More than $100 million for Arizona Coyotes team, including $5 million for arena
The Arizona Coyotes have sold the majority of the ownership stake in their arena and now are seeking a partner to finance a $5-million expansion to Phoenix.
According to reports in the Arizona Republic and Arizona Business Journal, the Coyotes have reached an agreement to purchase the arena and building for $5.5 million from a group led by Tom LeBlanc, owner of the Portland Trail Blazers and former president of the San Antonio Spurs.
LeBlanc is the co-founder and chairman of the Arizona Coyotes.
The team had been working on a new arena in the desert for more than a decade.
The arena was not built and it is now owned by a group called The LeBlanche Group, led by businessman Mark LeBlanch.
Leblanc has previously told the Arizona Business Review that the deal with the LeBlanches is not a complete financial partnership, but rather a financing arrangement that allows the team to use the money to build a new home.
The Coyotes announced the deal Monday.
In addition to a $500,000 gift from the team’s parent company, the team will also get $500 million in naming rights for the arena.
The deal is a milestone for the team.
The Coyotes had not previously announced plans for a new facility in the Valley.
The team has had several years to build the arena, which is located in a strip mall on the city’s east side, with little fanfare.
The city has been working to find a buyer for the property since its sale last spring.
LeBanc told the newspaper that the arena was one of the biggest decisions he has ever taken.
He said the team had reached a “sweet spot” in its search for a buyer and that it would be an “incredible asset for the city of Phoenix.”