The agreement has the Coyotes staying at Jobing.com Arena for the next 15 years as the arena’s anchor tenant with Glendale paying RSE $15 million a year to run the arena. There’s a catch to all this, however.
According to Mike Sunnucks of the Phoenix Business Journal, RSE has a five-year out-clause to move the team if they pile up $50 million (or more) in losses over that time frame. The City of Glendale has a lot of “unresolved serious concerns” with the deal. Those are:
The city bears all the risk if the revenue projected by Renaissance is not realized.
The deal requires a $15 million management fee to Renaissance. The city has budgeted $6 million to pay for part of the $15 million arena management fee and Renaissance has projected shared revenue streams to help bridge the gap. Should those projections not be realized, and the city does not receive the projected revenues, then the city would need to make up that loss.
The proposed agreement is for 15 years and does not allow for the city to terminate the deal if revenue projections are not met as long as the Coyotes play in the arena.
The proposed contract can be terminated by Renaissance if their cumulative losses reach $50 million, and, in any event, after five years.
The plan is to have the proposal voted on on July 2. Should this deal not pass, the NHL could seek to move the team to Seattle immediately. Next Tuesday will be decision day one way or the other.
Despite tough fight, Stars hand Wild their sixth straight loss
This dominant win is a heck of a way for the Kings to begin an imposing seven-game road trip, which continues against the New York Islanders on Thursday. The Bruins probably want to burn the tape on this one themselves, as they’re about to head on a six-game road trip.
Per @EliasSports: @LAKings had 9 different skaters score in a game for 5th time in franchise history. Last: Jan. 21, 1987 vs. PIT (10-5 W).
Some hockey players resist the urge to wear a visor, at least if they’re given that choice.
Perhaps a few will say “Hey, Nathan Beaulieu will just punch it off anyway.”
Maybe not, but Beaulieu provided a rather unique moment in his fight with Cedric Paquette during the Montreal Canadiens – Tampa Bay Lightning game. You can watch that bout in the video above, and see a cut on the Lightning pest’s face from that blow.