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STATEMENT FROM THE CITY OF GLENDALE REGARDING PURCHASE UPDATE OF THE COYOTES

Friday, 04.09.2010 / 7:22 PM / News
Arizona Coyotes
FOR IMMEDIATE RELEASE
April 9, 2010

Glendale is releasing a statement and not providing interviews because the purchase of the NHL Coyotes remains an ongoing negotiation.

STATEMENT
Two potential buyers have submitted Memorandums of Understanding (MOU) to the city of Glendale to purchase the NHL Coyotes to keep the team in Glendale, Arizona.

This next step continues the process of ensuring the Coyotes stay in Glendale for the remainder of the lease at Jobing.com Arena.

We thank the citizens and fans for their continued support as the city and the NHL continue to work through this process to keep the Coyotes in their hometown of Glendale.

Keeping this playoff-bound team in Arizona is beneficial to both the regional and statewide economy and is excellent news for Valley sports fans.

Next Steps:
The Glendale City Council will vote on the MOUs at a public meeting at 7 p.m. Tuesday, April 13.
The council will consider the agreements based on the four goals they set. Those goals are:
  • Keep the team in Glendale
  • Share in any new revenue streams
  • Not adversely affect the current revenue stream
  • Not adversely affect the city’s debt structure
Approved MOUs will be forwarded to the NHL for a final decision. The NHL will determine the new owner based upon the league’s factors and criteria. After a selection is made, the city will continue to negotiate the additional necessary agreements.

Glendale remains committed to ensuring the citizens’ and stakeholders’ best interests are at the forefront of any negotiations.
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