{coyotes} Coyotes owner to be paid average of US$15M

Monday, 4 June 2012

{coyotes} Coyotes owner to be paid average of US$15M

TORONTO -- Details of a tentative US$170-million deal to sell the Phoenix Coyotes to prospective owner Greg Jamison include a 20-year lease that will pay Jamison's group an average of $15 million a season to manage Jobing.com arena.

The draft agreement, posted online by the City of Glendale on its municipal website Monday, states the former San Jose Sharks executive will be paid the fee as arena manager for keeping "an anchor tenant at the arena."

Meanwhile, the team will pay the city approximately $13 million in rent over the duration of the agreement. The city also expects to make $60 million in ticket surcharges and between $4 million and $10 million in fees from naming rights.

The deal also includes a non-relocation agreement, stating the team will be liable for $250 million to $350 million in damages if it tries to move over the course of the lease.

The agreement also includes a provision to change the team name to the Arizona Coyotes "as soon as is commercially feasible."

The agreement will be presented to Glendale city council on Thursday.