Quote:
Originally Posted by ila
It's a complicated situation. Basically there is a buyer for the Coyotes. The price for the team is approx $175 million. The buyer wants the city of Glendale to put up $100 million or the deal is off. Glendale will get the right run the parking lot concession at the arena. Glendale plans to raise the 100 million through a bond offering. The are resulting problems from this. Glendale's credit rating has been downgraded, the bonds haven't gone on sale as there is not much interest in them, and there is a potential lawsuit from an organization if Glendale uses public money to support a sports team (it's against Arizona law). One consulting firm says Glendale will be able to make enough money per year from parking concessions to pay interest on the bond issue and another consulting firm says Glendale won't make enough. The arithmetic says Glendale won't make enough to pay interest let alone reduce the principal. The drop-dead date for the deal was supposed to be last Dec 31. The deal has not yet closed. The taxpayers of Glendale are going to take a hosing if the Coyotes stay and the same thing if they move. There is no support in Arizona for hockey except from the Canadians that live down there over the winter.
This is all too true. Hockey does not sell in the south. I predict Nashville, Carolina, and the Florida teams will soon be gone.
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Well the voters here in the US voted for a lot of the Tea party members who feel tax payers are over taxed and feel goverment should do nothing so goodbye Coytes, now FL is a lot like Glendale with a lot of Canadians down for the winter and the Tampa team does pretty good with them and when a Candian team comes down to play Tampa it's a sell out but they are not cheering for Tampa but they may keep Tampa a float and the Panthers will be the first to move and prehaps become the new Hartford Whalers and Nashvile and Carlonia will either fold or relocate must likely to Canada, i have heard some talk about NJ supporting a second hockey team but in the end it won't work as most South Jersey hockey fans all love the Flyers and those in North Jersey love the Devils making it very hard to get another team in there
Flyersfan Jen