Jul 2, 2013, 8:42 PM EDT
What started with former Coyotes owner Jerry Moyes filing for bankruptcy in 2009 might finally come to a head tonight with a City Council meeting scheduled to start at 10:00 p.m. ET.
We have reached the NHL’s deadline for the City of Glendale to either vote in favor of prospective Coyotes owner Renaissance Sports & Entertainment’s (RSE) 15-year, $225 million lease agreement on Jobing.com Arena or risk losing the franchise entirely.
With that vote looming, Global Spectrum announced it’s support of RSE, according to CSN Philly.
The list of things that Global Spectrum is the owner of includes Philadelphia Flyers and their home, the Wells Fargo Center.
“As owner of an NHL franchise and operator of the arena in which that team plays, we are confident that Global Spectrum will do amazing things for us in Glendale,” one of RSE’s partners, Anthony LeBlanc said.
“Combining Global Spectrum’s management of the stadium next door with the efforts at the arena creates unique operating efficiencies that will be financially beneficial to both venues,” Flyers president Peter Luukko added.
“With an ability to combine our efforts, we can maximize opportunities for our teams, our customers and guests while significantly reducing expenses.”
That being said, there are areas of concern that remain. As TSN reported:
Unresolved concerns about the deal were outlined in a memo released by the City of Glendale last week, including issues over the city bearing all the risk in the deal if Renaissance’s plan fails and a $15 million management fee to RSE that could end up costing the city more than the projected annual cost of $6 million (should other projections not be met).
Included in the deal are a pair of out-clauses for Renaissance, including one that kicks in at the five-year mark and one if their cumulative losses should hit the $50 million mark. The deal does not include an out-clause for the City of Glendale.
- Bruins sign three — Hayes, Connolly, and DeFazio 9
- Babcock expects Kadri to be ‘an elite player’ 13
- No expansion bid expected from Kansas City 29
- Leafs sign Matthias — one year, $2.3 million 17
- Report: Kopitar, Kings in ‘early stages of negotiations’ for extension 8
- Arbitration filed: Holtby, Nyquist & Stepan highlight list released by NHLPA 13
- Report: Plotnikov paid $500K to get out of KHL contract 14
- Philadelphia signs ’15 first rounder Provorov 12
- Brandon Saad brings championship experience to Blue Jackets 22
- Sharks sign Joel Ward to three-year deal 25
- Blockbuster: Kessel traded to the Penguins (131)
- Trade: Flyers send Rinaldo to Bruins for 2017 third-rounder (105)
- Trade: Jackets land Saad; Anisimov and Dano headed to Chicago (93)
- Bypassing a buyout? Kings terminate Richards’ contract for ‘material breach’ (90)
- Sabres lock up O’Reilly through 2022-23 (74)