Coyotes must increase bond; City must make quarterly payment
GLENDALE, Ariz. (AP) A judge has ordered the Arizona Coyotes' ownership to increase its bond payment to Glendale by $750,000 while ordering the city to make its $3.75 million quarterly payment to the team.
Bond was increased from $250,000 to $1 million and Glendale has to make its scheduled fourth-quarter payment by July 1.
City officials say they're satisfied with Monday's ruling. They say the bond ensures Glendale would get financial relief if the court determines the city's arena management contract with the Coyotes is invalid.
The City Council voted June 10 to terminate a 15-year, $225 million lease agreement with the Coyotes, citing a conflict-of-interest law involving two Glendale employees who later went to work for the team.
A judge granted the Coyotes' request for a temporary restraining order on June 12.
