Glendale agreed to a pair of $25 million payments to the NHL after the league bought the Coyotes out of Chapter 11 bankruptcy in 2009. The city still owes the NHL money from those agreements.
According to a source close to the deal, the NHL has agreed to allow the city to pay the $25 million still owed over five years, provided the Coyotes sale goes through. That would stop the city from having to do anything drastic financially and addresses worries raised by opponents of the latest arena deal.
I understand there was nothing the NHL could do to ultimately save the Thrash, but still...Really NHL??? Lord it pains me...
The latest Phoenix Coyotes deal is at yet another impasse that will determine the team’s future in Arizona.
The city and a group trying to buy the team—Renaissance Sports and Entertainment—need to get an arena deal done over the next few days—at the most—to meet the latest in a series of deadlines. The two sides have yet to come to final terms over guaranteed money in an arena deal needed for Renaissance to secure financing and finalize a Coyotes purchase.
The NHL, which owns the Coyotes, has etched July 2 as the latest deadline for a deal to get done.
Looking light Andrew Ferrence won't be back with Boston. Any takers? He could play on the 2nd pairing with Klein I'd imagine.
He's a quality defender, but I'm not really sure he's what we need alongside Klein. I still have nightmares of the Hamhuis-Klein debacle, where two virtually (stylistically) identical defensemen had no clue how to play with each other.
The deadline on Phoenix is Tuesday. Honestly, I wouldn't be opposed to them moving to Quebec City, so long as the league alignment is changed to reflect another team in the Northeast. A revived Nordiques team playing all of its intra-division games on the West Coast is utterly absurd.
“That’s something [COG vote, disposition of Coyotes] that needs to be done by July 2,” Bettman said following the annual board of governors meeting ahead of the NHL entry draft. “It’s difficult to see why, if council turns this down, we would want to keep this in Glendale any longer. We will have to see the options and there are many.”
Both Bettman and NHL deputy commissioner Bill Daly said there is still enough time left to move the Coyotes in time for next season. No matter where the team moves, Daly said, it will still play in the Western Conference, at least for the 2013-14 season.