Glendale could pay million a year to keep Coyotes
Web Producer: Marissa Pasquet
PHOENIX (AP) - The Phoenix suburb of Glendale is bracing for a new reality that has it paying millions of taxpayer dollars a year to keep the Phoenix Coyotes in its arena.
City Manager Ed Beasley states that any deal with a new owner for the NHL-owned team will require the city to manage Jobing.com arena. That could cost at least $15 million a year.
The city borrowed $180 million to build the arena that opened in 2003. Its deal with former Coyotes owner Jerry Moyes had him paying to run the team and the city-owned arena.
Moyes put the team into bankruptcy in May 2009 and the NHL bought the team later that year. The city agreed to pay the NHL $25 million a year in subsidies.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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