global Entertainment Corporation to promote the development of mid-sized event centers and arenas including one in Prescott, Arizona- home of the Central Hockey League's Arizona Sundogs in the 2000's. The Sundogs and the CHL are owned by Boston Pizza magnate James Treliving.
Treliving has been linked to the Coyotes sale, but has denied any involvement in a purchase- despite being linked by Canadian talk show host Bob McCown
As told by OSG hyah in May and hyah in April...
According to Halverstadt and Chan, Glendale Deputy City Manager Jim Colson said an analysis by TL Hocking & Associates
(and paid for by the city) projected Glendale could expect to bring in an average of $15.7 million annually over a 20-year lease with Jamison and $6.5 million without the Coyotes.From their article again...
A 2009 study the consultant completed for Glendale assumed all city sales-tax revenue the surrounding Westgate City Center and fees from the arena would halt if the team left, adding up to a $500 million loss for Glendale over 30 years.
But the team is losing ten million more than that by being around... and the city is still pouring more money over the idea that the Coyotes are the savior...
The problem... can Hocking be trusted since they were a party in a lawsuit brought forth against the city of Prescott
in September of 2009 by Wells Fargo...? Fargo felt they were duped by an artificial rating of bonds used to build the Prescott Events Center. In an 83-page brief filed in Arizona State Superior Court, Wells Fargo was looking to take all defendants to court because of what they called...
"...the negligent offering and sale of $35 million in face value of what were misrepresented to be “A-” rated, investment grade excise tax revenue bonds (“Bonds”) used to finance construction of a 5,000 seat event center in Prescott Valley, Arizona (the “Event Center”)."
((The Events Center is on the right, thanks timtoyotacenter.com))
Wells Fargo was also looking to claim sales taxes in the neighborhood of $1.2-million that were failed to be paid to them as a bonds Trustee by October 1, 2007. Wells Fargo claimed that certain information wasn't disclosed to them by a combination of the defendants saying that there was no way that the Prescott Events Center would ever generate the income it was claimed it would...
Retail Bondholders, reasonably believing that they were buying investment grade securities, purchased the Bonds in reliance upon recommendations from their brokers in many cases employed by the Defendant underwriters and/or upon review of the prospectus called a “Preliminary Official Statement”
Revenue was supposed to come from sales taxes from in and around the area of the Events Center that even included what was referred to as an "Entertainment District" adjacent to the Events Center and something called a "Secondary Credit Support Area"- which could be considered businesses not in the "Entertainment District," but close enough to be part of any revenue stream.
The HQ would like to ask if this is sounding the least bit familiar in the Glendale situation at present...
The feasibility studies, according to Wells Fargo's suit, had padded numbers for events in the venue- and the number hasn't been reached to date. Padded numbers for events led to padded numbers for return on the bonds and that would, eventually mean Prescott would not meet its financial obligations.
One of the 17 defendants, Global Entertainment Corporation, was referred to in the lawsuit as being operated by its directors- which included Treliving...
"General Allegations" in the suit included the following...
36. Global is a holding company established in April 2000 through a
reverse merger with the Western Professional Hockey League, Inc. In June 2001
Global negotiated a Joint Operating Agreement with the Central Hockey League
(“CHL”) and fielded sixteen teams using the CHL name. In November 2002
Global acquired International Coliseums Company (“ICC”) which was in the
business of designing, managing and operating multi-purpose event centers.
According to Global (Official Statements p. 27), this vertical integration provided
Global with, “the expertise to develop, design, build and manage multi-purpose
event centers.” Global also arranges the financing of event centers. At all times
pertinent to this Complaint, Global was directly and indirectly controlled by its
officers and directors, including Treliving and (Richard) Kozuback.
37. Global and Hocking seek to persuade communities that are not large
enough to attract major league professional sports franchises to build event centers
that will be anchored by a CHL hockey team or other minor league sports teams.
Global offers to develop, arrange financing, build and operate the event center.
38. Revenues from event centers are derived from the annual number of
events and the number of people who pay to attend those events. Net operating
revenues from event centers are a function of project revenues less operating
expenses. The amount of attendance at events depends primarily on the population
and number of households in the market area for the event center and disposable
income. The annual number of events an event center can attract also depends
upon the population and number of households in the market area. The amount of
sales tax revenues generated by an event center and surrounding businesses is also
dependent upon the population and number of households in the market area. The
economic feasibility of an event center that uses both operating revenues and sales
tax revenues to service the debt incurred building the event center is highly
dependent upon the surrounding population and the level of disposable income.
