Matthew Hulsizer admits investing $165 million or so in the Phoenix Coyotes (NHL) may not be the best investment he’s made, but the former Amherst College captain says he’s willing to lose money in the short term — and expects to make money on his buy in the long term.
Hulsizer is in line to close on a purchase of the franchise, pending a lease agreement at jobing.com Arena and approval from the NHL. He didn’t receive that approval at today’s Board of Governors meeting in West Palm Beach, but he was endorsed by the executive committee to be seated on the Board of Governors.
The former college hockey player certainly is taking a risk: the Coyotes have consistently lost money after moving to Glendale, and even though a new lease is expected to include some revenue guarantees from the city, they may not be enough to turn around the team. Hulsizer is young — only 40 — but he’s certainly been successful on the financial front, making him the ideal owner as far as the NHL is concerned.
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