((HT: GlobeSports/Shoalts))
David Shoalts of the Globe and Mail reports that Matthew Hulsizer’s bid to buy the Phoenix Coyotes has hit a snag. He wants to pay a lot less than the US$165M-price tag the National Hockey League wants for the team.
Hulsizer apparently already has a deal in place with the City of Glendale on a multiyear lease that could pay him nine figures toward the Coyotes’ annual losses through the long-sought after community-facilities district that any and every prospective owner said was mandatory.
The city has until the end of the calendar year to find a buyer to keep the team in town. If they don't find someone, True North Sports and Entertainment Ltd., in Winnipeg, has already made public ((through Scruggs, anyway)) an offer for at least that much.
Shoalts also has had another source tell him, an actual league governor, that the league won't sell to Hulsizer for any less than the number that will recoup the league's investment in the Desert Dogs- and that includes paying the team's bills over the summer while all the recent rounds of the mess were covered and sorted out...
Oh... Hulsizer's US$25-million that the folks in Glendale are telling anyone willing to listen that he plunked down in some measure of good faith...???
Not his...
It apparently came from an investment bank helping Hulsizer as a backer to secure funding to get a deal done...
Kinda sounds like Ice Edge all over again...
Don't it...???
From Shoalts:
As the clock ticks down on the Coyotes, city officials are feeling the pressure to find a solution. When it comes to the Coyotes, Scruggs told the Arizona Republic newspaper, “Don’t ask me what Plan B is. … We don’t have a Plan B.”
According to a story in the ((Arizona)) Republic, the city owes $500-million on sports facilities it built to attract professional teams to Glendale, including a $180-million investment in Jobing.com Arena. That is a staggering sum for a city of 250,000 people. Thanks to the recession, entertainment and retail developments that were supposed to spring up to provide the revenue to pay the debt have either failed to materialize or are bringing in a fraction of the projected income.
And all True North has done is play the game the way the league has requested the entire time, unlike some guy who created the Blackberry...
What's the quote about honey and vinegar...???
In the interim, here's some Coyotes highlights to look at...
Their 3-0 loss to the Bruins over the weekend...
((HT: NHL/NESN/NHL Network))
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