Once again, we'll assert that through Section 37 of the Wells Fargo suit that the Prescott situation is virtually the same as the Glendale situation- only possibly larger in scope if followed through since Hocking was directly involved in the Glendale appraisals.
Because the town of Prescott defaulted, in Wells Fargo's view, on two occasions in paying on the Events Center (delivering tax revenues and interest payments on schedule), they had no recourse but to file the lawsuit.
Fargo asserted that the defendants (including TL Hocking and Treliving) were party in artificially inflating the numbers in feasibility studies released in 2005 that reflected a (seemingly) magical 50-percent increase in activity to justify a $35-million bond to build the Events Center. A third-party was brought in to back up the appraisals and was, subsequently, not renewed when their numbers didn't mesh with the defendants supposed needs.
Leading to Section 109 of the Wells Fargo suit:
109. Global, Hocking, the Town, PVEC, PVSE and Fain Group had actual
knowledge that Global had substantially and wrongfully inflated the revenue, event
and attendance figures in the Official Statements over the projections contained in
the 2001 Feasibility Report and the 2005 Preliminary Feasibility Report because
they each received and reviewed the 2001 Feasibility Report and the 2005
Preliminary Feasibility Report.
The end claim by Wells Fargo was that the underwriters and the Events Center Authority, all acted negligently by issuing the bonds. They were also negligent since they "DRAFTED OR APPROVED DEFECTIVE BOND DOCUMENTS GIVING THE TOWN THE ABILITY
TO EVADE THE PAYMENT OF SALES TAX REVENUES." (ed. note- capitalization from header in the lawsuit wording)
Wells Fargo asserted in the suit that all defendants were in violation of the Arizona State Securities Act, were negligently misrepresented in this case, and claimed that the town of Prescott was in breach of contract.
And, if that doesn't set, another plaintiff- Allstate Life insurance Company- spun off to chase after the defendants themselves as part of a class action suit.
The second amended case was filed in 2010 in District Court in Arizona...
We're still looking for a resolution in either case...
These days, if you try and access Global Entertainment's website, you don't get anything but a dead link while the Sundogs were dead last in the CHL's Western Division.
Attendance figures have been the following since their entry into the CHL:
2006/07- 8th at 4,225 per game average
2007/08- 6th at 4,310
2008/09- 9th at 3,521
2009/10- 13th at 2,689
2010/11- 16th at 2,150
2011/12- 10th at 2,507
NB: Those are the attendance figures released by the league, so accept them as you wish...
The best we can figure, the HQ would like to equate all of this activity in the last three years to that of the duck and its walking and quacking- from Prescott all the way down Interstate-17 to Glendale...
If Greg Jamison is looking for a boondoggle or a massive tax write-off, he should take the deal with the City of Glendale. If he's a smart businessman, he runs away from the deal. It looks like there are too many shady folks out there looking for another run...
If the Goldwater Institute is watching, all of this may not get that far...
More when we know more...
Here's the video from FSArizona when the Sundogs hosted the CHL All-Star Game this season...
1600 UPDATE: According to a report from Forbes Magazine's Mike Ozanian, Jamison is having issues raising the $170-million.
Investors are coming to their senses and are having issues believing that the team could be profitable. Forbes gave the value of the Coyotes at US$134-million...
Monday, June 4, 2012
Can Greg Jamison Really Agree To This In Glendale...??? (UPDATED)
((HT: AZCentral.com/Lisa Halverstadt))
Or, to be more honest, can anyone really agree to this...??? Especially in advance of the public update Thursday at the Glendale City Council meeting...
The City of Glendale has released its terms for negotiation with Greg Jamison, JEG, and the rest of the world in the short term...
Here's the Arena lease/management part of it...
And here's the "non-competition/non-relocation" part of it...
The city agreement would have Glendale pay roughly $300 million in arena management fees to Jamison and another $24 million in capital funding (presumably for improvements) over the 20-years of any proposed deal. But, and this is a big BUT, Jamison (or whomever) would get $94-million in the first five years of the lease...
Really...???
Glendale thinks they're going to receive upwards of eight figures of revenue from rent and ticket surcharges. What the city doesn't quite realize is that attendance figures won't mesh enough for those kinds of revenue...
