Jul 3, 2013, 2:02 AM EST
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:
Dec 28, 2014, 2:45 PM EST
Recalled goaltender Christopher Gibson from AHL.
Dec 28, 2014, 2:00 PM EST
Kevin Poulin returned to Bridgeport.
Dec 28, 2014, 1:15 PM EST
Has missed the first 35 games of the season.
Dec 28, 2014, 12:30 PM EST
Boston’s Matt Fraser also on the waiver wire.
Dec 28, 2014, 12:00 PM EST
Anton Forsberg reassigned to Springfield.
Dec 28, 2014, 11:15 AM EST
Rasmus Ristolainen is sick.
Dec 28, 2014, 10:30 AM EST
The Dallas forward has been suspended three times in two seasons.
Dec 28, 2014, 9:45 AM EST
Expected to serve as an extra defenseman as the Canucks visit the Ducks.
Dec 28, 2014, 1:59 AM EST
Darryl Sutter must like what he sees with the advantage.
Dec 28, 2014, 1:03 AM EST
Dec 28, 2014, 12:36 AM EST
Meanwhile, the Rangers are playing OK.
Dec 28, 2014, 12:05 AM EST
Battle of California tonight.
Dec 27, 2014, 11:47 PM EST
Some controversy in this game, too.
Dec 27, 2014, 11:02 PM EST
Same old, same old.
Dec 27, 2014, 10:48 PM EST
Holy puck possession!
Dec 27, 2014, 10:27 PM EST
Physical game between these teams.
Dec 27, 2014, 9:46 PM EST
These teams, as we all know, don’t care for each other.
Dec 27, 2014, 9:32 PM EST
Dec 27, 2014, 8:48 PM EST
This had been brewing for some time.
Dec 27, 2014, 8:27 PM EST
No call on the play.
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