Deal between Coyotes, City of Glendale underwhelms in first year of operation

Last year the Phoenix Coyotes, dogged by bankruptcy and rumors of impending relocation for years, struck a deal with the City of Glendale to remain in Arizona. That deal, rather unsurprisingly, isn't exactly working out for the city so far according to a report from Sarah McLellan of the Arizona Republic:

As part of the $225 million agreement, which was signed by city leaders and the owner of the Coyotes in July to keep the team in town, Glendale expected to recoup $6.8 million this year from sources that include ticket sales, parking receipts and naming rights for the arena.

But too few non-hockey events at the Jobing.com Arena and lackluster revenue from parking means the city likely will get just $4.4 million.

Two City Council members already are calling to renegotiate the agreement with Coyotes owner IceArizona, but that's unlikely to gain traction with the majority of the council.

The Coyotes were dead last in the NHL in attendance according to ESPN.com, but actually saw attendance and revenues from ticket sales improve significantly over the previous season. McLellan reports that Glendale was on target to have their expectations met in terms of the ticket surcharge at hockey games. 

The issue: a shortfall of other, non-hockey events at Jobing.com arena; and the massive under-performance of parking revenue.