The Arizona (ha!) Coyotes (another part of the deal) were last in home attendance averaging almost 800 fans less than the next-to-last place NY Islanders and only had 72.5-percent capacity...
Fans could get Western Conference Semi-Finals tickets for $45 a piece for games in Glendale a day before the game against the LA Kings...
No relocation for the entire term of the lease agreement, either...???
Seriously...
This will fly...???
David Shoalts (@dshoalts) over at the Globe and Mail doubts it...
As does the HQ...
To recap, here's Jamison's appearance in Phoenix to discuss a while back...
((HT: MyGlendale11))
More when we know more...
Or, to be more honest, can anyone really agree to this...??? Especially in advance of the public update Thursday at the Glendale City Council meeting...
The City of Glendale has released its terms for negotiation with Greg Jamison, JEG, and the rest of the world in the short term...
Here's the Arena lease/management part of it...
And here's the "non-competition/non-relocation" part of it...
The city agreement would have Glendale pay roughly $300 million in arena management fees to Jamison and another $24 million in capital funding (presumably for improvements) over the 20-years of any proposed deal. But, and this is a big BUT, Jamison (or whomever) would get $94-million in the first five years of the lease...
Really...???
Glendale thinks they're going to receive upwards of eight figures of revenue from rent and ticket surcharges. What the city doesn't quite realize is that attendance figures won't mesh enough for those kinds of revenue...
The Arizona (ha!) Coyotes (another part of the deal) were last in home attendance averaging almost 800 fans less than the next-to-last place NY Islanders and only had 72.5-percent capacity...
Fans could get Western Conference Semi-Finals tickets for $45 a piece for games in Glendale a day before the game against the LA Kings...
No relocation for the entire term of the lease agreement, either...???
Seriously...
This will fly...???
David Shoalts (@dshoalts) over at the Globe and Mail doubts it...
As does the HQ...
To recap, here's Jamison's appearance in Phoenix to discuss a while back...
((HT: MyGlendale11))
More when we know more...
Monday, May 7, 2012
DEVELOPING: The Bettman Is In Glendale, Deal With Jamison...? (UPDATE: Or Not...)
((HT: ABC15.com))
There's talk that there may be a tentative deal in place between the league and former San Jose Sharks CEO Greg Jamison...
The Bettman is scheduled to hold a 6PM local time presser to discuss the topic with anyone and everyone assembled at Westgate City Center...
Here's the early returns
Lisa Halverstadt of the Arizona Republic says that Jamison has to finalize a lease agreement with the Glendale City Council and that councilman Phil Lieberman, who has not been a fan of giving any more money to fund the Coyotes, said he was called to an afternoon meeting with Jamison and Bettman.
There are still two big "but..." details in all of this...
One, according to Halverstadt, is that a four-member majority has given informal support to at least one crucial deal point with Jamison; paying as much as $20 million annually in an arena management fee to the team.
The other is Darcy Olsen and the Goldwater Institute... they're keeping an eye on any and every aspect of the would-be Jamison deal...
We can already see Olsen putting a magnifying glass up to the deal, spread on a table of her choosing, and trying to find where she can purchase one of those fine-toothed combs...
More when we know more...
2130 UPDATE: Or not...even if The Bettman announced a tentative deal... it still has to be approved by the Glendale City Council...
In what is being viewed across the board as a colossal waste of time, Greg Jamison is not unveiling the rest of his ownership group. He is also thinking that he will have an agreement with the City of Glendale in the next few weeks for them to fork over close to US$300-million over the next 20 years.
What is that Shakespeare said about sound and fury...???
Here's Bettman...
((HT: NHL))
And Jamison...
((HT: NHL))
David Shoalts article in the Globe and Mail is must-see reading on the presser and its lack of teeth...
There's talk that there may be a tentative deal in place between the league and former San Jose Sharks CEO Greg Jamison...
The Bettman is scheduled to hold a 6PM local time presser to discuss the topic with anyone and everyone assembled at Westgate City Center...
Here's the early returns
Lisa Halverstadt of the Arizona Republic says that Jamison has to finalize a lease agreement with the Glendale City Council and that councilman Phil Lieberman, who has not been a fan of giving any more money to fund the Coyotes, said he was called to an afternoon meeting with Jamison and Bettman.
There are still two big "but..." details in all of this...
