Kukla's Korner Hockey
from Amanda J. Crawford and Brian Chappatta of Bloomberg,
Glendale, Arizona, which has borrowed more than $355 million for professional sports venues, has seen the yield penalty on its bonds jump after approving an additional $225 million outlay to keep the National Hockey League’s Phoenix Coyotes in town.
While Coyotes fans gathered in Glendale city council chambers cheered the deal that is poised to keep the team in the Phoenix suburb’s publicly financed arena, investors have been less enthusiastic. Interest rates on some Glendale debt set a two-year high and yield spreads swelled as much as 20 percent after the city council on July 2 cleared a lease paying the team’s prospective owners $15 million annually for 15 years to manage the facility.
The deal weakens the former farming community’s credit and detracts from its ability to serve its 232,000 residents, said Pat Liberatore, an analyst at Moody’s Investors Service. The city has already had its bond rating cut by both Moody’s and Standard & Poor’s since November, and fired workers and raised taxes to close a deficit last year.
GLENDALE, ARIZONA – Phoenix Coyotes General Manager Don Maloney announced today that the Coyotes have signed forward Max Domi to a three-year, entry-level contract. As per club policy, terms of the deal were not disclosed.
"We are very pleased to sign Max to an entry-level contract," said Maloney. "Max is a very talented young player with a bright future. He had an impressive prospect development camp and we look forward to watching his progress."
GLENDALE, ARIZONA – Phoenix Coyotes General Manager Don Maloney announced today that the Coyotes have re-signed left wing Lauri Korpikoski to a four-year contract. As per club policy, terms of the deal were not disclosed.
“We are pleased to sign Lauri to a multi-year contract,” said Maloney. “Lauri is an intelligent, two-way forward, an effective penalty killer and an excellent skater. We are excited to have him back with us in Phoenix this season.”
“I am very happy to be back with the Coyotes,” said Korpikoski. “We have a great group of players here and an excellent coaching staff. It’s a great organization and this is where I wanted to play. ”
via the Goldwater Institute,
STATEMENT OF GOLDWATER INSTITUTE ON GLENDALE-COYOTES DEAL
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.
from Sarah McLellan of the Arizona Republic,
Domi is a Type I diabetic and whether he’s in the midst of a workout, practice or a game, he excuses himself every 15 to 20 minutes to check his blood-sugar level. If it’s low, he takes a swig of Gatorade. If it’s high, he lets the insulin pack that’s strapped to his hip do the work.
“It’s a lifestyle change,” Domi said. “Now I have to incorporate diabetes into it. Your diet, before you go to bed, you have to know how you’re feeling. It’s every little detail of your day that you don’t realize until it hits you.”
Domi discovered he had diabetes five years ago when he was traveling back to Toronto from a minor-hockey league tournament in Detroit. Every five minutes, his mom, Leanne, had to stop the car to retrieve more water or Gatorade.
In less than three hours, Domi had downed approximately 9 liters.
That prompted a visit to the hospital and ultimately a diagnosis of Type I diabetes.
“I had no clue what that meant,” said Domi, whose chief concern was whether or not he’d still be able to play hockey.
Once he was told he could, Domi accepted the challenge. He spent the next week at the hospital learning about the chronic condition, which limits or prevents the production of insulin in the body. According to the World Health Organization, 347 million people worldwide have diabetes.
Roger Millions reports from Calgary where pending Arizona Coyotes owner George Gosbee comments on the flooding that has damaged his home and whether the Coyotes can profit in Arizona.
watch below (auto play video)...
Next on the list is to upgrade the team's offence. Adding scorers tends not to happen cheaply. But that's the fun kind of gossip. The future of the Arizona Coyotes? Everyone will be happy to see that story go away for awhile.
-Elliotte Friedman of CBC where you can read more on the Coyotes staying in Phoenix.
AZCentral is covering the meeting live, so you may want to check that out.
The meeting starts at 10:00pm ET and Gary Bettman and Bill Daly will be in attendance.
I am sure most of know what is at stake tonight, a yes vote from the council probably means the Coyotes stay in Phoenix, a no vote may force the NHL to look at relocation.
Either George or I will try to update the results, of course depending on the length of the meeting.
You may be able to watch a stream of the meeting here.
added 10:44pm, RSE attorney...
added 11:00pm, Bettman took the podium for about three minutes..
from Sarah McLellan of the Arizona Republic,
Negotiations with goalie Mike Smith were sluggish once the season ended because management couldn’t offer reassurances on where the team would play next season or who would be in charge.
It wasn’t until Seattle was positioned as the alternative home for the franchise that Smith had enough clarity to recommit by signing a six-year extension worth approximately $34 million.
“A month ago, we didn’t know where the team was going to be and I think it’s known now it’s going to be in Phoenix or Seattle,” Smith said. “Both me and my wife, my family, feel very comfortable with either of those situations.”
Smith had been keeping tabs on Renaissance Sports & Entertainment’s bid from Vancouver, where he’s spent most of his off-season, but regardless of that outcome, the 31-year-old is comfortable with his support system – from management to teammates.
“I really believe in where this franchise is going and hopefully it’s in Phoenix but if it’s not, I believe in the group and the core we have and I think that was the main selling point,” Smith said. “I think it’s a fair deal for both sides, and I believe we can build a winning team down the road here. Hopefully we have a core group of guys that we can build a winning team on an every-season basis, and hopefully we can start that next year.”
About Kukla's Korner Hockey
Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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