VegasInsider.com
VI Mobile Scores and Betting OddsVI Mobile Scores and Betting Odds Be Social
Home
NFL
NBA
NHL
MLB
NCAA FB
NCAA BK
Golf
Auto
Horses
Boxing/MMA
Fantasy Sports
More
Betting Tools

 
'Framework' in place for Coyotes lease

PHOENIX (AP) - A person familiar with the negotiations says a ``framework'' is in place for a lease agreement that would keep the NHL's Phoenix Coyotes in Arizona.

Advertisement
But while the person characterized the developments as positive, the Glendale City Council still must study the proposal and vote on it. The next council meeting is set for June 25 and the NHL Board of Governors meets two days later.

The person spoke on condition of anonymity because the proposed agreement hasn't been made public.

Representatives of the team's prospective buyer, Renaissance Sports and Entertainment, have been talking with city officials about the lease, which is crucial for the sale of the team to go through and keep it playing at the city-owned Jobing.com Arena.

The NHL has been operating the franchise since buying it out of U.S. Bankruptcy Court in 2009.

The report of a framework agreement on a lease first was reported Friday by Fox Sports Arizona.

The city has budgeted $6 million per year for managing the arena, while the prospective buyers - who would manage the facility - reportedly need far more than that to make it work. The sides apparently have come up with some way to bridge that gap.

NHL Commissioner Gary Bettman said Wednesday that the time was coming for some decisions to be made. Either the city was going to make the necessary decisions to keep the Coyotes or the franchise would find a new home. Bettman also raised the possibility the team might just take a one-year hiatus.

``Obviously, we're getting to the point where some decisions are going to have to be made, both by the city of Glendale and by us,'' Bettman said before Game 1 of the Stanley Cup finals. ``We haven't set a deadline, but the time is getting shorter. ... We're still focused on making it work with the Coyotes staying in Arizona.''

RSE is headed by a group of Canadian investors, who have a purchase agreement with the NHL but it's contingent on reaching a lease agreement with the financially-strapped Glendale. The city figures to lose money one way or another, at least in the short term, but presumably would lose less with the Coyotes as an anchor tenant.

``This is really going to be a decision that the city of Glendale is going to have to make,'' Bettman said.

Copyright 2017 by STATS LLC and Associated Press.
Any commercial use or distribution without the express written
consent of STATS LLC and Associated Press is strictly prohibited.

  
HEADLINES
News: 2017-18 Season Win Totals
News: Vegas Golden Knights Odds
Oilers sign C Draisaitl to 8-year extension
Butcher a FA after not signing with Avs
Chelios, Leetch to coach prospects game
Islanders F Prince to miss 4-6 months
Red Wings object to use of logo at rally
Ex-coach, GM Murray dies of colon cancer
USA preparing for NHL-less Olympics
MORE HEADLINES
 
Why Buy Picks From VegasInsider.com
NHL Pro Hockey Handicapper Sports Picks Records
VegasInsider.com Gold Membership
2016 NHL SEASON PICK RECORDS
Money Leaders
Handicapper Money
Bill Marzano + 6094
Bruce Marshall + 5708
Stephen Nover + 1083
Underdog Leaders
Handicapper Money
Bruce Marshall + 2199
Bill Marzano + 1384
Stephen Nover + 1329
Over-Under Leaders
Handicapper Money
Scott Rickenbach + 927
Bruce Marshall + 630
Doc's Sports + 127
Guaranteed Leaders
Handicapper Money
Bruce Marshall + 3721
Scott Rickenbach + 3715
Bill Marzano + 2697
Favorite Leaders
Handicapper Money
Kevin Rogers + 720
Bill Marzano + 534
ASA + 95
Member Leaders
Handicapper Money
Bruce Marshall + 2602
Bill Marzano + 492
Gary Bart + 314
MORE PICK RECORDS
  
corner graphic
With a VI Gold Membership, you can SAVE 10% off a Live Odds subscription, SAVE 20% off Daily Pick packages, and receive access to up to 1,000 Member Plays each month!
VI Gold Membership