Coyotes Need Cash

Life has been good for the Phoenix Coyotes on the ice but the same can’t be said for the franchise away from the arena.

Heading into Christmas, fans in Phoenix were getting excited about the potential of their young team who are currently holding down a playoff spot and look ready to take that next big step in their rebuilding program.

Part of that enthusiasm however was tainted recently when a report was made public that the Coyotes are going through some tough economic hardship and that team owner Jerry Moyes will lose an approximate 30 million dollars this season. Those reports go on to add that since purchasing the franchise seven years ago, his financial lost have reached approximately 120 million dollars

NHL Commissioner Bill Daly was non- committal when asked recently about the speculation of Phoenix getting some financial help from the NHL in terms of pre- maturely getting paid their share of league revenue. “Advances on league distributions are not unusual,” said Daly.

Apparently the franchise have also put up their assets as collateral to get money from a New York company to keep their franchise going. They have also tried to change their on- going 30- year lease at Jobing.com Arena.

Stay tuned for more news on the Coyotes in the coming months.  

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