Jul 3, 2013, 2:02 AM EDT
The former Phoenix Coyotes — now the Arizona Coyotes — will stay in Glendale.
Well, for a little while longer.
In a 4-3 vote, the City Council has approved prospective Coyotes owner Renaissance Sports & Entertainment’s (RSE) 15-year, $225 million lease agreement for Jobing.com Arena. That will pave the way for RSE to buy the team with the goal of keeping them in Glendale.
At the same time, this isn’t necessarily the end of the Coyotes’ long saga.
While this deal will give the franchise another shot, RSE did retain an out-clause that can be activated if the team’s losses reach a cumulative total of $50 million or more within the first five years of this agreement.
Conversely, Glendale doesn’t have an out-clause.
That being said, RSE added a “make whole” component that would provide the city with some compensation should the team relocate, according to Yahoo! Sports’ Nick Cotsonika.
RSE will also have the backing of the Philadelphia Flyers’ owners, Global Spectrum.
“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 said prior to the vote.
So the long-term future of the Coyotes is still very much in doubt. But at least it looks like they’ll have something that they haven’t had since 2009:
Mar 27, 2015, 10:00 PM EDT
Nine points since joining Florida.
Mar 27, 2015, 9:17 PM EDT
Plenty of goals in the first period.
Mar 27, 2015, 8:47 PM EDT
The club says he’s expected to make a full recovery.
Mar 27, 2015, 8:00 PM EDT
New York plays twice this weekend.
Mar 27, 2015, 7:15 PM EDT
They play in Philadelphia on Saturday.
Mar 27, 2015, 6:24 PM EDT
Hasn’t played since Feb. 24.
Mar 27, 2015, 5:25 PM EDT
Terriers move one step closer to the Frozen Four.
Mar 27, 2015, 5:01 PM EDT
“In the middle of the ice in our system, it’s a lot of work.”
Mar 27, 2015, 4:34 PM EDT
And, quite possibly, for the remainder of the season.
Mar 27, 2015, 4:06 PM EDT
Nail-biting time for Bruins fans.
Mar 27, 2015, 3:35 PM EDT
Joins Pavel Datsyuk and Erik Cole on the shelf.
Mar 27, 2015, 2:33 PM EDT
Mar 27, 2015, 2:23 PM EDT
News and notes from around the crease…
Mar 27, 2015, 2:05 PM EDT
26-15-5 in their last 46 games.
Mar 27, 2015, 12:36 PM EDT
Washington sophomore now $2,000 lighter in the pocket.
Mar 27, 2015, 12:36 PM EDT
Vancouver laid another egg last night versus the Avs.
Mar 27, 2015, 12:29 PM EDT
Because things aren’t trending in a good direction for him.
Mar 27, 2015, 11:59 AM EDT
Three straight road wins has the Kings looking postseason-bound.
Mar 27, 2015, 11:12 AM EDT
“We’re on the course that we set two months ago when we made the decision that Ells was going to be the guy, and we’re not changing that course.”
Mar 27, 2015, 10:55 AM EDT
Red Wings host the Sharks tomorrow.
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