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in Glendale...
Money earmarked for city services such as water and sewer now sit in an escrow account to cover the $25 million pledge that Glendale made to the National Hockey League to keep the Phoenix Coyotes in town next season.
The NHL demanded Glendale show its proof of funds by last Thursday or risk the team leaving Jobing.com Arena immediately. The NHL owns the team, which it purchased for $140 million out of U.S. Bankruptcy Court last fall.
“The NHL had a buyer on the table willing to pay $170 million for the team,” city spokeswoman Julie Frisoni said.
The buyer wanted to relocate the Coyotes to Canada next season, she said.Although Glendale planned to set up a special taxing district or some other funding mechanism to meet the $25 million obligation, the NHL’s deadline made that impossible, city officials said.
Money earmarked for city services such as water and sewer now sit in an escrow account to cover the $25 million pledge that Glendale made to the National Hockey League to keep the Phoenix Coyotes in town next season.
The NHL demanded Glendale show its proof of funds by last Thursday or risk the team leaving Jobing.com Arena immediately. The NHL owns the team, which it purchased for $140 million out of U.S. Bankruptcy Court last fall.
“The NHL had a buyer on the table willing to pay $170 million for the team,” city spokeswoman Julie Frisoni said.
The buyer wanted to relocate the Coyotes to Canada next season, she said.Although Glendale planned to set up a special taxing district or some other funding mechanism to meet the $25 million obligation, the NHL’s deadline made that impossible, city officials said.
