Oh, Ca-a-nada!

The Phoenix Coyotes are in financial crisis. A lot of rumors have been flying around about the team being moved to Canada or sold somewhere else. However, the current owner of the Coyotes, Jerry Moyes, would pay a penalty of $750 million if the team were to break its 30-year lease with the city of Glendale for the Jobing.com arena. Moyes, the owner of the Swift trucking company has been under financial duress with his primary company.

However, it seems that for now, a move is not in the current future. The current ownership group and their investors are looking for other private avenues to cover the costs. In the meantime, the Jobing.com arena ,where the Coyotes play has it's own questions up in the air. For a period of approximately seven months, the lease on the arena was not being paid. A bail-out from the City of Glendale to the Coyotes to keep them afloat was set in place and could have been worth up to $4 million over the course of a year.

Glendale Mayor Elaine Scruggs assured that tax payers would not be responsible for the bill but declined to comment on who was actually making the payments.

I think it's safe to say that losing the Coyotes would be devastating to the already struggling City of Glendale, even if the team hasn't gone to the playoffs for the past 6 years. The City has been discussing it's options for gaining more revenue and we wish them the best of luck.