Phoenix Coyotes gets loan from the NHL
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Bill Jempty | Thursday, April 30, 2009 |
The team has reported annual losses of thirty million dollars. From AP-
The NHL has loaned an unknown amount of money to the Phoenix Coyotes for payroll and rent payments.
The Arizona Republic reported that if the team fails to pay its debt, the league can take it over, according to financial records filed with Maricopa County Recorder’s Office.
The day after the team agreed to loan terms Feb. 24 with the NHL, it paid Glendale nearly $351,000 in overdue arena rent payments.
The loan terms give the NHL more control over the future of the struggling Coyotes, including the possible relocation of the team.
The NHL and team owner Jerry Moyes declined to comment.
Beset by annual losses reported at $30 million, Moyes is trying to sell all or part of the team.
A poor economy at present and a team owing money and can’t make ends meet. That is not a good recipe for finding a new owner or investors. Shrinkage is definitely an option for the NHL or other leagues with financially troubled franchises but I don’t expect it to happen unless the economy gets worse over the next year or so and a upturn doesn’t look likely.
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