The latest mini-twist in the Coyotes bankruptcy proceedings took place on Tuesday, as Glendale's city council convened for a workshop and were met with Jim Balsillie's $50-million buyout offer for Jobing.com Arena.
Also in attendance was owner Jerry Moyes, who offered local media a list of 20 "facts" he wanted to present to council. Here's are his points, published today in the Glendale Star:
- Coyotes sold 465,000 tickets in 2008-09 and owe Glendale (at $2.70) $1.26 million
- Coyotes patrons paid Glendale $450,000 (at 2.2 percent sales tax) during 44 homes games.
- Non-hockey patrons paid Glendale $419,000 during 50-plus non-hockey events.
- Coyotes share of $525,000 annual rent approximates $243,000.
- Westgate activity is slower during hockey, rather than non-hockey events.
- Westgate businesses are estimated to pay Glendale $175,000 during 44 home games.
- Glendale's lost revenue from team relocation is estimated at $2.12 million per year.
- Glendale should recover all or most lost revenue from additional non-hockey events.
- $50 million invested in a 5 per cent annuity would pay Glendale $3.5 million per year for 25 years.
- An NHL purchase is likely to result in relocation following 2009-10 season.
- Glendale team location will require a $20 million to $23 million annual subsidy by the City.
- Multiple buyers confirmed the need for financial support to retain Glendale location.
- Legal restrictions will prevent Glendale from providing the needed subsidy.
- Glendale voters and the Arizona Cardinals will oppose a special taxing district.
- NHL's rejection of a Glendale lease will cap Glendale's unsecured claim at $5 million to $7 million.
- Refusing to support [Balsillie's] bid would forfeit [Balsillie's] $50 million guaranteed payment.
- Refusing to support NHL's bid costs Glendale nothing — it will try to find a Glendale buyer.
- If [Balsillie] pays Glendale a payment pending appeal of a decision, it will defray appeal costs.
- Glendale voters will be damaged if a $50 million payment is forgone for no City gain.
- The Glendale City Council should enthusiastically support [Balsillie's] bid.
I don't have time to confirm or refute all 20 points here, but it's worth noting that it's highly in Moyes's interest to promote Balsillie's relocation bid given the dollar figures involved. How accurate his portrait of what will happen in Glendale over the next year-plus is, only time will tell.
On a related note, Glendale councillor Phil Lieberman was on the radio here in Toronto yesterday and offered a pretty ugly portrait of the choice facing the city there. From the sounds of things, they're going to fight as hard as they can to keep the team, but they have almost nothing in the way of concessions to give up.