The Glendale City Council is working with potential owners Renaissance Sports and Entertainment to reach an agreement regarding the Phoenix Coyotes. The NHL is telling both sides to do so by July 2, because if they don't finalize a deal by then, the team might be heading to Seattle.
From Geoff Baker of the Seattle Times:
Renaissance is said to be seeking up to $15 million per year in revenue guarantees from the city. The city has budgeted for only $6 million, and the sides are seeking ways to bridge the gap.
If they can’t do it, the NHL has warned it could sell the team to New York hedge fund investors Ray Bartoszek and Anthony Lanza, who would move the Coyotes to Seattle. But the feasibility of such a move remains in question, given the Coyotes would have to play in a temporary facility — 11,000-seat KeyArena being the most likely choice — and hope a new arena could be built.
So, the team could stay in a city with the second-worst attendance last season or go to a significantly smaller arena and rely on faith that a bigger place will be built. Either way, things still look bleak for the Coyotes.
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