Glendale approves Phoenix Coyotes lease deal, paving way to sale

• 9 months ago
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Phoenix Coyotes sale: Greg Jamison, Glendale reportedly close on deal

Once again, the Phoenix Coyotes appear to be close to staying in Arizona. The City of Glendale and potential owner Greg Jamison are close to reaching a renegotiated lease deal, according to a report from The Arizona Republic.

In late August, the NHL gave Jamison more time to work out a lease agreement and finalize the purchase of the team. It appears Jamison has worked out any issues with the lease, as interim Glendale City Manager Horatio Skeete said he will present the "final agreed-upon restructuring terms" to officials on Tuesday. The City Council will still have to vote to approve the deal.

This is just the latest in what has been a long up-and-down process for Jamison. He agreed to a lease agreement in June, and it was approved by city leaders, but the city council directed Skeete to renegotiate the deal two months later. Jamison has also had financing issues as he tries to securing the funds needed to purchase the team from the NHL.

If the newly-agreed upon lease gets approved, it will go into effect as soon as Jamison finalizes the purchase of the team.

• 10 months ago
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Phoenix Coyotes Sale: Greg Jamison Finally Secures Funding To Buy Team, Report Says

Jamison is the former president and CEO of the San Jose Sharks and has pursued the purchase of the team from the NHL despite a potential looming lockout and issues with the city over lease agreements. The NHL has managed the books of the Coyotes since 2009 when the team's finances took a massive turn for the worse.

Scott Burnside's report has more on lease agreement:

Jamison had previously agreed to a deal with the City of Glendale for a 20-year lease that would see the city pay $324 million in management fees over the life of the lease. That agreement only becomes valid when Jamison closes the deal with the NHL although multiple sources said that once the sale is completed the lease agreement will kick in virtually simultaneously. There could be some minor tinkering with the lease agreement before the sale is complete but nothing major, the source said.

Jamison's fellow investors haven't been identified yet, but some are members of the Ice Edge Group, a collection of North American businessmen originally trying to purchase the Coyotes.

Stay tuned to this story steam as this is a developing situation.

For more on the Phoenix Coyotes follow Five For Howling. For all of you NHL needs, follow SB Nation's dedicated NHL hub.

• 10 months ago
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Phoenix Coyotes Sale: Glendale Looks To Rework 20-Year Lease Deal With Greg Jamison

Greg Jamison's bid to purchase the Phoenix Coyotes appears to have hit a snag, according to AZcentral.com.

Jamison negotiated a 20-year, $324 million deal with the city of Glendale this summer, but now the city is looking to rework the deal. Glendale officials approved a lease on the Jobing.com Arena with Jamison in June, but have been waiting for him to finalize his purchase of the team from the National Hockey League.

Julie Frisoni, a Glendale spokeswoman says the city will not finalize the deal until Jamison purchases the team and some amendments have been made to it.

"Since June, the city and the NHL have been saying the next step is for Mr. Jamison to purchase the team, at which time the city was ready to sign the agreement," she said. "At this time, in light of other issues, the council has asked us to look at options that are feasible in terms of the management agreement."

Concerns over a potential NHL lockout and an unsuccessful effort to get Glendale residents to vote on the deal in a November referendum have further complicated the sale, but Jamison remains optimistic that the deal will be finalized.

"There were a lot of political things that came as a part of this that had to be overcome. It took a long time to put a deal together, but now we're at the point where I'm prepared to go forward and sign the deal with the city."

Stay tuned to this story steam as this is a developing situation.

For more on the Phoenix Coyotes follow Five For Howling. For all of you NHL needs, follow SB Nation's dedicated NHL hub.

• 10 months ago
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Phoenix Coyotes Sale: Greg Jamison Speaks

As Greg Jamison continues to push forward in his purchasing of the the Phoenix Coyotes, the city of Glendale wants to retool the proposed 20-year, $324 million deal, according to Arizona Central.

Officials in the city of Glendale say the deal is on hold until Jamison holds up his end of the agreement by purchasing the Coyotes from the NHL. They already approved the leasing of Jobing.com Arena back in June, though the city was expected to get Jamison an updated draft on the proposal on Wednesday night.

Fox 10 Phoenix reporter Jude LaCava recently caught up with Jamison, asking if all the time and effort to buy the team is worth it. Here is what Jamison had to say:

I think it's been worth the effort. I respect the city of Glendale greatly because they committed to the arena, and commited to keeping the team there....I think there is a tremendous upside there. I believe it's a great community, it's a great place for NHL hockey to do well...I really believe in the long run that it's very much worth the effort. I hope that not only can we get it done, I hope we can continue to grow what's already there, and build on that foundation and take it to the next level.

