Last night at a city council meeting, the city of Glendale, AZ approved a $15 million x 15 year = $225 million subsidy for the Phoenix Coyotes proposed new ownership group to stay in greater Phoenix.
Glendale (also location of the Arizona Cardinals "University of Phoenix" Stadium) built the arena and lured the Coyotes previous ownership to relocate to the Northwest suburb several years ago.
The Yotes (since their move from Winnipeg) had been plying in the Phoenix Suns [previously names America West] Arena, which wsa built for basketball, and really did not accommodate a hockey rink well.
The original lease was ratehr pricey, and the Yotes had to charge an arm and a leg for ticket, concessions, and parking... and this led to poor attendance and massive losses.
So the Yotes had threatened to break the lease / sell / relocate / some combination of the above. In order to keep the team in Glendale, and re-coup some of the cost of the building,
the city evidently is giving the new ownership a sweetheart deal. http://espn.go.com/nhl/story/_/id/94469 ... -agreement
Seattle had been hoping to move the Coyotes there, then build a new basketball / hockey arena to replace old Key Arena (for the Sacramento Kings and Phoenix Coyotes to relocate to)...