From FOSG Scott Burnside of the four-letter...The National Hockey League seems to be helping the Phoenix Coyotes ((pictured, thanks Getty Images)) find investors and the accompanying capital as well as prospective owners. The Bettman is also looking into helping the team and their relationship with the city of Glendale in the hopes of improving their lease agreement.
Is there any irony wasted in the arena's name having the name "job" in it...?
Majority owner Jerry Moyes is the owner of Swift Transportation- a national trucking company. The current problems with the economy are Swift's new round of dancing with the dollar-based devil. Moyes had even been investigated a few years ago by the Securities and Exchange Commission for possible insider trading ideas.
The bottom line is that, according to Burnside, Moyes wants out or wants some serious help. The Desert Dogs are set to lose another US$30-million this year to go with the alleged US$60-million they've lost the last two seasons.
From the Burnside article- more stuff about money...
"Multiple sources told ESPN.com the biggest hurdle is the current lease with Glendale.
The 30-year lease that accompanied significant municipal support in the building of Jobing.com Arena (the municipality put up $180 million of the $220 million price tag) has a number of problem areas as it relates to the franchise's ability to generate revenues.
Take parking. The Coyotes, unlike most teams in the NHL, receive nothing from parking fees at the arena. Instead, they actually pay a surcharge of $2.70 per vehicle. That means instead of generating upwards of $10 million in revenue, they pay more than $2 million.
In short, said one source, they are paying people to park at their building.
Changing that part of the lease is one of the areas the NHL is trying to help renegotiate with the city. Ultimately, the league is hopeful it can help create strategies through which both the municipality and the team can gain, as opposed to simply asking the municipality for concessions.
The league is helping the Coyotes by providing detailed data from other franchises on revenue streams, especially those in nontraditional hockey markets."
But the bottom line is if Moyes can't get any help on his own, he may have to part ways.
One name linked to the Coyotes- Jerry Bruckheimer...
Keep you posted...
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