Phoenix bankruptcy/ownership Part XI: A Fistful of Dollars?
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08-04-2009, 06:33 AM
Join Date: Oct 2003
Originally Posted by
How the confidential info became public:
good to see regardless. I mean seriously when do you say it doesnt work ?they have lost 300 million over the last 14 years and still need 23 million a year from the govt/taxpayers to survive???...the People of Phx need to think real hard if they wanna keep throwing money down the hole and all this comes with an "outclause" after 5 years..so much for the iron clad lease huh?
Jerry Reinsdorf is saying what Jerry Moyes already has said ..Nhl hockey in Phx doesnt work never will...
Jerry Reinsdorf wants a subsidy to stay for 5 years to break the lease and sell the team .............................Jerry Moyes wants to do it now ..
, owner of the Chicago White Sox and Chicago Bulls,
says the hockey team won't survive unless the group gets up to $23 million a year in revenue from the Coyotes' arena lease
with the City of Glendale, according to new court filings.
• The taxing district would yield an estimated $23 million in payments the first year, and $15 million by the fifth year, in 2014. The court filing says those payments could continue after 2014.
• If the team was losing money after five years, the Reinsdorf group could demand an additional $15 million a year from the city.
• If the city refused, the Reinsdorf group could sell the Coyoyes and move them, without paying a penalty.
Last edited by Artyukhin*: 08-04-2009 at
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