If the deal between Matthew Hulsizer and the city of Glendale for possession of the Phoenix Coyotes seems too good to be true, perhaps it may be.
That's the feeling of the Phoenix based Goldwater Institute, a conservative think tank, ready to challenge the legality of the measure passed this past Tuesday night by the Glendale, Ariz. city council.
By a vote of 5-2, the council agreed to restructure its lease with Jobing.com Arena, the Coyotes home rink. Part of the measure calls for the city of Glendale to borrow $100 million in revenue bonds and give the money to Hulsizer.
In exchange, Hulsizer will hand over parking revenue rights to the city. In turn, the city hopes to regroup the money and gain additional revenue by charging for parking and selling naming rights to the parking lot and areas surrounding the arena.
In addition, the city of Glendale will allocate another $97 million to Hulsizer over the next five and a half years. That is considered a management fee for Hulsizer, who will now control all arena events. That includes the Coyotes. Acquiring the hockey team for Hulsizer is considered the crown jewel of the overall deal.< ...
Read Full Article at Bleacher Report - NHL
Article written by Mark Brown
Hulsizer, Glendale May Face Legal Challenge in Coyotes Deal
December 17th, 2010 by Mark Brown Leave a reply »
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