It is expected they will approve both parties, and send this along for Gary Bettman to decide.
So, what the NHL must decide, is that they can live with the fact that the cup runneth dry; the pockets are empty, and the days of tapping out the wealthy is over.
If there is one thing the bankruptcy case for the Phoenix (aka Glendale/Arizona) Coyotes has done, it has opened the eyes of the wealthy, and they are suddenly nowhere to be found. If they are around, they are bulletproofing their offers, as in the case of Reinsdorf, where he will ensure come hell or high water that he will make money.
Ice Edge must be sitting on the edge of their seats like a prospective rep coach, awaiting the outcome.
We must all see that they are the better choice, but that usually results in the opposite happening. Kind of like that Seinfeld episode where George decided he would do the “complete opposite” of what he would normally do, and to his surprise, it worked for him!
Since Ice Edge is the only bid that will keep the team locked in to the lease for 24 years, let’s take a closer look.
Bear in mind the team lost $20 million this year in the hands of the NHL.
So, the question remains, with the special tax district, will it be enough?:
The Ice Edge deal has no out clause and would see the Coyotes committed to Glendale for 24 years. Ice Edge has said it would offer the NHL about what the league paid for the franchise.
In return, the tax district, through parking fees, would give Ice Edge’s creditor the lesser of $7.5 million or what the bank is owed each year through the financing of the purchase of the team. The tax district would also establish a fund to subsidize the Coyotes’ losses up to $ 5 million a year for the first 10 years. There would also be a ticket surcharge worth $2 million a year.
Sounding strangely like concession upon concession, the Ice Edge troop is proving they have no underlying ability to sustain losses. And, if they decide to take the holding company to bankruptcy, what guarantees will the NHL have to continue the balance of the 24-year lease?
The bottom line is two-fold – where is Goldwater, and where will Bettman be in support or mindset.
Let’s face it – Canada is looking mighty fine indeed!
And as a final thought, what in the world would changing the name of the team to the Glendale Coyotes do? It might actually help match the attendance figures to the suggestion that it is a local team, not an NHL team. As for the Arizona Coyotes – would this attract more fans from across the state? Why didn’t they think of that before?