Hulsizer Closes on NHL’s Phoenix Coyotes Buy-Out
December 15, 2010
The proposed takeover of National Hockey League (NHL) side the Phoenix Coyotes has moved further considerably after a new lease was agreed for the NHL team at Jobing.com Arena by the Glendale City Council.
Matt Hulsizer is hoping to renew the fortunes of the side which went into bankruptcy and has taken a huge step in doing so following the recent decision. The council voted 5-2 in favour of a lease which will cost the city US$197m over a six-year period. Hulsizer’s buy-out is now expected pending an approval from the NHL’s board of governors.
Hulsizer will receive $100m for parking rights from the city and a further $97m as a fee for operating Jobing.com Arena, giving him the option to buy the Arena after five years. The latest decision was seen as Hulsizer’s biggest obstacle and now a buy-out could be completed within a matter of weeks.
“I’m happy the council went this way and the hard work starts now,” said Hulsizer. “We have a long process, but in the end I think we’re going to build a great product.”
Hulsizer said he doesn’t expect the Coyotes to make money “for a long time”, but he added: “I will tell you that 10 or 15 years from now, I think, along with the economy, things are going to come back.”