Jamison also cited numerous "political situations" to LaCava that have held up the deal. One major issue stems from the Arizona Court of Appeals ruling last week that an initiative to reverse a sales-tax increase, including next year's budgeted $17 million arena-management fee for Jamison's purchase, should appear on the November ballot.

There's also the NHL lockout to take into account, as well. Luckily the NHL extended the lease agreement to keep Gelndale's arena under league management for another month, which hopefully will give both sides time to hammer out an accord.

For more on the Phoenix Coyotes, head on over to Five For Howling. For more on hockey in general, please check out SB Nation's dedicated NHL hub.

• 10 months ago
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NHL CBA Doubts, Ownership Woes Stalling Phoenix Coyotes On Shane Doan, Others

The Phoenix Coyotes have been slow to make moves this off-season and, with a lockout looming and team ownership still in question, it doesn't appear that a flurry of activity will be taking place anytime soon, according to AZCentral.com.

Before addressing the free agency of their star and captain Shane Doan, the Coyotes have opted to wait and see if potential buyer Greg Jamison's bid to purchase the team is approved.

Now, with the collective-bargaining agreement's expiration upcoming on Sept. 15th and a lockout seeming more than likely, the Coyotes have two hurdles to cross before solving the Doan issue and becoming active players in free agency.

Phoenix GM Don Maloney has said that the CBA has made the entire league quieter than normal and stated that he "doesn't foresee a lot happening around here right now."

Of course, if Jamison's bid goes through the Coyotes could start making deals, likely starting with Doan, who has already expressed a desire to stay in Phoenix.

For more on the Coyotes, check out Five for Howling and SB Nation Arizona.

• about 1 year ago
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Glendale Approves Arena Management Deal To Keep Coyotes In Arizona

The Pheonix Coyotes were in the need of a new arena deal to remain in Glendale, AZ, and it hinged on a city council vote. On Friday, the Glendale city council voted 4-2 in favor of the arena management fee that will allow the Coyotes to remain in Arizona for around another 20 years.

There are still some obstacles that remain with the deal however, as Jess Root of SB Nation Arizona points out:

It was not without its obstacles. The Goldwater Institute, which has been fighting through the entire process, lost a petition in court to keep the vote from happening, but it vows to challenge the vote, claiming that the city had a backroom deal.

"We absolutely will challenge this vote," said Carrie Ann Sitren, an attorney representing Goldwater. They claim that the city has not been been producing public records according to law.

The NHL still has the matter of officially announcing the approval of Greg Jamison as the new owner as well, since the team is currently run by the league.

For more on the sale situation in Phoenix, stick with our StoryStream and check in with SB Nation Arizona and Coyotes blog Five For Howling.

• about 1 year ago
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Coyotes Sale Could Be Complete In Weeks

The Phoenix Coyotes have been on the market for a while now, looking for a new owner. On the ice, the team streaked through the second half of the regular season to clinch the Pacific Division title and are now on the verge of advancing to the Western Conference finals. Off the ice, a buyer has finally been approved for the franchise.

The Associated Press via SI.com reports that the sale is unlikely to be bogged down in red tape and should be completed sooner, rather than later.

Bettman said the league and the group will work toward reaching a formal sales agreement while Jamison negotiates with the city of the Glendale on a new lease for Jobing.com Arena. Bettman said he hopes to have the sale completed in a matter of weeks, not months.

Diehard Coyotes fans are sure to be thrilled at new ownership taking over soon and keeping the team in Arizona. The only thing that would make it better would be hoisting a Stanley Cup to go along with it.

For more on the Coyotes, visit Five For Howling and SB Nation Arizona.

• about 1 year ago
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Phoenix Coyotes Sale Could Close Within Month, Says Report

The Phoenix Coyotes are fresh off winning their first-ever Pacific Division title and are preparing for the Stanley Cup playoffs to kick off this week. Throughout the year, the Coyotes front office insisted that the years-long attempts to find a new owner for the struggling franchise would not be a distraction on the ice and, to a certain extent, the 'Yotes have proven that with their blistering second-half play. Now, with the team set to embark on a quest to hoist the franchise's first Stanley Cup, it appears some hope for a new owner is on the horizon, as well.

According to Lisa Halverstadt of The Republic, there will be at least one deal up for public review in April. Any potential sale must come soon if the team hopes to remain in Arizona.

[Glendale City Manager Ed] Beasley said he's spent at least the past week working closely with a group led by former San Jose Sharks executive Greg Jamison, as well as another group he would not name.

