from Sarah McLellan of azcentral,

The Coyotes opened up their books to the City of Glendale Friday, reporting losses from the 2014 fiscal year as approximately $34.8 million. But the actual loss from operating the franchise from the first year of IceArizona's ownership was lower than anticipated.

That loss came in at about $16.5 million, President and CEO Anthony LeBlanc said, which was a pleasant surprise for the ownership group since it expected its first-year hit to be at $20 million after acquiring the Coyotes in August 2013.

But it's the loss released to Glendale that counts toward the out-clause included in the 15-year, $225 million agreement between the city and the Coyotes. The out-clause can be exercised should losses reach $50 million after five years.

"(The out-clause) is absolutely something, I can't say more emphatically, we have not even talked about," LeBlanc said.

continued