The Phoenix Coyotes’ potential new owner Greg Jamison doesn’t think the Phoenix Coyotes should exist anymore. Instead, he might want them to be called the Arizona Coyotes, as the City of Glendale’s latest team sale proposal reveals.
The Arizona Republic’s Lisa Halverstadt does all that fancy legal document reading for us:
The agreement would have Glendale pay roughly $300 million in arena management fees to a group led by former San Jose Sharks chief executive Greg Jamison and another $24 million in capital funding over the course of the 20-year deal.
During the course of the agreement, Glendale would likely receive more than $14 million in rent and millions of dollars more from surcharges on each ticket.
Eye on Hockey’s Brian Stubits further disseminates information from those documents, arguing why this new proposal has a better chance of passing the Goldwater Institute’s sniff test. (As you may remember, the Goldwater Institute’s threat of a lawsuit essentially derailed the Coyotes’ most recent flirtation with a sale.)
The general takeaway is that this deal echoes the theme of this situation: the City of Glendale believes that it is better off with the Coyotes playing in Jobing.com Arena – or whatever it might end up being called – then not. The city looks to make concessions with the team while also satisfying the Goldwater Institute’s goals of protecting the city (and its population) from itself.
There’s still quite a ways to go. The city council is expected to “get a public update of the proposed deal” on Thursday while a vote hasn’t been planned yet, according to Halverstadt. If you want to find out the “main points” of the new deal, check out this PDF from the city.