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Report: City of Glendale inches towards hockey lawsuit

Jobing.com arena. (Photo by Christian Petersen/Getty Images)

Christian Petersen/2009 Getty Images

The City of Glendale is expected to launch a law suit on Monday against the Goldwater Institute for its alleged interference in municipal bond sales of Jobing.com arena.

ESPN is reporting that the Goldwater Institute, a public-policy group, warned potential buyers of municipal bonds which were crucial to the City of Glendale's agreement with Chicago businessman Matthew Hulsizer against the purchase.

The Goldwater Institute insists that plans to provide Hulsizer with $100-million generated from parking revenues at the arena are flawed.

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Goldwater's threat to sue the municipality over the proposed deal has stalled the sale of the municipal bonds and thrown the team's future into uncertainty.

Speculation is mounting that the sale of the hockey team will fall apart if the municipal bonds are not sold, paving the way for the Coyotes to be relocated to Winnipeg.

The proposed suit could seek damages exceeding hundreds of millions of dollars.

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