All sides were hoping a deal for a group led by Chicago businessman Matthew Hulsizer to buy the Phoenix Coyotes (NHL) would be completed by Dec. 1, but it’s apparent that deadline will be shot, as negotiations for a jobing.com Arena lease continue.
The issue, we’re told, is the level of subsidy the Hulsizer group is seeking from Glendale: some $25 million annually. That’s a lot for a financially strapped municipality to dole out to keep a tenant in a money-losing arena, and while the city was willing to subsidize the franchise when it was taken over by the NHL, some are questioning whether that level of subsidy should continue. It appears both sides have reached an agreement, though some details remain to be finalized, as city officials have engaged in some closed-door meetings to discuss the deal.
If a lease is finalized — with NHL input and approval — then the sale goes before the full Board of Governors. This isn’t likely before their next meeting, but it needs to happen before the end of the year, per the terms of the sale.
Sign up for the free weekly Arena Digest newsletter and keep up with the latest happenings! You can sign up here.
