Glendale Bailing Out the Coyotes
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The city of Glendale has been quietly bailing out the money-losing Phoenix Coyotes for several months, according to documents obtained by 12 News.
A record of lease payments by the Coyotes shows the city has been letting the team play virtually rent-free at Jobing.com Arena for seven months. Based on past payments, the break could be worth up to $4 million over the course of a year.
The city is giving the team the multimillion-dollar break even as it tries to plug a multimillion-dollar hole in its own budget.
HT to Kip.