December 07, 2008

Coyotes to seek city bailout?

Despite getting a new taxpayer-financed arena in 2003, the Phoenix Coyotes are reportedly set to lose between $25 and $35 million this year, and according to the Globe and Mail, owner Jerry Moyes "could be forced to put it into bankruptcy."

Of course, we've heard team owners cry poverty before; what's interesting here is the report's suggestion that the Coyotes could reduce their red ink by "renegotiating the lease so the club could receive subsidies from the city and more revenue from the arena," as the Nashville Predators did last year. That's right: Just five years after getting a new home, in the middle of a recession, a hockey team could be readying itself to go back to the public for more money. If this works, you have to expect it'll catch on, especially given what looks like a dire near-term economic future.

And speaking of dire, the Arena Football League could be on the verge of folding: Already the last few weeks it's lost one team and its commissioner, and its 2009 schedule and dispersal draft have been delayed without explanation. (Unless you count "The AFL is working on long-term structural improvements" as explanation.) One hopes that any economic impact consultants who included "Can get arena football franchise" as a reason for funding a new arena are feeling a bit foolish right now.