We reported on Monday that the city was prepared to approve another $25 million to guarantee they'll find an owner for their wayward NHL team, the Phoenix Coyotes. On Tuesday night, that's exactly what they did.
You can read about the details from AZCentral.com RIGHT HERE
After doing some research, we have a better idea why they've pretty much sold out the entire city in the pursuit of an owner. It doesn't make it right, but we understand it.
The City Council boxed themselves in. They have to continue this bizarro game. They set the stage for this when (a) They built the arena and (b) When they built the surrounding entertainment district that is supposed to be funding said arena by a special tax on visitors. They can't raise the money to pay for the arena if they have no visitors, if they don't have a team, they don't have visitors. Still, it doesn't make it right.
Politicians do really stupid things sometimes without thinking of the long-term repercussions. This is a "Textbook" case of that.
The city also continues their pursuit of an owner by trying to woo and charm Chicago businessman Matthew Hulsizer, essentially offering to fund part of his purchase. Hulsizer's bid is in the process of changing as one of his minority investors, Ice Edge holdings got tired of this game and bailed out.
Really, this story has several meanings. One, the Coyotes are staying in Phoenix until somebody buys them. Two, the Atlanta Thrashers are probably moving, as soon as True North holdings can buy them. Three, the taxpayers of Glendale are screwed no matter what happens. And they can thank their local politicians for that.
And the beat goes on.
Here's coverage from our friends at KTVK/AZ3
PM UPDATED: Sources close to the Coyotes are telling OSG Sports that a group interested in purchasing the Coyotes at some point in time over the last two seasons has made an overture toward the Thrashers already...
Bill Daly, in an interview after the Glendale meeting, mentioned that the National Hockey League may approach an Arizona court about clarifying that the sale to Hulsizer does not violate the state Constitution. The league would ask for a declaration from the court to wave in front of Goldwater's nose...
More when we know more...