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Coyotes still millions in arrears on arena payments

The news that the Phoenix Coyotes were current in rent for Jobing.com Arena was technically correct, but misleading: the team still owns Glendale $2.3 million.
The news that the Phoenix Coyotes were current in rent for Jobing.com Arena was technically correct, but misleading: the team still owns Glendale $2.3 million.

Much was made of the fact that the Coyotes paid Glendale $350,888.96 in late February, putting it current on rent. But lost in the shuffle was the past amount owed by the Coyotes to Glendale, and team officials confirmed to Channel 12 News other money was owed to the city. Channel 12 is pegging this amount at $2.3 million — a sore point in Glendale, which is addressing a $14-million deficit.

All of this is coming at a time when the NHL is loaning the franchise more money in order to keep it afloat. If the money is not repaid (and the only way that could happen is with a sale of the franchise), the league has the power to reclaim the franchise and possibly position it for a move — say, to suburban Toronto, the favorite destinatuon du jour among NHL insiders.

RELATED STORIES: Could Phoenix Coyotes end up in Toronto?Financial woes continue for Coyotes; Coyotes now current on arena lease payments

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