Sep 19, 2012, 9:42 PM EST
Glendale’s interim City Manager Horatio Skeete has prepared three scenarios involving the Phoenix Coyotes, based on a report by the Arizona Republic.
All three scenarios suggest the city is in dire financial straits.
The projected best case scenario, from a budget perspective, is that a sales-tax hike goes forward and Glendale restructures its arena payment plan.
Under the current proposal, Glendale would pay prospective Greg Jamison buyer $94 million over the initial five years of a $300 million, 20-year plan, but Skeete wants that reduced to $72 million.
The next scenario is that the voters reject the sales-tax hike, but the city still gets its restructured arena payment plan, and the third is that the Phoenix Coyotes leave. What’s obviously missing is a scenario where the city goes with the original $300 million plan and the Coyotes stay in Glendale.
It’s also worth noting that all three of these scenarios are projected to result in the city taking a financial hit annually over the next five years. Even if the sales-tax stays in place and the arena payment plan is restructured, Glendale would need to reduce expenses by $3 million this year and $6 million each of the following four years.
Jamison needs to secure a lease before he can buy the team. At this point, the Globe and Mail suggests that the odds of Jamison completing his purchase are “bleak.”
- Wild coach accuses Sharks of embellishment 0
- Lundqvist hooked after three first-period goals as Rangers’ woes continue 20
- Burke wants the Flames to be — yep, you guessed it — more ‘truculent’ 40
- Flames fire GM Jay Feaster 36
- Video: Projected rise in salary cap could have some players ‘licking their lips’ 19
- Discuss: Blackhawks score big on Rivalry Night on NBCSN 37
- Crosby: If I had to guess Thornton’s suspension, I’d say 10 games 83
- Cowen gets two-game suspension for hit on Girgensons 12
- Rangers must consider Callahan’s injury history in contract talks 13
- The Chip ‘n’ Chase: Outrage over hockey violence, Gary Bettman is a happy man, Darryl Sutter is awesome, and more! 33
- Video: Penguins’ Orpik stretchered off ice; Bruins’ Thornton given match penalty (184)
- Neal suspended five games for kneeing Marchand in the head (156)
- Bruins coach admits Thornton crossed the line, slams Pens for not being ‘truthful’ (138)
- Pens put Orpik on IR (132)
- Orpik suffers from concussion, including memory loss (118)