The Glendale City Council narrowly approved a lease agreement with a new owner.
As an alternative to cheering, Kristi Kastenbaum, of Phoenix, gave two thumbs up as NHL Commissioner Gary Bettman spoke during a Glendale City Council meeting concerning lease of Jobing.com Arena to the Coyotes on Tuesday. The council narrowly approved a new lease with prospective owners.
GLENDALE, ARIZ. –The Phoenix Coyotes have spent the past four years living with the financial restraints of being run by the NHL, making the best of the limited resources before them.
After Tuesday night’s Glendale City Council vote in favor of an arena lease agreement with a prospective team owner, the Coyotes will finally be on even financial footing with the rest of the league.
“The only way you can win long-term is to have a strong ownership,” Coyotes General Manager Don Maloney said. “Now that we have an ownership in place, it gives us a chance, gives us a little more of a chance to show that we know what we’re doing.”
The Coyotes had been searching for an owner since Jerry Moyes took the team into bankruptcy in 2009. After numerous false starts with potential owners and constant rumors of relocation, the Coyotes found a perfect suitor in Renaissance Sports and Entertainment.
RSE, headed by George Gosbee, Anthony LeBlanc and Daryl Jones, reached an agreement to buy the team in May, a deal contingent upon reaching a lease agreement for Jobing.com Arena with the city of Glendale.
After a month of contentious negotiations that went through dramatic fluctuations over the final week, the lease agreement went to a vote Tuesday night with the outcome still very much in doubt.
Hundreds of Coyotes fans and Glendale residents packed the council chambers and an overflow crowd sat downstairs in the employee lounge watching on closed-circuit TV.
NHL Commissioner Gary Bettman and Deputy Commissioner Bill Daly attended the meeting, receiving a rare standing ovation as they entered the chambers. Coyotes COO Mike Nealy, Maloney and player Derek Morris also were there.
After some tense debate and a few concessions on both sides, the 15-year, $225 million lease agreement was approved by a vote of 4-3, setting off an enthusiastic round of thumbs-ups from the crowd in the chambers — Mayor Jerry Weiers said clapping and cheering was not allowed — and a huge sigh of relief from the Coyotes, their prospective new owners and their fans.
RSE has until Aug. 5 to complete its arena deal with Glendale and purchase the team, which will be named the Arizona Coyotes, from the NHL.
“There have been ups and downs over the four years and the last four days, but we have stuck with it because we believe in hockey in this area,” Leblanc said.
The NHL believed in Phoenix, too.
The league has fought to keep the Coyotes in the Valley of Sun, even joining in a court fight to keep the team from being moved to Hamilton, Ontario, after Moyes took it into bankruptcy.
Numerous potential owners have come forward over the years and the NHL consistently said it preferred to keep the Coyotes in Arizona.
But as efforts to find an owner dragged into a fourth year, the league started intimating relocation might be an option.
As RSE and Glendale sparred over the details of the lease agreement, often publicly, the NHL gave them a firm date for a resolution. Bettman said last week that if the lease deal failed, the team probably would not play in Arizona anymore and the speculation was that the team would quickly be relocated to Seattle.
RSE made numerous financial concessions from the original draft of the lease agreement and made what appeared to be a vote-swinging move by partnering with Global Spectrum, which owns the Philadelphia Flyers, to manage Jobing.com Arena.
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