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NHL loans Coyotes cash to help the club stabilize its finances

The Canadian Press
By:
The Hockey News
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NHL loans Coyotes cash to help the club stabilize its finances

The Canadian Press
By:

PHOENIX - The National Hockey League has loaned an unknown amount of money to the Phoenix Coyotes for payroll and rent payments.

The Arizona Republic online edition reported if the team fails to pay its debt, the league can take it over, according to financial records filed with Maricopa County Recorder's Office. The day after the team agreed to loan terms Feb. 24 with the NHL, it paid Glendale nearly $351,000 in overdue arena rent payments.

The loan terms give the NHL more control over the future of the struggling Coyotes, including the possible relocation of the team.

The NHL and team owner Jerry Moyes declined to comment.

Beset by annual losses reported at US$30 million, Moyes is trying to sell all or part of the team.

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Information from: The Arizona Republic, http://www.azcentral.com

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NHL loans Coyotes cash to help the club stabilize its finances