Over the next decade, professional sports teams nationwide hope to invest billions in new stadiums. The financially troubled Arizona Coyotes, however, may not be one of them.
The team doesn’t have enough support in the Tempe City Council to approve its plan to build a $1.7 billion stadium, according to Go PHNX.
Three people plan to vote yes on the project, per the report. Two will vote no, and two undecideds are “leaning toward no.”
- City council members are reportedly concerned about the team’s ailing balance sheet.
- Most recently, the Coyotes were reportedly late to pay $1.3 million in taxes and city fees.
- The franchise’s payment woes add to a long list of reasons why it’s been called “the NHL’s least valuable franchise.”
The next city council meeting is set for Thursday.
The Coyotes previously submitted plans for a sprawling arena and accompanying “entertainment district.” The plans were in response to the city’s request for ideas to build a new stadium.
But it’s unclear who would pay for the project.
The Coyotes offered to pay $40 million to help with remediation for the lot, but that part of the process would cost about $70 million overall.
Sales tax revenue could cover $200 million of the total cost, but that may not be available until after the stadium is built.