Tuesday, February 24, 2009

Glendale Bailing Out the Coyotes 

How can I get in on this action?

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.
I wonder if Glendale ever made back the money they spent on getting the Super Bowl. Well, you know what they say about other people's money.

HT to Kip.

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