Arizona Republic: “the Glendale City Council approved a $197 million deal to keep the financially struggling Phoenix Coyotes at the city’s arena. . . . The agreement also requires Glendale to wire $100 million to Hulsizer quickly, perhaps in the next few weeks, which would help him purchase the team from the NHL for $170 million. The Glendale council approved taking out a loan”
Five members of the Glendale city council apparently never heard the saying “don’t throw good money after bad.” After investing $300 million to build the palace where the Coyotes play hockey and to give other economic benefits to the Coyotes owners, the city council voted to throw more good money away and bring the city’s total investment in the ever deepening money pit to the half billion dollar mark. Only in government does money grow on trees. Why didn’t Glendale buy the team for $170 million and save $27 million?