"The good thing for us is we've got a few choices here," he said. "We're all working very diligently."

Beasley said all groups have expressed interest in purchasing the city-owned arena as part of a deal. There's been talk the Jamison group would also be interested in buying Westgate City Center, the restaurant and shopping complex that opened six years ago as part of the original arena deal.

According to the NHL, at least two other buyers are interested, although no details are currently available. All interested buyers are reportedly interested in keeping the team in Glendale.

• over 1 year ago
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NHL Relocation: Saskatoon Wants To Join Long List Of Potential League Cities

Saskatoon gets in line as one of the many cities interested in an NHL team. Groups there are interested in purchasing and relocating an NHL franchise to play at Credit Union Centre.

• almost 2 years ago
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Phoenix Coyotes Have Another Potential Buyer In Former Sharks CEO Greg Jamison

It's been a few months since we've had another prospective buyer for the Phoenix Coyotes, but now, in the middle of August, it looks like another rich guy is positioning himself and a group of other investors to buy the struggling hockey club, which has been owned by the NHL since October 2009.

Unlike many of the other suitors, though, this time it's somebody who's been involved rather heavily with the NHL in the past. According to Phoenix Business Journal, former San Jose Sharks CEO Greg Jamison sits atop a new ownership group that's putting together an offer for the club. 

Jamison is expected to work out a sales agreement with the National Hockey League, which owns the Coyotes, next week. That includes putting down earnest money giving his group exclusive negotiating rights with the league and city of Glendale, which owns Jobing.com Arena.

Jamison is no longer the CEO of the Sharks parent company, Silicon Valley Sports and Entertainment, but he still holds ownership stake in the team, which he'd have to get rid of if he became the owner of the Coyotes. He also still sits on the Sharks' board, as well as the NHL's executive board.

Coyotes fans probably shouldn't get their hopes up just yet, especially the way this process has been over the last two-plus years, but this certainly isn't bad news for them. For more on the team, check in with SB Nation's Five For Howling.

H/T: James Mirtle

• about 2 years ago
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Phoenix Coyotes Vote Passes, But Goldwater Institute Ponders Lawsuit Again

Of course, you didn't think this would go away all that easily, did you?

Just as it seemed that the Phoenix Coyotes were out of the dark when it comes to playing in Glendale, Ariz. for the 2011-12 season, that pesky thorn in their side, the Goldwater Institute, says that a lawsuit over the $25 million payment from the City to NHL isn't out of the question.

GWI's Nick Dranias said that his organization still needs to do their homework on the issue, but he certainly didn't rule out the possibility of a lawsuit, questioning whether or not the payment is a subsidy to the NHL.

"The Arizona constitution clearly bans subsidies to private businesses," Dranias said on Phoenix's 12 News Tuesday afternoon. "The founding fathers saw that bailouts are a bad idea and they are illegal in this state"

Glendale mayor Elaine Scruggs argued at Tuesday night's city meeting, at which Council members voted 5-2 to fork over that $25 million to the NHL, that it's not a subsidy. Her argument was that it's an investment in the arena in and the area, because without the team, Glendale is stuck with a vacant, city-owned arena that will cost them much more than the $25 million.

"If that's true, they ought to be able to break down where those expenses are going. Are they going to preserve the team's operations -- for the Zamboni, for the ice rink, for the jumbotron? Or are those things for the lights and the heat and the air? The bottom line here is that if that payment is going to expenses that exist only because the team is there, it's a subsidy."

Dranias went on to say that his group is "absolutely" looking at the possibility of a lawsuit if they determine that the $25 million payment (and a separate payment of equal value to cover last season's losses) is a subsidy to the Coyotes and the NHL.

• about 2 years ago
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Atlanta Thrashers, NHL Can't Expect Help From City Should Relocation Become Option, Report Says

With news that the Phoenix Coyotes will be sticking around in Arizona for at least one more season, the relocation talk in the NHL has shifted, at least temporarily, to the Atlanta Thrashers.

Atlanta Spirit, the group that owns the Thrashers, the NBA's Atlanta Hawks and Philips Arena, has been trying to sell their hockey team for several years, and as the investment loses money year-after-year, their patience is understandably wearing thin. (Fans would tell you it's the fault of the horrible ownership group that's led to that circumstance, but that's really another story.)

With the Coyotes off the table for now, a group in Winnipeg could turn their attention to purchasing and relocating the Thrashers. True North Sports and Entertainment is reported to be interested in the Thrashers, and there are also reports that they would pay much more for the team than a local, Atlanta-based group would pay to keep them in town.

