The NHL team's future in Phoenix is in the hands of the Glendale City Council, as it waits to see if the city will approve a new lease agreement on Jobing.com Arena with Renaissance Sports & Entertainment — the prospective owners of the Coyotes.
The proposed lease agreement is a 15-year, $225 million US deal that will most likely secure the Coyotes remaining in Phoenix.
Earlier Tuesday, RSE announced that it will work with Global Spectrum — a firm that owns the Philadelphia Flyers — to help manage Jobing.com Arena.
According to NHL Commissioner Gary Bettman, who was present at the meeting along with Deputy Commissioner Bill Daly, a vote against the agreement could have meant theend of the Coyotes in the desert.
"I don't want to be more specific than I'm going to be, but if the council doesn't approve it so this transaction can close, I don't think the Coyotes will be playing there anymore," Bettman said at the league's Board of Governors meeting last week.
Ever since reaching an deal to buy the Coyotes, RSE has gone through tough negotiations with the city of Glendale in order to reach a deal for the venue.
The cost of managing the arena and a clause that would allow RSE to move the Coyotes in five years, or after accumulating $50 million in losses, were the main topics in a list of concerns the city of Glendale released last week.
RSE has projected $8.5 million to $11 million in revenue to Glendale, with $6 million destined to manage the team's arena.Suggest a correction