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Details Of Phoenix Coyotes Sale Leaking Out

from Mike Ozanian of Forbes,

The Coyotes are on the verge of being sold to Renaissance Sports & Entertainment, a group headed by George Gosbee, Anthony LeBlanc and Daryl Jones, pending a new lease at Jobing.com arena that will require the city of Glendale to pay them a substantial fee to run the arena.

A source close to the negotiations, who traded candor for anonymity, revealed the purchase price as $170 million. The capital structurewould consist of RS&E putting in $45 million of equity, Fortress Investment Group lending $120 million (to be repaid by the fee Glendale taxpayers are going to pay the team to run the arena), and an $85 million loan from the NHL.

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Filed in: NHL Teams, d, | KK Hockey | Permalink
 

Comments

bezukov's avatar

Well… hopefully this means the Wings and/or CBJ won’t get rerealigned back to the west in two seasons from now.

Posted by bezukov from the kids are alright. on 05/30/13 at 03:36 PM ET

Savage Henry's avatar

and an $85 million loan from the NHL.

So the league is fronting them half the purchase price, with no repayment for the first five years.  They’re essentially bribing them to take the team.  They must really  want to be rid of the franchise.  Becoming a creditor is also a smart move because it gives them better position during the next bankruptcy.

Posted by Savage Henry on 05/30/13 at 03:37 PM ET

MoreShoot's avatar

pending a new lease at Jobing.com arena that will require the city of Glendale to pay them a substantial fee to run the arena.

I wish I was a damned billionaire: then I could buy whatever the fuch i wanted and I could screw municipalities into paying half of it anyway.  If it weren’t for the players [sic], professional sport would make me too sick to see straight.

Posted by MoreShoot on 05/30/13 at 03:45 PM ET

CaptainDennisPolonich's avatar

Jim Balsillie offered well over $200 mil FOUR years ago.

And the league turned it down, why? Because the Laffs and Sabres couldn’t deal with a little more competition? Because Bettman can’t get it through his thick skull that hockey won’t work in Phoenix? Or because Bettman and the owners are just that freaking incompetent when it comes to business?

It seems to me that if this deal goes through, the upfront cash won’t even reimburse the owners for the millions they have shelled out to run the team over the last four years. How did these guys get wealthy enough in the first place to buy these teams making decisions like this?

Posted by CaptainDennisPolonich from The Land of Fake Boobs and Real Nuts on 05/30/13 at 04:18 PM ET

NHLJeff's avatar

MoreShoot, they’ll likely still lose money even with the city paying them a significant amount.

Posted by NHLJeff from Pens fan in Chicago, IL on 05/30/13 at 04:20 PM ET

Hockeytown Wax's avatar

Three to five years from now we’ll be right where we started from ... looking for a new owner for Phoenix .... except Florida and Tampa Bay will have relocated by then.

If you can’t find another billionaire willing to pay cash up front for the team then its just not worth having them in Phoenix ... or the league.  That’s one TV market Bettman will just have to do without.

Posted by Hockeytown Wax from West Bloomfield, Mi. on 05/30/13 at 04:58 PM ET

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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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