Glendale OKs millions to NHL for Phoenix CoyotesPosted: Updated:
GLENDALE -- The Glendale City Council has guaranteed the NHL up to $25 million to keep the Phoenix Coyotes in Jobing.com Arena for the 2010-2011 season.
But city manager Ed Beasley and NHL deputy commissioner Bill Daly both told the council late Tuesday that the sale of the Coyotes is still expected to close by the end of June and the payments may never be needed.
Beasley also said both Ice Edge Holdings and a group headed by Chicago sports mogul Jerry Reinsdorf are still talking about buying the Phoenix Coyotes. Reports have had Reinsdorf's group dropping out in recent days.
A member of the Reinsdorf group, Phoenix attorney John Kaites, says it still stands behind the agreement it made with the city in April.
The council's unanimous vote allows Beasley to sign agreements with the league and set up a Community Facilities District that would collect fees, possibly including ticket surcharges and parking charges, in the area around the arena.
(Copyright 2010 by The Associated Press. All Rights Reserved.)