clock menu more-arrow no yes

Filed under:

City of Glendale Receives MoUs from Both Ice Edge and Reinsdorf

New, comments

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.