DALLAS — Talks are under way between Glendale, Ariz., city officials and the National Hockey League aimed at keeping the Phoenix Coyotes at Jobing.com Arena.
Mayor Jerry Weiers and several city council members met Tuesday with NHL commissioner Gary Bettman over a new lease agreement proposed by the latest group seeking to buy the team from the league.
Glendale built the arena for the team in 2003 with $180 million of sales tax revenue bonds issued by Glendale Municipal Property Corp.
Renaissance Sports & Entertainment is the team's latest potential purchaser. It is seeking an arena management agreement in which Glendale would pay it $15 million per year to operate the city-owned facility.
The professional hockey team was acquired by the NHL in federal bankruptcy court in 2009. The league has failed in several previous attempts to sell the team to owners that would keep it in Glendale.
NHL deputy commissioner Bill Daly said the initial meetings went well.
"Everyone involved in today's discussions shares the desire and ultimate objective of transitioning the ownership of the Coyotes and safeguarding the franchise's long-term future in Glendale," he said. "We expect that representatives from the Renaissance group will begin meeting with the city to see if a mutually agreeable lease arrangement can be forged expeditiously."
Phoenix Coyotes general manager Don Maloney said he was encouraged by the talks.
"The positive is that the NHL is meeting Glendale," Maloney said at news conference announcing his contract extension. "Whatever that means, we don't know, but we know we're moving forward in that area."
Glendale has $275.4 million of outstanding debt for the arena and related developments. Interest is expected to total $190 million through 2033.
Glendale's general obligation bond ratings are A-minus from Standard & Poor's with a negative outlook and A2 with a negative outlook from Moody's Investors Service.
