Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
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11-09-2012, 02:09 PM
Join Date: May 2010
Originally Posted by
Imagine. Between backstopping the NHL's losses and Balsillie's payoff, it's a swing of $100 million. That's worth about two years of property taxes to the city.
edit: it's also 20% of the imaginary $500 million loss that the city conjured up would be the result of the Coyotes leaving. Except it's real.
One wonders how the COG might have responded in the bankruptcy decision-making if they found out that the NHL plan would require them to find $15-20 million in subsidies annually in order to facilitate a local sale. It seems incomprehensible that the NHL didn't already know that the conditions for a local sale would include very large public subsidies from the COG. If the COG did know that such subsidies would be required, one wonders how they would have justified backing the NHL bid. Well, perhaps that is one of the reasons that the GWI has been chasing after COG records. Someone has to be responsible for the financial damage that this debacle has created for the COG. So far, it looks like a minimum of $375 million in direct payments as the cost for keeping the Coyotes for 20 years, along with forfeiting a range of revenue streams from the arena for all events, including parking.
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