Glendale could pay millions a year to keep Coyotes - CBS 5 - KPHO

Glendale could pay millions a year to keep Coyotes

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PHOENIX (AP) -

The Phoenix suburb of Glendale is bracing for a new reality that has it paying millions of taxpayer dollars a year to keep the Phoenix Coyotes in its arena.

City Manager Ed Beasley told the Arizona Republic that any deal with a new owner for the NHL-owned team will require the city to manage Jobing.com arena.

That could cost at least $15 million a year.

The city borrowed $180 million to build the arena that opened in 2003.

Its deal with former Coyotes owner Jerry Moyes had him paying to run the team and the city-owned arena.

Moyes put the team into bankruptcy in May 2009 and the NHL bought the team later that year. The city agreed to pay the NHL $25 million a year in subsidies.

Copyright 2012 Associated Press. All rights reserved. KPHO (Meredith Corporation) contributed to this report.

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