Hey, was this posted?
2015-16 arena budget package
City deficit, as budgeted by arena manager, projected to be $8.4 million for 2015-16, down from $8.7 million for 2014-15, mostly due to naming rights going up. On the other side, IA budgeted $9.5 million in net operating profit and ~$8.8 million in net cash available to be transferred to team or holdings. Of course this is all a bit theoretical now.. but if you're looking for pointers as to how much room for renegotiation there is... look it up.
And just to clarify a few numbers....
COG pays $15m this year. Through 9 months of "year", Coyotes have "paid back" $9m to COG.
No.
Latest available arena report says $5.4M in revenues and $11.75M in AMF+capex. So final expenses will be $15M, only revenues left to come are from non-hockey events. Overall loss will be around $8.5-$9M as estimated by the city (2015-16 budget above has revised 2014-15 city estimates).
Out of curiosity, how many more years of debt payments, does Glendale still have on the arena? The payments are until 2033, no?
I don't feel like looking this up in Glendale's financial statements but IIRC much of the city's debt was restructured over the years so the actual amount of arena debt left and the maturity date would need to be assessed arbitrarily. (might edit later)
First post ever. I'm not a hockey person but I am a long time Phoenix lawyer who knows these types of issues. I have followed this board's discussion for years due to my interest in local politics. The discussion compels me to share my views on various points of discussion.
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I'll echo every other troll in here and thank you for your input -- posts like yours are the reason I hang around and parse through the seriously ******** stuff (I'm not even talking about Dr. K).
Who says they'd even pay rent? Sarver could theoretically buy a majority share of the team (if the rumors of Barroway giving up the majority share are accurate) and use them in his push for a new downtown arena in Phoenix.
A long shot sure, but there are a few ways such a scenario could work.
IA is making $9 million/yr in the current arena deal. That's pretty sweet. Unless they get a share of non-sport events, parking etc, and/or the league is threatening them with a heavy relocation fee in the background, that option does not seem very plausible. (IMHO of course)