Kukla's Korner Hockey
by Paul on 06/20/13 at 01:58 PM ET
from Dan Bickley of the Arizona Republic,
“It’s the most important 24 hours in the history of the Phoenix Coyotes,” the source said.
Here’s the latest:
To complete its financing, the Renaissance Sports and Entertainment group needs a firm commitment from the Glendale City Council. They need a number on paper. They say they need $15 million annually.
The city has budgeted $6.5 million for management of Jobing.com Arena.
To bridge that $8.5 million gap, the two parties have negotiated revenue streams that will theoretically benefit both sides. The city will get a cut of parking, which will no longer be free for Coyotes fans. It gets a cut of future naming rights, which expire in 2016. It’s get a portion of ticket surcharge, and will oversee an escrow account that could pay the city even more money.
On paper, it could amount to $7-8 million of new revenue for Glendale every year.
But word is, the city of Glendale wants that number guaranteed. RSE won’t go down that road. And some fear that snag could be a potential deal-killer.
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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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