GLENDALE, AZ (CelebrityAccess) — An audit of the previous management for the city owned Gila River Arena has found multiple financial irregularities.
According to the Glendale Star, auditors claim that there were numerous problems in verifying financial losses reported by the IceArizona, who managed the arena from 2013 to 2015.
As well, the auditors claimed to find that in 2014 and 205, the city was shorted $39,640 in surcharge qualified ticket surcharges, $76,460 to $239,460 in naming rights fees and supplemental fees, and $32,776 in additional fees that the city may have been entitled to, the Star said.
Auditors also found that 32 percent of all surcharge fees, which were to be paid to the city quarterly, was submitted by IceArizona late in 2014 and 10 percent were late in 2015, the Star reported.
The city paid IceArizona $15 million to run the arena for both fiscal year 2014 and 2015, while receiving only $5,580,073 in revenue for 2014 and $6,598,360 in 2015, for losses of $17,821,567 in those two years.
In 2015, Glendale terminated their management deal with IceArizona and selected AEG to operate the venue.