Originally posted on Fox Sports Arizona  |  Last updated 7/3/13
The Phoenix Coyotes will continue to play at Jobing.com Arena in Glendale for the foreseeable future. Nearly four hours into Tuesday night's meeting, the Glendale city council voted 4-3 in favor of a 15-year lease agreement with Renaissance Sports and Entertainment to run the team and operate Jobing.com Arena. Vice Mayor Yvonne Knaack and council members Gary Sherwood, Manny Martinez and Sam Chavira voted in favor of the agreement. Under the RSE deal, the city would pay the team 15 million a year for 15 years, with various revenue streams promised in return to help offset that cost. RSE believes the revenue coming back to the city, coupled with the 6 million the city already has budgeted for managing the arena will reimburse the city all of its money, but it has also guaranteed about 1.3 million from a ticket surcharge to help ease Glendales concerns. That money could be used in the event Glendale falls short of revenue projections. If it does not, RSE keeps the money. The proposal keeps the team in Glendale for at least another five years, allowing RSE time to turn around years of poor team stewardship or no stewardship at all. If not, RSE could exercise its out clause and move the team, or it could sell it. Had the agreement been rejected, the Coyotes were likely to relocate leave the arena without an anchor tenant. But RSE announced a major development in the story on Monday, a partnership with industry leader Global Spectrum, a subsidiary of Comcast-Spectacor, to manage Jobing.com Arena. Global also manages nearby University of Phoenix Stadium, which could create a lucrative synergy for the area by allowing the event manager to push smaller events to Jobing.com Arena yet keep them in Glendale. Global Spectrum manages more than 110 other public assembly facilities around the world. More event dates at Jobing.com Arena would mean more revenue for the City of Glendale, an obvious gain if it chooses to approve this deal. Combining Global Spectrum's management of the stadium next door with the efforts at the arena creates unique operating efficiencies that will be financially beneficial to both venues, Comcast-Spectacor President Peter Luukko said in a statement. With opportunities to combine our efforts, we can maximize opportunities for our teams, our customers and guests while significantly reducing expenses. At the University of Phoenix Stadium, the Arizona Cardinals and the Fiesta Bowl are the anchor tenants. We have been extremely successful attracting events such as international sporting events, trade shows, concerts, and large-size events to the stadium's schedule, making that venue one of the most heavily booked and successful stadiums in the world. By booking around the Coyotes schedule at Jobing.com Arena, we are certain we will see similar success." It is still possible the deal could be challenged either by the Goldwater Institute or a citizens referendum.
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