That could lead us down a messy path, of course. As we know from the Coyotes saga, the NHL will go to just about all lengths to avoid relocation, especially from vital American television markets like Phoenix and -- yeah, you guessed it -- Atlanta. 

It's a top-10 metro area in the U.S. in terms of media market and sheer size, so you understand why they want to have a base in such a place. The only difference between Phoenix and Atlanta, though, is that the local government in Glendale, Ariz. has just as much a stake in the Coyotes' departure as the NHL does. They own the building, which would go dark without the hockey team that currently occupies it. Bad news for the city.

The City of Atlanta, on the other hand, doesn't have any financial stake in the arena or the team, and thus, they're much less likely to shell out millions of dollars to keep the team around at all costs.

In fact, they definitely won't, according to the mayor. Via the Atlanta Journal-Constitution:

Reese McCranie, spokesman for [Atlanta Mayor Kasim] Reed, said Atlanta has not been approached by the NHL about making a financial deal such as Glendale's. Even if approached, the city - in the midst of pension reform and possible layoffs in 2012 - would not consider it, McCranie said.

"We are aware that the ownership of the Thrashers is having difficulty and they may leave," McCranie said. "The mayor has had robust discussions with business leaders in the metro region [who might] potentially buy or join a team of buyers to keep the Thrashers here.

"He has gone through extraordinary lengths to ensure that the Thrashers can stay in Atlanta, but at this moment there is not a deal on the table that we can present."

To be clear, there has been no sale of the Thrashers or anything like that just yet, but it's something that's a very real possibility, especially with the way things are playing out in Arizona. The owners want out, and there's a group in Winnipeg willing to pay top dollar to jump right in and relocate the team.

If another solution can't be found, the NHL might be on their own in this fight without any help from the City of Atlanta.

• about 2 years ago
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Glendale Council Vote Doesn't Guarantee On-Ice Success For Phoenix Coyotes

• about 2 years ago
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Phoenix Coyotes Vote Tuesday Could Also Impact Atlanta Thrashers Future

On Tuesday in Glendale, Ariz., the City Council will vote to dole out more money to keep the NHL-owned Phoenix Coyotes in their town for at least one more season. It would be a $25 million payment to the league to cover operating losses for the upcoming season, which would come in addition to the $25 million paid by the City a week ago to cover operating losses for the 2010-11 season.

By all local accounts, the vote is expected to pass, which will give the NHL the comfort it needs to keep operating the team beyond this summer, which it previously said it would not do. The thinking is that if they hold on to the team another year, it will buy the time to come to terms with Matthew Hulsizer, a businessman that would keep them at Jobing.com Arena for the long-term.

And thus, out of Winnipeg or any other locale -- at least for another year.

If the money isn't handed over from Glendale to the NHL, all bets are off and the team could very easily find itself in a new home sooner rather than later. But with all that the City has wrapped up in the team and the arena, which would go vacant should the Coyotes leave, it seems like a lock that they'll fork over the dollars.

Should that happen, True North Sports in Winnipeg could turn their attention elsewhere, according to a report in the Atlanta Journal-Constitution. You see where this is going. Could they look to purchase and relocate the Thrashers?

Via the AJC:

The Atlanta Spirit, owner of the Thrashers, Hawks and the operating rights to Philips Arena, have been looking for a buyer and/or investors and have said relocation is a possibility. Co-owner Michael Gearon Jr. told the Atlanta Journal-Constitution in February and again last week that there is a "sense of urgency" to find a solution to the financial losses suffered by the team. The Thrashers could fetch upwards of $170 million from True North with the NHL getting around $60 million as a relocation fee.

The Thrashers are not expected to be sold for that much to a buyer that would keep the team in Atlanta.

And that's really what it seems to come down to, right? Are the current owners more interested in getting top dollar for the Thrashers, or are they willing to take a bit less to keep them in town?

It's a little bit more complex than that, considering the group also owns the arena and it's written into their deal that should the Thrashers move, they'll lose money on the naming rights from Philips.

The answers seem to be in the math, and Atlanta Spirit looks like they could have a huge decision on their hands in the very near future.

• about 2 years ago
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Potential Owner Matthew Hulsizer Changes Terms Of Phoenix Coyotes Sale

The meddling of conservative watchdog group Goldwater Institute in the Phoenix Coyotes sale has threatened to completely blow up the entire situation, which would almost certainly send the team elsewhere as a result. 

According to the group, the City of Glendale, Ariz. will violate the state constitution should they take out $100 million in bonds, as planned, to assist Hulsizer's purchase of the team. The taxpayers would be on the hook for losses the team could incur in that situation. 

