Breaking down Coyotes ownership proposals
Matthew Coller of the Biz of Hockey has a great breakdown of the two separate proposals to use Jobing.com arena, the key parts of a deal each group would use in which to purchase the franchise from the NHL.
There are some key pieces to these two proposals that are drastically different, as we reported yesterday, that could draw the ire of local advocates. Here’s some of the great, and simple, breakdown of each sides proposal:
Reinsdorf Group (Glendale Hockey LLC) would:
Buy the team from the NHL for $65 million, less than half of what the league paid for the Coyotes in bankruptcy court.
Fund the team’s purchase price and up to $100 million in losses over seven years through a community facility district, which the city would create around the arena within 120 days. The independent taxing district would sell bonds and collect other revenues.
Ice Edge Holdings LLC would:
Offer the NHL between $140 million and $150 million, the price paid by the league for the team last fall, through bank financing.
Raise $14.5 million per year from landowner fees, parking fees and ticket surcharges, including non-hockey events, paid through a community facility district, to cover team losses.