Jamison Agrees To Purchase Phoenix Coyotes
Photo Source: Newpaper.LI
May 15, 2012
Formerly the Winnipeg Jets, May has been a historic month for the NHL's Phoenix Coyotes. Shortly before edging out the Nashville Predators for a Western Conference Final berth, the league found a businessman that has agreed to purchase the franchise that filed for bankruptcy three short seasons ago. Former San Jose Sharks General Manager Greg Jamison has a group of investors that have agreed to shell out more than $170 million for the franchise which would likely eliminate any hopes of the Nordiques returning to Quebec City. Jamison has a proven track record of success by eventually building a strong fan base in San Jose; a franchise that was also once irrelevant.
After the NHL revived the Coyotes in 2009, essentially rescuing them from bankruptcy, the franchise has consistently been dead last in attendance among the 30 NHL arenas. The fact that the franchise continues to lose millions of dollars in the desert raises the question of why anyone would consider the Coyotes a good investment. The city of Glendale will begin paying the franchise nearly $15 million per season to remain in the city; a decision that still needs to be voted on by the Glendale city council.
The main incentive to keep the Coyotes in Glendale is that they're the primary tenant in a relatively new NHL arena. Jobing.com Arena all of a sudden becoming vacant would cost the city millions in the taxpayer dollars used to construct the venue. Area residents are excited of the Coyotes new lease on life while many others also could care less if the Coyotes were to relocate to another city. A relocation would further place a burden on the National Hockey League via various relocation costs.