Hulsizer told Fox Sports Arizona on Sunday, however, that he's sent a letter to GWI with the intent of squashing their concerns. The basic idea here: Hulsizer says he'll accept those bonds, pay $25 million back to the City and that he'll place a guarantee on the other $75 million.

SB Nation's Five For Howling recounted the conversation:

Hulsizer announced on Fox Sports Arizona's first intermission report that he has changed the deal in significant ways, getting the taxpayers of Glendale pretty much completely off the hook for the payments on default of the bond issue. Hulsizer said that he and the investors would guarantee the bond payments so that the city wouldn't be on the hook. Without knowing the specifics I'd say that what he's trying to say is that if there's a shortfall between the parking revenue and the payment on the bond that they'd make up the difference.

There's still the question of whether or not GWI will agree with Hulsizer or if they'll accept his guarantee, and as we all know, this situation is never over when we think it is. Still, it's another step forward in the process. We'll see what happens next. 

• over 2 years ago
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Phoenix Coyotes Sale: Lawsuit To Be Filed Against City Of Glendale, Matthew Hulsizer

The NHL, the Phoenix Coyotes, the City of Glendale and prospective owner Matthew Hulsizer were hoping this wouldn't happen, but in anticipation of the final sale agreement between Glendale and Hulsizer, the conservative watch dog group Goldwater Institute has announced they will file a lawsuit once the sale is complete.

From a GWI press release:

After examining more than 1,000 pages of documents provided by the City of Glendale under court order in the past 10 business days, the Goldwater Institute is announcing today that it will file a legal challenge to the agreement between the City of Glendale and Chicago businessman Matthew Hulsizer to subsidize the purchase of the Phoenix Coyotes. The deal has not been signed by the parties yet but is expected to close soon.

Simply put, Goldwater believes that the potential sale is against Arizona's constitution. They say they are looking after the taxpayers in Glendale, who will be on the hook to pay losses should parking revenues generated at the City-owned Jobing.com Arena fail to cover the bonds that the City has taken out to assist Hulsizer's purchase.

GWI's presence in this debate casts a large shadow on the sale and the future of the Coyotes. For more on the issue, check in with SB Nation's Five For Howling.

• over 2 years ago
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NHL Commissioner Gary Bettman Travels To Arizona In Attempt To Save Phoenix Coyotes Sale

Remember those days when we all thought the Phoenix Coyotes sale was actually going to go through? Yeah, they're long gone, but now the NHL is intervening in the situation once again.

According to the Phoenix Business Journal, commissioner Gary Bettman and deputy commissioner Bill Daly are making their way to Glendale to help along talks between potential owner Matthew Hulsizer and the City of Glendale.

Problems have come up thanks to the right-wing Goldwater Institute, which has threatened a lawsuit against Glendale on the grounds that a sale is against the public interest of the residents of the city. GWI has inserted itself into the issue because they believe that the proposed deal between Glendale and Hulsizer is against the law.  

"We recognize that Glendale has dug itself into a financial hole by building the taxpayer-funded Jobing.com Arena for a team that has proven financially unsustainable," Goldwater said in a statement. "However, the City must find a way to improve its financial situation within the boundaries of the law. Likewise, we hope the city can find a way to attract great sports teams like the Coyotes without the unconstitutional use of taxpayer funds."

GWI's biggest concern is the issue of a potential shortfall in revenues. According to reports, Glendale has agreed to pay an potential shortfall, which GWI finds that unconstitutional. They claim that if parking revenue will not be enough to repay bonds on the team, that Hulsizer, not the city, should pay that difference.

"That would prevent serious harm to the taxpayers and place the financial responsibility where it should be: with the owner of the team, rather than on the taxpayers' shoulders," they said. 

The NHL is in a tough spot here, as is the city. They could challenge Goldwater in court on the issue and try their luck, but that could drag out forever, a scenario would be unwelcome by anybody. The Coyotes, of course, are still losing money and are still without stable ownership until Hulsizer gets the team -- if he even does at this point.

According to the Business Journal, there are several new changes to the current sale agreement that could get GWI off their backs, including asking Hulsizer to contribute more dollars to the sale. There's also the possibility that the parties -- the NHL, the City, Hulsizer and Goldwater -- get together to sort things out.

There's still a lot to be said on this issue, and just when we thought it was over, the fans in Phoenix are suffering a little bit more. All the while, those in Winnipeg keep on salivating. 

For more on the issue, check in with SB Nation's Five For Howling.