Aug 29, 2012, 10:59 PM EDT
While potential Phoenix Coyotes owner Greg Jamison seems primed to buy the team, the City of Glendale reportedly wants to “re-work [the] 20-year, $324 million deal,” according to Lisa Halverstadt.
Halverstadt breaks down the situation:
Glendale officials have repeatedly said that they were waiting for Jamison to hold up his end of the bargain — purchasing the team from the National Hockey League — after approving the Jobing.com Arena lease with him in June.
But Jamison’s efforts to buy the team were complicated by unexpected hurdles. There was an unsuccessful effort to ask Glendale residents to vote on the deal in a November referendum. There have also been concerns about an NHL lockout. Then the Arizona Court of Appeals ruled last week that a initiative with a goal of reversing a sales-tax hike expected to help Glendale cover its bills, including next year’s budgeted $17 million arena-management fee to Jamison, should appear on the November ballot. The city has since asked the state Supreme Court to weigh in on the latter matter.
The city reportedly wants Jamison to sign the deal before they look into possible “amendments.”
The recent setback with a “sales-tax initiative” might partially explain the holdup.
If the sales-tax initiative makes it to the ballot and is repealed by voters, the budget-strapped city could lose a $20 million funding stream.
Even with those headaches in mind, Jamison’s comments were diplomatic.
“I really respect Glendale’s council,” he said. “They’ve shown a lot of courage.”
(H/T to Kukla’s Korner.)
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