The City Of Glendale Ratified Arena Lease Keeping Phoenix Coyotes In Arizona
The City of Glendale has decided to keep the Phoenix Coyotes by ratified an arena lease agreement with a prospective owner of the franchise with a vote of 4-3.
- The city had asked for the clause to match a provision that allows RSE to relocate the team after five years or if it accrues $50 million in losses.
- Glendale budgeted $6 million to operate the arena, but RSE projected between $8.5 and $11 million in revenue from arena naming rights, parking, rent, ticket surcharges and other streams to make up the difference
- RSE added a provision in the deal that called for it to pay the difference if revenues don’t cover the $6 million the city has budgeted to run the arena.
- RSE’s partnership with Global Spectrum might have been the turning point.
- RSE has projected $8.5 million to $11 million in revenue to Glendale, which budgeted $6 million to manage Jobing.com Arena.
- Bringing in Global Spectrum would likely increase the number of non-hockey event dates at the arena and LeBlanc called the partnership the final piece of the deal.
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