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Drama in the Desert

Press Release From Goldwater

Illegal Curve has received the latest press release from the Goldwater Institute. Please see the linked document below.

Quick Summary

Goldwater’s concerns about Hulsizer for Glendale remain the same. They are concerned over the true ownership of the parking rights, as well as the fact that Glendale has yet to make documents relating to the parking rights public, which they are legally obligated to do. Gold

-Concerns over the excessive management fee that will be paid to Matthew Hulsizer

-Concerns over estimates about parking revenues

-Protecting the liability of taxpayers and replacing public funding of the Coyotes with public funding.

Goldwater offers several solutions to the problem:

-Use private money to finance the transaction

-Reduce the management fee to market level

-Securitize projected revenue streams

-Adjust lease payments to market value

-Lease the arena to a minor league team that does not require a subsidy

-Reduce losses by finding a private buyer for the arena

After reading the agreement, Goldwater has not changed their position, unless Glendale can fully remove potential liability to taxpayers it appears that an agreement between Matthew Hulsizer and the city of Glendale will not take place. In order to come to an agreement, Matthew Hulsizer would have to concede to pay his own money, as well as concede a large management fee that he will be receiving. The million dollar question that needs to be answered is who would want to buy a team that is surely going to lose tens of millions of dollars over the next several years. It is pretty understandable why Matthew Hulsizer would want to pay as little money as possible.