Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
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11-16-2012, 05:31 PM
Join Date: May 2010
Originally Posted by
The next couple weeks should be fun to watch for sure. From what I see, even if this passes on Nov 27, Mr. Jamison will still need to actually buy.
17.2.1 Conditions to the Obligations of the Arena Manager.
(d) Arena Manager and Team Owner shall have (a) entered into the NHL
Purchase Agreement on terms acceptable to them in their sole discretion for the acquisition of the Team
and the Franchise and the assumption of such related agreements as shall be acceptable to them in their
sole discretion, and (b) shall have secured financing on terms acceptable to them in their sole discretion
sufficient to consummate the transactions set forth under the NHL Purchase Agreement, this Agreement,
to pay all related expenses, and to operate the Arena and the Team post-Closing (collectively, the “NHL
Purchase and Financing Condition”).
The saga may just take us in another loop and another...
My question is whether an ordinance passed by this city council to authorize signing a lease agreement with Jamison and the Team Owner can be changed or countermanded by the incoming council before the lease agreement is signed. I would think so, since the lease agreement that they passed in June has been amended by city council because it hasn't yet been signed.
So, until the Coyotes' sale is completed and a "Team Owner" emerges, and the lease agreement is finalized and signed by all parties, I suppose that it is open to being overturned by the incoming mayor and council.
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