Prospective owner Matthew Hulsizer has provided a new proposal to Glendale for the purchase of the Phoenix Coyotes, a source told ESPN.com.
This proposal would give the city more options for financing the deal and is more attractive than the deal Glendale previously agreed to, which is presumably still on the books.
The old deal has never moved forward thanks to threats from conservative public interest group The Goldwater Institute that they will sue over the deal, which includes the sale of municipal bonds to help cover the cost of the purchase of the team from the National Hockey League.
Multiple sources said there is a divide within city government with some members of the council wanting to move forward with this new proposal while others, including city manager Ed Beasley, wanting to wait to see if Hulsizer will kick in more of his own money to buy the team or another owner will come forward to buy the team and put less of a financial burden on the municipality.
In May, the Glendale City Council voted to give the NHL $25 million for arena operating costs for next season. It's the second $25 million Glendale will have paid the league.
"After spitting up another $25 million to cover losses by the Phoenix Coyotes and keep them in town, the city of Glendale should be showing a little more urgency to get a deal done with a prospective owner.
Yet this place has more than earned its nickname "Gongdale" throughout the tortured saga of the local hockey team, so it shouldn't come as a surprise that the machinery to find a new owner and finally stabilize the situation in the desert has ground to a virtual halt.
A source told ESPN.com that prospective owner Matthew Hulsizer has provided a new proposal to the city of Glendale for the purchase of the team. This proposal would give the city more options for financing the deal and is more attractive than the deal the city of Glendale previously agreed to, which is presumably still on the books.
The old deal has never moved forward thanks to threats from conservative public interest group The Goldwater Institute that it will sue over the deal, which includes the sale of municipal bonds to help cover the cost of the purchase of the team from the National Hockey League.
Multiple sources tell us there is a divide within city government with some members of the council wanting to move forward with this new proposal and with others, including city manager Ed Beasley, wanting to wait to see whether Hulsizer will kick in more of his own money to buy the team or another owner will come forward to buy the team and put less of a financial burden on the municipality.
Of course, the ongoing sentiment from sources close to the deal is that finding such a person who will take the team off the NHL's hands, spend more of his or her own money and keep the team in Glendale remains completely in the realm of fantasy.
Maybe such a person exists, but if he does, he has taken his sweet time making himself known.
The Coyotes' plight was brought into a little sharper focus this week when the Coyotes traded the rights to netminder Ilya Bryzgalov to the Philadelphia Flyers.
Bryzgalov was key to the Coyotes' run to the playoffs this spring and a year ago when he was nominated for the Vezina Trophy.
Perhaps Bryzgalov, who can become an unrestricted free agent July 1, wants too much money, so the trade of his rights would have been made regardless of the Coyotes' ownership situation. But the fact that the team's future in Arizona remains far from set can be seen as a contributing factor to Bryzgalov's leaving town.
Further, how will GM Don Maloney attract free agents to keep the team competitive with ownership still up in the air?
What kind of budget will he work with as the NHL continues to hold the purse strings, however reluctantly?
The city of Glendale's failure to move forward with an ownership deal continues to be a failure to establish a connection between the fan base and the team and take advantage of the work done by coach Dave Tippett and Maloney.
Hulsizer has collected more than $100 million in cash that is set aside for the purchase of the team. It's believed Hulsizer is growing impatient to either close the deal in Glendale, move on to another potential NHL investment or redistribute the money to his investors.
The fact that the city of Glendale has for a second straight year committed $25 million to cover losses connected to the team guarantees the team's stay in Glendale for only the coming season. Nothing more. And you can be sure the NHL will move swiftly to begin relocation of the team by the end of December if an ownership deal is not in place, regardless of whether it's with Hulsizer or someone else.
If Hulsizer walks away, and all signs point to that day coming sooner than later, the city of Glendale might have watched its last, best chance to keep the team in the desert go with him."
Didn't Hulsizer say in the spring that he could move the team to Kansas City? I'd almost be willing to bet that that is what happens, in time for the 2012-13 season and a full-on divisional re-alignment. Quebec will get a team eventually (my guess is the Panthers), once their arena is built.
Post by mrconfusion87 on Jun 11, 2011 23:49:20 GMT -5
Phoenix is done, its not a matter of if, but when! Buttman better pray another city steps up soon!
Ideal Division for the Wild and Jets:
Assuming 6 divisions remains - the future Central Division: Minnesota Wild, Winnipeg Jets, Chicago Blackhawks, Detroit Red Wings and St. Louis Blues.
If the NHL returns to 4 Divisions (thanks Ducky75 for your Midwest division idea): Minnesota Wild, Winnipeg Jets, Chicago Blackhawks, St. Louis Blues, Detroit Red Wings, Buffalo Sabres and Toronto Maple Leafs
But wait until they try replacing Bryzgalov with Jason LaBarbara and sink to last place. They'll be lucky if they get 5000 people a game.
Half those tickets will be of the "buy a hot dog and a beer and get a free Coyotes ticket" variety at the local corner vendor.
Old MacBundy had a farm And on this farm there was no wife And no wife here and no kids there With a hooker coming over on Friday night With big luscious of hooters and a pizza and a beer there Old MacBundy had a farm B-U-N-D-Y
One of Matt's new ideas to help the city of Glendale come up with money to help pay him for taking there hockey team. Have all the residents of Glendale get a second or in some cases third job, and have them donate the proceeds to the cause. This will pass the gift clause, and maybe be tax deductible, man is he smart.
this article more than ever has shown me the error of my thinking. I used to think ther Jets were in Pheonix, or Gongdale. Now I understan the Jets were never in Arizona... they were gone. BUT NOW THEY ARE BACK!!!!!!!!!!!!!!!
That team isn't and never was the Jets. They can have the history and the Jerseys of players that never played there. We will have the True Jets.
kenas10: Go Jets Go! Here we are 7 years later starting the Conference Finals against the Las Vegas Knights! I'm still a season ticket holder, have been since day 1. I was KennyS and was on the forum the whole time!! Blast reading all of this. Go Jets Go!
May 11, 2018 19:46:11 GMT -5