The NHL's Board of Governors approved the establishment of a franchise beginning with the 2024-25 season in Utah. In addition, a plan was approved that renders the Arizona Coyotes franchise inactive, with a right to reactivate if owner Alex Meruelo has fully constructed a new, state-of-the-art facility appropriate for an NHL team within five years. The TSN Hockey Insiders have more.
added 8:02pm, or watch it below.
From what I can find: Alex Meruelo bought the Coyotes for "roughly $300M" and got a 95% stake in it (Andrew Barroway the old owner retained 5%). However, the Coyotes were losing so much money then that Meruelo guaranteed to cover three years of the teams expenses.
Forbes put the losses at:
-17M in 2020
-33M in 2021
+5.8M in 2022
+19M in 2023
2024 is believed to be positive as well due to the national TV split from the 635M per year contracts it has (but I am excluding it)
So that's 25.2M more he spent on top of the 300M.He's selling the team to the NHL for $1B. OR $674.8M in profit of which he is entitled to 95% or $641M (and change).
So this owner just about doubled his money in 5 years. And he's still begging for public financing on a stadium...
btw Cheap Ilitch is going to pocket 6M (and change from the $200M owner split for a relocation fee for Salt Lake's franchise)
His operating income since LCA opened:
2017 = 5.4M
2018 = 33M
2019 = 31M
2020 = 31M
2021 = -37M (covid bubble)
2022 = 61M (thank that national tv contract and kraken money)
2023 = 64M
That's $188,400,000 over the course of the Red Wings playing at LCA.
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