According to Mike Sunnucks of the Phoenix Business Journal, the City of Glendale is looking into a new way to figure out what to do about finding a new owner and/or someone to run Jobing.com Arena.
The Glendale City Council will vote whether or not to offer a contract to Beacon Sports Capital Partners LLC worth $25,000 and another $400 an hour for them to advise the city on how to proceed in finding a new owner for the Coyotes. According to city documents the total cost of the contract is worth $100,000.
All told, if that kind of investment can unearth an owner and someone to operate the arena, it’s worth the money. If it fails, it’s just more money the city is throwing down a hole in hopes of keeping the team.
The city was ready to pay former Sharks vice president Greg Jamison $300 million to take over the team and operate the arena, but he failed to buy the team by the January 31 deadline despite working hard to find others to invest in the team. The Coyotes have been without an owner since 2009.
Is this long saga in the desert at an end? Perhaps it is after the Glendale City Council voted 4-2 in favor of the city’s 20-year, $320 million lease agreement for prospective Phoenix Coyotes buyer Greg Jamison.
The agreement will help the team stay in Jobing.com Arena and hand over duties of managing the facility to Jamison. The one catch here is he’ll have until January 31, 2013 to close on the sale of the team or else the process, with a newly voted in city council, will begin all over again.
Outgoing mayor Elaine Scruggs, who was against the deal, was not pleased at the outcome of the vote saying, “The public will find they were mislead.” She then added, “I choose to support people in other types of uniforms. Police uniforms, fire uniforms…not Coyotes uniforms.”
Is this the end of the story for now? Let’s hope so, but the track record over the last three years says there’s always a twist waiting to be unleashed.
The Glendale City Council will soon be voting on a proposal that will see the city fork out $325 million in all to potential Coyotes owner Greg Jamison. Regional watchdog group, the Goldwater Institute, has been involved in the team’s dealings in the past and they’ve got some concerns this time around as well.
Goldwater Institute president and CEO Darcy Olsen sent a letter to the mayor of Glendale and the city council to address their concerns with the potential deal. To sum it up, they don’t want to see the taxpayers in Glendale end up over a barrel thanks to the deal.
Goldwater’s concerns hover around the possibility this deal can bring into effect the “gift clause” that helped kill Matthew Hulsizer’s bid to buy the team. They’re also asking about the cost parking rights, arena use at Jobing.com Arena, as well as the speed all of this is happening.
Goldwater isn’t alone in their worries, but it’s clear the financial issues the City of Glendale have run into recently are wearing on the minds of more than a few locals.