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Glendale is rich! (Or at the very least, less poor)

Glendale Arena

GLENDALE - JANUARY 27: Exterior view of the Glendale Arena, home of the Phoenix Coyotes on January 27, 2004, in Glendale, Arizona (Photo by Barry Gossage/Getty Images)

Barry Gossage

According to The Arizona Republic, the City of Glendale could be getting a cool $4.75 million settlement from Jerry Moyes’ bankrupt company, Coyotes Hockey LLC.

No truth to the rumor that Glendale will build a monorail with the windfall.

The proposed settlement still has to be approved by a U.S. Bankruptcy Court judge next month.

Glendale has claimed $590 million in losses stemming from Moyes’ decision to abandon his NHL team’s lease at Arena.

The 30-year lease at the city-owned arena (with the massive penalty for breaking it) was reportedly one of the main factors that led to Moyes’ and Jim Balsillie’s decision (scheme?) to place the franchise into bankruptcy. Often a bankruptcy court will cancel leases, and a canceled lease would’ve opened the door for a move to Canada.


No word yet if Wayne Gretzky will receive any settlement money.