Glendale putting together new financing deal for Coyotes
Roughly two years after the Phoenix Coyotes’ ownership saga began there might finally be light at the end of the tunnel. That is if a political group doesn’t try to block it.
According to the Phoenix Business Journal, the City of Glendale is putting the finishing touches on a new financing plan that will allow the team to stay and Matthew Hulsizer to take ownership.
As part of the plan, rather than selling $100 million worth of bonds, Glendale would lower that number to $50 million. The NHL would throw in the $25 million payment the city made to the league to cover the team’s 2010-11 losses. Hulsizer’s group would possibly up their offer from $70 million to $107 million and the remaining $25 million could come in numerous different ways.
The last $25 million could come from the NHL lowering its sale price, some kind of deferred payment plan for Hulsizer or some new financing from either the league or Glendale.
It’s an interesting plan. The structure of the deal would significantly change and it sounds like Hulsizer might up his offer (something he had previously said he wouldn’t do). The issue is, will the Goldwater Institute still contest the deal?
All along the political group has said they oppose any use of public funds in the sale of the franchise as it would violate the state’s constitution. The new plan sounds as if it will still involve the city front $50 million. While it’s half of the original amount, it may still prove to be a point of contention.
If the Glendale City Council votes to approve the new financing deal next Tuesday hopefully the Goldwater Institute stays out of it and allows the team and Hulsizer to prepare for the upcoming offseason. Another failed attempt due to the groups interference could mark the end of the franchise and no one wants to see that.
That is, if Glendale, the NHL and Hulsizer still even care what the Goldwater Institute has to say.