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Moneypuck- A Look At The Phoenix Coyotes
by Paul on 10/09/09 at 09:39 PM ET
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from Corey Pronman of Puck Prospectus,
The Phoenix Coyotes books were opened to the public’s eyes, and it wasn a fairly disturbing sight. Dozens of millions of dollars had been lost annually, with last season’s Net Operating Losses totalling over $53 million dollars. Not even five million dollars worth of local TV broadcast revenue were brought in and fewer than ten thousand viewers tuned in to the Coytoes on a nightly basis. Surely, the $6.5 million allocated to Gretzky’s coaching contract didn’t help either. The southwest franchise managed to collect $14 million dollars in revenue sharing as well, and still lost a massive amount of money. To illustrate the dire situation, if Phoenix hadn’t paid their players, coaches, trainers or hockey personnel any salary whatsoever with the revenue sharing, they would’ve simply broken even. Now that is what you call a terribly run fiscal entity.
These jaw-dropping numbers show a very extreme situation in the desert, which is no wonder why Reisendorf and Ice Edge Holdings backed off so quickly when things weren’t aligned perfectly for them with the lease, creditors and the numerous other factors. It’s also why Gretzky was forced to leave when it became apparent that nobody would want to take on a record expense for a coaching staff.
Filed in: NHL Teams, Phoenix Coyotes, NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
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