What exactly is the Phoenix Coyotes lease?
I can’t find a link because it’s not a public document, and it is one of the ‘hidden’ articles in the court case, but I have a paper copy 1. The lease was signed in August 2003 between Coyote Holdings and the City of Glendale 2. The lease runs until June 30, 2033 (30 NHL seasons) 3. Lease payments are $469,000/month from September 1 through June 30th each year 4. There is a break clause valued at “the remainder of the lease agreement + interest” which based on the early days of the current bankruptcy trial is valued at $338MM ($750MM has been published in a few places but using standard corporate bond rates and the monthly lease amount until June 30, 2033, the maximum amount is between $400 and $500MM, $750MM would require investing in equities, which very few municipalities would do in this situation). The average NHL lease in the US is about $140,000USD/month (in Canada the average lease amount is $274,000USD/mo) so the monthly amount is on the high end (The Coyotes were paying $263,
