For better or worse, the Phoenix Coyotes situation could be resolved by the end of the week.
The Renaissance Sports and Entertainment Group and the Glendale City Council are attempting to negotiate an arena management lease that will provide RSE with $15 million annually, according to a report by Dan Bickley of AZCentral.com on Thursday afternoon.
The City of Glendale has budgeted an annual allocation of $6.5 million for management of the arena. Bickley cites a source who states that the two parties have developed a way to generate more revenue for both sides. This will include the city getting a cut of parking, future naming rights for Jobing.com Arena, a portion of ticket surcharge and an escrow account that could result in more money for the city.
According to Bickley, this could result in $7-8 million per year for Glendale.
Unfortunately, this potentially could be where negotiations break off. Glendale reportedly wants that figure guaranteed, while RSE is unwilling to do so.
The NHL will wait until July 2 for a proposed deal to go to vote. According to Bickley, this could result in the process being resolved, whether the team remains in Glendale or not, via AZCentral.com:
That also means the nuts-and-bolts negotiating must be done by the end of an electronic session scheduled for Friday, according to the source. If there is no clarity or progress, it could set the Coyotes in motion, and on the road to Seattle.
Seattle has largely been identified as a potential relocation destination for the franchise. It is believed that the team would play in KeyArena in the event that relocation came to fruition.