Glendale Pays $197 Million to Keep NHL’s Coyotes in Arizona
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The Glendale, Arizona, City Council voted 5-2 to approve a new arena lease for the National Hockey League’s Phoenix Coyotes that will cost taxpayers $197 million, according to the team’s Web site.
The agreement requires the city to purchase the team’s parking rights for $100 million, raised through bonds, and pay Matthew Hulsizer’s ownership group $97 million to help manage Jobing.com Arena.