Phoenix Coyotes fan Rob Jennings, of Gilbert, Ariz., holds up a sign in support of the Coyotes staying in Arizona, prior to Game 4.Ross D. Franklin/The Associated Press
The ongoing uncertainty over the future of the Phoenix Coyotes has pushed a massive shopping complex next to the NHL team's arena to the brink of foreclosure.
The owners of the flashy Westgate City Center, which surrounds Jobing.com Arena in Glendale, Ariz., have announced the mall is being put up for auction by its lenders.
"As a result of the national recession and ongoing questions about the future of the Phoenix Coyotes, it is unfortunate but understandable that Notices of Trustee's Sale have been filed [against the owners]" said Jason Rose, a company spokesman. "Despite Herculean efforts, the Westgate ownership group, including a consortium of Wall Street real estate entities, is not immune from the real estate collapse that has impacted so many other properties throughout the area, valley, state and country."
Westgate has played a key role in the history of the Coyotes and the economic development of Glendale. The complex is controlled by developer Steve Ellman, who once co-owned the Coyotes with Jerry Moyes.
In 2001, Ellman announced plans to build an $850-million (U.S.) entertainment, shopping and living complex in the far reaches of Glendale with an arena for the Coyotes as the centre piece. The city contributed $180-million to build the arena, which opened in 2003, and used it to lure other sports ventures to the city. The shopping mall opened in 2006, but the project soon got sideswiped by the recession. Much of it remains unfinished.
The auction is scheduled to take place within 90 days and Ellman could still strike a deal with lenders to keep the property.