Register | Forgot Your Password? | Close
Bonneville Phoenix Network
 KTAR News
 Arizona Sports
Login or Register
AP: 89c5e404-56b4-4ee4-9c11-6d483bb91b34
Phoenix Coyotes goalie Mike Smith (41) is congratulated by Antoine Vermette (50) after beating the Detroit Red Wings 4-2 in an NHL hockey game in Detroit, Thursday, Oct. 10, 2013. (AP Photo/Paul Sancya)
The NHL took a big hit in its wallet from its years of controlling the Phoenix Coyotes.

Since November 2009, when the league took over the Glendale-based franchise, the NHL lost $112.7 on the team, according to the Phoenix Business Journal.

Some simple math based on the $112.7 million shows the NHL averaged more than $28 million in losses annually for the four seasons it owned the Coyotes.

On Aug. 5, the league completed a deal to sell the Coyotes to IceArizona Acquistion Co., a group led by investors George Gosbee and Anthony LeBlanc.

Phoenix Business Journal also reports the league loaned the new ownership group $85 million to help close the deal and keep the franchise in Arizona.

The NHL still is owed money from the city of Glendale for operating Arena while owning the Coyotes.

Glendale already has paid the NHL $25 million and owes the league another $25 million. The two sides struck a deal over the summer as part of the Coyotes sale that gives the city until July 2016 to pay that amount, according to city spokeswoman Julie Frisoni.

Arizona Sports,

share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation with all fans of Arizona sports teams by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing Arizona Sports (KTAR) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus
Team Leaders