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Video- Gary Bettman and Greg Jamison Talk Phoenix Sale

Watch both videos below, the first one is Gary Bettman.

Bettman basically said they have reaced a tentative agreement with Greg Jamison to purchase the Coyotes but still need Glendale City Council approval and hopes to have a deal in place.

added 9:40pm
, from David Shoalts of the Globe and Mail,

There may be a tentative agreement between the NHL and Greg Jamison to buy the Phoenix Coyotes but many unanswered questions remain along with some formidable hurdles.

The biggest questions are about money: Does Jamison, the former president of the San Jose Sharks, have the financing among his partners to not only pay the purchase price but cover the millions of dollars in losses the suburban city of Glendale cannot? How will Glendale come up with as much as $20-million (all currency U.S.) to pay Jamison in each of the next four or five years as an arena management fee and an average of $16-million over the 30-year lease?

continued

 

Filed in: NHL Teams, d, NHL Talk, | KK Hockey | Permalink
  Tags: gary+bettman, greg+jamison

Comments

BettmenSucks79's avatar

Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein, (attributed)
US (German-born) physicist (1879 - 1955)

If the shoe fits…....

Posted by BettmenSucks79 on 05/07/12 at 11:56 PM ET

awould's avatar

the Goldwater Institute, a conservative watchdog group which scuttled a previous bid on the grounds that Glendale would violate Arizona’s laws against excessive public subsidies to private companies.

This makes it sound like the GI won something. This is not the case. They scuttled it by threatening a lawsuit.  Basically they meddled in a deal by threatening costly legal action if the deal were closed, effectively scaring off the buyer.  The grounds they were to sue on may be legitimate but that is for the courts to decide. GI should stay the F out until they have something to actually take to court rather than just making threats and causing delays.

Posted by awould on 05/08/12 at 12:00 AM ET

Avatar

Unlike the previous bond deal this doesn’t need third parties to finance. If the City agree with Jamison, it is a done deal. Goldwater can sue after the fact, but the team will have been sold by then. All their suit would do is negate the lease, not the sale.

Posted by timbits on 05/08/12 at 12:08 AM ET

awould's avatar

I have no info on the particulars of the deal but it seems to me that the sticking point now is how much the city should pay the coyotes to manage the arena. So, what to pay for a service rendered? Sounds outside the bounds of the GI’s complaint. They will likely sue anyways, but i think the NHL, the City and everyone else learned how to craft the deal. GI won a battle before, but if this goes through they lose the war.

I don’t disagree with the basic premise of their complaint eiher, but I don’t like a private group meddling like that. I have the impression it was grandstanding for PR and donations.

Posted by awould on 05/08/12 at 12:19 AM 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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