Arizona Senate President Steve Yarbrough does not expect a piece of legislation to pass that would give the Coyotes millions of dollars in public financing to build a new arena.
That being said, Yarbrough thinks the Coyotes may be able to gain some “traction” if they offer to put in more of their own money.
Under the current plan, the team has pledged $170 million of the arena’s total cost, which is estimated at almost $400 million. The difference would be made up by new sales taxes, plus $55 million from the still-to-be-determined host city.
“If you are getting no traction the way the bill is designed, you could see if the hockey team paid a greater portion,” Yarbrough told the Arizona Republic yesterday. “I have been around this business long enough to know that if it’s not working in this format, you change the format to make it more attractive.”
For their part, the Coyotes have not said whether they’d be willing to pay a greater portion of the project, only that they’ll continue to “work hard to find a viable arena solution in the greater Phoenix area, a market that both the club and the NHL believe is a strong hockey market capable of supporting a successful NHL franchise.”