After a meeting on Tuesday that didn’t see much progress, both the Glendale City Council and the investment group for the Phoenix Coyotes will be hitting the deadline set by the National Hockey League on what will happen for the future of their franchise.
Paul Giblin of the Arizona Republic reports on how executives for both the NHL and Renaissance Sports and Entertainment investment group wanted a deal done by next week, but instead will potentially have a vote next Tuesday.
“It seems tight that we would hit a July 2 date, but I would tell you that anything is possible,” [city spokeswoman Julie Frisoni] said.
It was not immediately apparent how the latest delay sits with National Hockey League and Renaissance executives, who had hoped to have the matter finalized by next week.
The deal focuses on a proposed-use agreement for the city-owned arena. Renaissance executives want to be paid as much as $15 million a year to operate the facility, which is $9 million more than the city had budgeted.
As it stands right now, the city is unable to justify spending more money on a franchise that may not bring in enough revenue the Renaissance group expects. If a deal is not able to get done, it’s likely that the franchise will be moving to Seattle or Quebec City.