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GLENDALE CITY COUNCIL APPROVES NHL'S 'INSURANCE POLICY'

by Staff Writer / Arizona Coyotes
GLENDALE -- The seven-member Glendale City Council voted unanimously on Tuesday night to guarantee the NHL up to $25 million to keep the Coyotes in Jobing.com Arena for the 2010-11 season.


NHL Deputy Commissioner Bill Daly.
NHL Deputy Commissioner Bill Daly told the council that the sale of the Coyotes is still expected to close by the end of June and the payments may never be needed.

"From our perspective this is nothing more than an insurance policy," Daly said. "We feel confident an ownership transaction can happen and it can happen in an expeditious fashion."

City Manager Ed Beasley told the council that both Ice Edge Holdings and a group headed by Chicago sports mogul Jerry Reinsdorf are still talking about buying the Coyotes.

The NHL purchased the team out of bankruptcy last September with the stated intention of selling it to a buyer who would keep the franchise in Arizona.

The council's unanimous vote allows Beasley to sign agreements with the league and set up a Community Facilities District that would collect fees, possibly including ticket surcharges and parking charges, in the area around the arena.

That money would go to the NHL to run the arena and the team if it can't be sold by next season.
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