Winnipeg Free Press - PRINT EDITION

Glendale rejigs some bucks in Coyotes deal

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GLENDALE city council has voted 4-3 in favour of changes to its deal with potential Phoenix Coyotes buyer Matthew Hulsizer.

The changes include putting $10 million from a $25-million escrow account the city pledged for Coyotes operating costs and losses this season into an escrow account for Jobing.com Arena management fees.

Glendale has pledged $100 million to Hulsizer for the purchase of the Coyotes as well as $97 million in management fees to offset operating losses during the next six years.

Glendale will issue $116 million in bonds to raise the $100 million. The bonds have yet to go on sale.

-- Staff

Republished from the Winnipeg Free Press print edition February 16, 2011 C4

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