The City of Glendale made good on the $25 million promise it made to the NHL for loses the league dealt with regarding the sale of the Phoenix Coyotes. The Arizona Republic has details on the situation, including where exactly the money is coming from.
The money in the enterprise funds comes from fees paid by businesses and residents for public services such as trash, water and sewer, landfill and housing. The fund absorbs revenue shortfalls in enterprise departments such as water and sewer, repays debt for capital projects and covers the cost of regulatory requirements, according to the city.
Art Lynch, the city’s former chief financial officer who now consults with the city, insisted this week that tapping into the enterprise fund is not using taxpayer dollars. Rather, it is a fee paid by residents and businesses who use city services.
The city transferred $25 million out of the enterprise account and into an account which the NHL can begin to draw upon in September, under the deal between the league and Glendale signed May 20.The city agreed to pay the NHL for “actual cash losses” for the team and the arena management that could start accruing in July.
The agreement states that Glendale is off the financial hook if the city finds a viable owner, approved by the NHL, by Dec. 31.
Obviously, the sale of the Coyotes is still in a state of flux. There might be more than two potential buyers, but Ice Edge or Jerry Reinsdorf’s group still seems the most likely to be the team’s owners if they stay in the Phoenix area. At least at the moment. Up might be down and vice versa by next week.
It’s nice to hear that taxpayers aren’t going to take on the burden of paying the debts. It’s clear that the Coyotes’ longterm home is still a blurry vision, but it’s not necessarily a guarantee that they won’t stay in the desert.
As always, we’ll keep you up to date regarding this situation as the tide turns again and again and again …
Torres offered in-person hearing, potentially setting up long suspension
The 33-year-old forward that has become known primarily for his controversial hits has once again put himself in the sights of the NHL’s Department of Players Safety. They confirmed that he was offered an in-person hearing following his hit on Jakub Silfverberg Saturday night. He declined the opportunity to meet with them face-to-face, but the offer itself is an important detail because it gives the league the option to suspend him for more than five games.
It certainly seems like the stage is set for a lengthy suspension. While Torres is not considered a repeat offender as his last suspension came more than 18 months ago, the NHL still retains the right to consider his history when deciding on this matter.
Among other incidents, he was once was banned from 25 games for his hit on Marian Hossa in 2012, although it was later reduced to 21 contests after an appeal. The NHL found that Torres was guilty of breaking three rules for that hit; namely interference, charging, and illegally hitting the head. The NHL is reviewing Torres’ latest incident for the same three violations.
Freddie, who is the older of the two at 23, is a center that excelled offensively in the OHL and has chipped in at the AHL level. However, he has just one point in 29 contests with Colorado and the San Jose Sharks.
This is obviously not a big trade, but perhaps Freddie will eventually become a solid member of the Flames’ supporting cast. If nothing else, it didn’t cost Calgary much to reunite the brothers. The duo previously played together with the Niagara IceDogs.
"I’m looking forward to being in the same organization as my brother now and seeing what happens." – Dougie Hamilton on the trade