By Peter Corbett, The Republic | azcentral.com
The Arizona Coyotes reported a $34.8 million loss in their first season under a 2013 deal with Glendale, putting the team more than two-thirds of the way to a $50 million so-called “escape clause” that would allow them to move.
But the Coyotes’ financial picture, which is shrouded in secrecy, is still unclear since a financial audit is not yet done. The team’s financial reports, which were due to the city Sept. 30, were delayed for more than five months.
Coyotes officials said the reports were late because it was the organization’s first year of operations under the new deal and more complications surfaced when a new majority owner acquired the team at the end of last year.
But the city says it still doesn’t have what it needs to verify that the team has paid the city what is owed under the agreement.
