AP Source: 'Framework' in place for Coyotes lease - New York News

AP Source: 'Framework' in place for Coyotes lease

Posted: Updated:

By BOB BAUM AP Sports Writer

PHOENIX (AP) -- A person familiar with the negotiations says a "framework" is in place for a lease agreement that would keep the NHL's Phoenix Coyotes in Arizona.

But while the person characterized the developments as positive, the Glendale City Council still must study the proposal and vote on it. The next council meeting is set for June 25 and the NHL Board of Governors meets two days later.

The person spoke on condition of anonymity because the proposed agreement hasn't been made public.

Representatives of the team's prospective buyer, Renaissance Sports and Entertainment, have been talking with city officials about the lease, which is crucial for the sale of the team to go through and keep it playing at the city-owned Jobing.com Arena.

The NHL has been operating the franchise since buying it out of U.S. Bankruptcy Court in 2009.

The report of a framework agreement on a lease first was reported Friday by Fox Sports Arizona.

The city has budgeted $6 million per year for managing the arena, while the prospective buyers -- who would manage the facility -- reportedly need far more than that to make it work. The sides apparently have come up with some way to bridge that gap.

NHL Commissioner Gary Bettman said Wednesday that the time was coming for some decisions to be made. Either the city was going to make the necessary decisions to keep the Coyotes or the franchise would find a new home. Bettman also raised the possibility the team might just take a one-year hiatus.

"Obviously, we're getting to the point where some decisions are going to have to be made, both by the city of Glendale and by us," Bettman said before Game 1 of the Stanley Cup finals. "We haven't set a deadline, but the time is getting shorter. ... We're still focused on making it work with the Coyotes staying in Arizona."

RSE is headed by a group of Canadian investors, who have a purchase agreement with the NHL but it's contingent on reaching a lease agreement with the financially-strapped Glendale. The city figures to lose money one way or another, at least in the short term, but presumably would lose less with the Coyotes as an anchor tenant.

"This is really going to be a decision that the city of Glendale is going to have to make," Bettman said.

Didn't find what
you were looking for?

  • Local NewsLocal NewsMore>>

  • Dead cats found hanging from trees in Yonkers

    Dead cats found hanging from trees in Yonkers

    Thursday, April 24 2014 11:03 PM EDT2014-04-25 03:03:00 GMT
    SPCA of Westchester photoSPCA of Westchester photo
    Police are investigating the discovery of at least two dozen dead cats found inside plastic bags hanging from trees in Yonkers Thursday, according to the SPCA of Westchester. Some of the cats were badly decomposed but others appeared more recently killed.
    Police are investigating the discovery of at least two dozen dead cats found inside plastic bags hanging from trees in Yonkers Thursday, according to the SPCA of Westchester. Some of the cats were badly decomposed but others appeared more recently killed.
  • Some residents return after NJ brush fires force evacuations

    Some residents return after NJ brush fires force evacuations

    Thursday, April 24 2014 10:42 PM EDT2014-04-25 02:42:55 GMT
    A school and many homes in Ocean County, N.J., were evacuated on Thursday afternoon because of several brush fires that were fanned by winds. Some residents returned a few hours later. The largest fires burned about 300 acres around Berkeley Township. Firefighters had about 30 percent contained late Thursday night.
    A school and many homes in Ocean County, N.J., were evacuated on Thursday afternoon because of several brush fires that were fanned by winds. Some residents returned a few hours later. The largest fires burned about 300 acres around Berkeley Township. Firefighters had about 30 percent contained late Thursday night.
  • 'Here Lies Love'

    'Here Lies Love'

    Thursday, April 24 2014 7:33 PM EDT2014-04-24 23:33:22 GMT
    "Here Lies Love" tells the rise and fall of former Philippines first lady Imelda Marcos. History meets disco literally as the story is told in a nightclub.Ruthie Ann Miles plays Marcos. Miles admits a big challenge is bringing to life a woman with views vastly different from her own and giving that to show-goers. "As an actor you believe in yourself," Miles says. "You need to be your own best friend, your own biggest supporter so that the audience can come on a journey with you."
    "Here Lies Love" tells the rise and fall of former Philippines first lady Imelda Marcos. History meets disco literally as the story is told in a nightclub.Ruthie Ann Miles plays Marcos. Miles admits a big challenge is bringing to life a woman with views vastly different from her own and giving that to show-goers. "As an actor you believe in yourself," Miles says. "You need to be your own best friend, your own biggest supporter so that the audience can come on a journey with you."
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices