What is Glendale’s agreement with the new buyer of the Coyotes, Matthew Hulsizer?
Over the last 2 ½ years, the NHL and the city of Glendale have been focused on selling the team to an operator who will make it a very successful franchise and will commit to keeping the team in Glendale for at least the next 30 years. In December 2010, the Glendale City Council approved an agreement with Matthew Hulsizer. Major agreement points: a. Mr. Hulsizer has the option to purchase the city-owned Jobing.com Arena during the term of the agreement and the city has an option to sell the Arena to the team entities at the end of the agreement—both options provide substantial benefit for taxpayers. b. The agreement contains a profit-sharing component that is unique in North American sports, in which the city will share in team and Arena revenue over the life of the deal. c. The city will purchase the right to receive all income generated by parking rights at the Arena, including all profits generated from naming rights, signage and parking fees.
