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Sunday, July 14, 2024

Coyotes Plan to Privately Fund $1.9B Project

  • The 46-acre project includes retail stores, a hotel, and 1,680 housing units.
  • The Coyotes are valued at $400 million, ranking last in the NHL.
Allan Henry-USA TODAY Sports

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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