Tuesday, February 24, 2009
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.
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.