Sale of Coyotes to Jamison in Question (UPD: deadline won't be extended)
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02-01-2013, 03:22 PM
Join Date: Jan 2013
Location: Port Washington, WI
Well penalty Kill, heres a very breif synopsis of the 70 or so threads on this matter. The NHl continues to own the Coyotes, but jamison who was the public face of the latest attempt to buy the coyotes and keep them in Arizona, failed to meet the january 31st deadline to purchase the team in order for Glendale to Subsidize the team for the next 20 years. jamison would be paid roughly 15 milion a year to manage the arena and book events to generate revenue outside of coyotes home games. The nhl, to date has not done a good job at getting events into jobing. the outgoing council approved this subsidy but with the missed deadline the subsidy is off the table, and the new council if they approve a subsidy, would be far less favorable to jamison than the just expired offer. Phoenix has never made a profit and since they came out of bankruptcy the losses have been large, 30-40+ million a year. Glendale paid 25 million a year for two years to cover losses, but that money did not cover all losses incurred. without a subsidy the owners would have to pay for the losses, again 30-40 million a year, themselves. while a billionaire could absorb such losses, jamison did not have that kind of personal wealth.
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