Report: City of Glendale, Coyotes’ ownership bridge lease gap
Jun 15, 2013, 1:04 AM | Updated: 4:50 am
Nearly 48 hours after NHL Commissioner Gary Bettman publicly put pressure
on the City of Glendale to make a decision regarding the Phoenix Coyotes’ future in the Valley, it seems a reported hitch in the potential Jobing.com Arena lease agreement between the City Council and the team’s ownership group, Renaissance Sports and Entertainment, might have been resolved.
According to FOXSportsArizona.com’s Craig Morgan, RSE needs an an estimated $15 million annually to manage the arena — only $6 million of which the city has approved in its budget.
However, Morgan reported Friday that the group, headed by George Gosbee and Anthony LeBlanc, was “able to find multiple Coyotes-related revenue streams for Glendale that will provide the city between $8 million and $11 million annually.”
The additional revenue streams will, in some manner, account for the difference between the amount RSE is seeking and the amount Glendale has budgeted, although specifics of the proposal are not known.
With the hurdle of the lease gap expected to be a non-issue for the two sides as of Friday night, Sportsnet’s John Shannon reported that the City of Glendale and RSE have agreed in principle on the terms of the agreement.
The lease agreement proposal will officially be reviewed Tuesday at the City Council’s executive session.
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