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The Arizona Coyotes plan to privately finance a new $1.9 billion entertainment district around a new 16,000-seat arena.
“We’re going to pay for all of this,” Coyotes team president and CEO Xavier A. Gutierrez told ESPN. “We have [been met with] some skepticism about that, but that truly is what we’re proposing.”
The willingness to privately finance a new entertainment district and stadium comes after the Tempe city council voted 5-2 to continue negotiations with the team about the project earlier this month. No deal is imminent, but the vote allows both sides to progress in negotiations.
- The 46-acre project includes retail stores, restaurants, a hotel, and 1,680 housing units.
- It will also house the team’s headquarters and practice rink.
- A previous financial plan called for $200 million from taxpayers to help fund the project.
In December 2021, it was revealed that the team had $1.3 million in unpaid taxes and arena charges related to its lease at Gila River Arena, which expires June 30. As a result, the team will be playing its home games for the next three seasons in a 5,000-seat venue at Arizona State.
The Coyotes were valued at $400 million in December 2021, ranking last in the NHL.
Making Things Right
The Coyotes have until Dec. 20 to settle their outstanding debt, which includes $250,000 owed to the city of Glendale.
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