Glendale City Council approves Coyotes arena deal

  • Sonu Munshi of USA Today: The Glendale City Council voted in favor for a 20 year, $320 million arena-management deal and lease with potential owner Greg Jamison. Jamison said he hopes to buy the team in the next 30 to 60 days for an expected $170 million.

    “The major-league franchise has a very strong obligation to be a partner with the city it resides in,” Jamison said.

    “Eight years and 11 months later, hopefully we are celebrating an event as important to our arena as the opening itself,” Councilwoman Joyce Clark said.

    The new deal between Jamison and the City has lighter payments in the first five years, and has incentives for him to bring in non-hockey related events, as well as penalties for NHL lockouts.

  • David Pagnotta via twitter: Part of the Glendale City Council vote: “1. The city receives 15% of the naming rights revenue of the arena and 15% from advertising revenue for city-owned parking spaces. 2. The total payment for the first five years is $71 million (arena management fee) compared to $95 million in previous agreement. 3. (My fav) The Arena Manager will pay the city $60,000 for every game not played during the season caused by a lock out or player’s strike.”
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