Report: NHL lost $113 million while owning Phoenix Coyotes
Oct 11, 2013, 9:09 PM | Updated: 9:09 pm
The NHL took a big hit in its wallet from its years of controlling the Phoenix Coyotes.
Since November 2009, when the league took over the Glendale-based franchise, the NHL lost $112.7 on the team, according to the Phoenix Business Journal.
Some simple math based on the $112.7 million shows the NHL averaged more than $28 million in losses annually for the four seasons it owned the Coyotes.
On Aug. 5, the league completed a deal to sell the Coyotes to IceArizona Acquistion Co., a group led by investors George Gosbee and Anthony LeBlanc.
Phoenix Business Journal also reports the league loaned the new ownership group $85 million to help close the deal and keep the franchise in Arizona.
The NHL still is owed money from the city of Glendale for operating Jobing.com Arena while owning the Coyotes.
Glendale already has paid the NHL $25 million and owes the league another $25 million. The two sides struck a deal over the summer as part of the Coyotes sale that gives the city until July 2016 to pay that amount, according to city spokeswoman Julie Frisoni.