One, according to Halverstadt, is that a four-member majority has given informal support to at least one crucial deal point with Jamison; paying as much as $20 million annually in an arena management fee to the team.
The other is Darcy Olsen and the Goldwater Institute... they're keeping an eye on any and every aspect of the would-be Jamison deal...
We can already see Olsen putting a magnifying glass up to the deal, spread on a table of her choosing, and trying to find where she can purchase one of those fine-toothed combs...
More when we know more...
2130 UPDATE: Or not...even if The Bettman announced a tentative deal... it still has to be approved by the Glendale City Council...
In what is being viewed across the board as a colossal waste of time, Greg Jamison is not unveiling the rest of his ownership group. He is also thinking that he will have an agreement with the City of Glendale in the next few weeks for them to fork over close to US$300-million over the next 20 years.
What is that Shakespeare said about sound and fury...???
Here's Bettman...
((HT: NHL))
And Jamison...
((HT: NHL))
David Shoalts article in the Globe and Mail is must-see reading on the presser and its lack of teeth...
Thursday, January 26, 2012
Bettman: A 3rd Group Interested In Coyotes
((HT: 12News Phoenix/JHendrix70))
NHL Commissioner Gary Bettman says there are now three groups showing interest in buying the Phoenix Coyotes to keep them in Glendale.
Bettman was hosting his weekly radio show broadcast from Ottawa when he divulged the information.
The two groups we all know are kicking the tires are:
1) Former San Jose Sharks president and CEO Greg Jamison and,
2) Chicago sports mogul Jerry Reinsdorf's re-energized interest
Bettman said all this talk is just that right now, and that he doesn't want the Coyotes to move. He did say that if a sale is not completed with anyone to keep the team in town that they'd probably move.
But don't be surprised if there's another round of sales and wanting to sign paperwork, that the Goldwater Institute would be involved if there are alleged ownership shenanigans...
Here's FOSG Brahm Resnik and Goldwater institute pooh-bah Darcy Olsen to discuss the whole thing back when we had Round One with the Desert Dogs... and what may happen again if we get to Round Two...
NHL Commissioner Gary Bettman says there are now three groups showing interest in buying the Phoenix Coyotes to keep them in Glendale.
Bettman was hosting his weekly radio show broadcast from Ottawa when he divulged the information.
The two groups we all know are kicking the tires are:
1) Former San Jose Sharks president and CEO Greg Jamison and,
2) Chicago sports mogul Jerry Reinsdorf's re-energized interest
Bettman said all this talk is just that right now, and that he doesn't want the Coyotes to move. He did say that if a sale is not completed with anyone to keep the team in town that they'd probably move.
But don't be surprised if there's another round of sales and wanting to sign paperwork, that the Goldwater Institute would be involved if there are alleged ownership shenanigans...
Here's FOSG Brahm Resnik and Goldwater institute pooh-bah Darcy Olsen to discuss the whole thing back when we had Round One with the Desert Dogs... and what may happen again if we get to Round Two...
Friday, July 8, 2011
Has Scruggs Had Enough...??? Are The Coyotes Really Done...???
((HT: KPNX-TV Phoenix))
Since Matthew Hulsizer pulled out of the latest deal to buy the Phoenix Coyotes, the team that calls Glendale home is now on the clock...
And, yes, we know people in Atlanta are now kicking themselves over this one...
But now with the NHL and Glendale pointing fingers over who caused the Hulsizer exit, Glendale Mayor Elaine Scruggs either sees the writing or is trying to court Jerry Reinsdorf one last time before she has to figure out whether out another US$25-million can come from city coffers...
Kevin Kennedy got a sitdown with the mayor...
So, the larger question is: Where do they go since Winnipeg is out of play...? Quebec City...??? Kansas City...??? The options are slim and he's heading out of town...
Since Matthew Hulsizer pulled out of the latest deal to buy the Phoenix Coyotes, the team that calls Glendale home is now on the clock...
And, yes, we know people in Atlanta are now kicking themselves over this one...
But now with the NHL and Glendale pointing fingers over who caused the Hulsizer exit, Glendale Mayor Elaine Scruggs either sees the writing or is trying to court Jerry Reinsdorf one last time before she has to figure out whether out another US$25-million can come from city coffers...
Kevin Kennedy got a sitdown with the mayor...
So, the larger question is: Where do they go since Winnipeg is out of play...? Quebec City...??? Kansas City...??? The options are slim and he's heading out of town...
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