On the eve of the opening of the 2010 Stanley Cup playoffs, the city council of Glendale, Ariz., “unanimously” approved a lease proposal for jobing.com Arena from Jerry Reinsdorf, the owner of the Chicago Bulls and Chicago White Sox, that gives Reinsdorf the arena rent free with benefits.
It’s something Winnipeg should have thought about 20 years ago, but that’s a whole ‘nother argument.
The council’s decision means that Reinsdorf, a reluctant buyer for the team, gets to negotiate the details of a new lease with the city. It also means that Ice Edge Holdings, those crazy dreamers from the East, have been dumped by the NHL.
In a story that appeared in the Arizona Republic, it was stated that, “Reinsdorf is on track to owning the team, pending the approval of the NHL.” Approval of the NHL? Who writes this shit? He was brought on board by the NHL. Commissioner Gary Bettman must have pictures of him with a goat. Six months ago, he wanted no part of this perennial money-loser. The deal he was given would be given only to a person who had no desire to purchase the team and the league was begging him to take over.
According to my sources in Phoenix, the city will pay off the $180 million in debt on the arena that essentially buried the former owner Jerry Moyes. This is a team that has never turned a profit and, depending how far they go in the playoffs this spring, could lose between $20 million and $50 million on this season’s efforts, as well.
The deal also creates an “independent taxing authority” around the arena. Great way to raise money and one that would work in Canada because it essentially taxes the users, not everyone universally.
Reinsdorf has been given everything that Jerry Moyes was not. This is the sweetheart of sweetheart deals. Even if the guy wants no part of this money-losing dog, he has to like what Glendale City Council gave him on Tuesday.
OK, back to square one. Is David Thomson still interested in buying the dog-ass Atlanta Thrashers?
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