By Arizona Sports
The city of Glendale released the proposed terms of an arena management deal Thursday that would keep the Phoenix Coyotes at Jobing.com Arena for 15 years.
Read agreement here:
Under the agreement, the city would pay the Renaissance Sports and Entertainment group $15 million annually to manage the city-owned arena. The city has $6 million budgeted annually to pay a management group.
To bridge the shortcomings, RSE has proposed to reimburse the city through a revenue sharing program. The city would receive about $7.3 million annually from ticket fees, parking fees and other sources of revenue to bridge the shortcoming. According to documents provided by the city, the estimated revenue share would leave about a $1.2 million gap that the city would be responsible for.
