Busy day to day for the city and the two groups interested in purchasing the Coyotes from the NHL. Both Ice Edge Holdings and a group led by Jerry Reinsdorf (Glendale Hockey) have put together the basic parts of a lease with the City of Glendale to move forward with their purchases. I'll link to both Memorandums of Understanding in a second, but here are the quick highlights:
- Both groups are looking for parking payments in the future to be paid into a fund and then paid to the team with excess going to the city.
- Both groups have a fund being set up to offset losses with Ice Edge looking for a smaller amount and Reinsdorf looking for nearly 100 million over 5 years.
- Both Groups are looking into changing the name of the team to the Arizona Coyotes or Glendale Coyotes.
- Reinsdorf is somehow looking to have the city pay for a good portion of the purchase in installment payments to the NHL.
That's what I've had time to glean from these documents, but have a look for yourself and I'll give a better look at both later tonight.
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