Tuesday, March 8, 2011
Bettman heads to Arizona, Hulsizer's offer "final."
Commissioner Gary Bettman and deputy commissioner Bill Daly are in Glendale, Arizona today, presumingly doing all they can to save the Coyotes deal with Hulsizer. This is truly a last ditch effort to keep the team in Arizona, despite sparse crowds, losing millions of dollars, and a slumping local economy.
Since the NHL bought the Coyotes a year ago, the club has lost in the neighborhood of $30 million. One wonders how much patience the NHL has left, regarding this seemingly never ending saga. Meanwhile Hulsizer has gone on record saying his offer to buy the club is "final", and he will not accept a compromise from the NHL or the City of Glendale.
It will certainly be interesting to see what transpires in the coming days. It has been reported that the Coyotes, the NHL, and the City of Glendale want to renegotiate the contract with Hulsizer, asking him to accept a reworked deal, with possible changes including: the City of Glendale reducing the amount it contributes through a bond sale, from $100 million to $70 million; the NHL reducing its $170-million asking price for the franchise; and Hulsizer increasing his contribution from its initial $70 million.
Meanwhile, the Goldwater Institute has stated that any meetings between the institute and the City of Glendale would have to be held publicly with members of the media invited as stipulated by CEO Darcy Olsen in a letter issued on Monday. I will publish further updates when they become available.