Kukla's Korner Hockey
Entries with the tag: goldwater
Not the teams, but their deals with their respective cities. From David Shoalts in the Globe & Mail:
Carrie Ann Sitren wrote a report for Goldwater that once again said the municipal bond deal to provide Hulsizer with $100-million (all currency U.S.) to help buy the Coyotes from the NHL for $170-million and cover this season’s losses of $40-million, is a bad one for the taxpayers of the suburban city of Glendale.
The interesting thing about this report is that Sitren compares it to a similar one for one of the most successful franchises in sport. The New York Yankees strong-armed the city of New York into coughing up $102-million through a bond sale for the baseball team’s new Yankee Stadium.
Like the plan in Glendale, parking revenue around Yankee Stadium is supposed to cover the bond payments. But it is not working out that way.
Sitren said in her report the Yankees’ parking revenue is 40 per cent below projections. According to her, the Yankees could not even cover as much as $1.5-million of the annual $7-million in bond payments. And the company that handles the parking owes the city $17-million in back rent and taxes.
Considering the millions of fans the Yankees draw each season and that on a good night a Coyotes crowd might number 14,000, that is not a promising indicator for Glendale’s bonds.