An example of how badly things can go wrong for a city hosting a major sports franchise. The Wall Street Journal reports on how the city of Glendale, Arizona is subsidizing the NHL’s Phoenix Coyotes to the tune of $12.9 million a year from now through 2033, in a deal so poor for the city that Moody’s has downgraded Glendale’s bond rating twice in the last 18 months. Pretty sobering I would say.