New investors may step in to purchase Phoenix Coyotes
Glendale, AZ, United States (4E Sports) – Glendale officials may have to deal with a new group after Greg Jamison failed to produce capital to purchase the Phoenix Coyotes team from the NHL.
The Jan. 31 deadline to maintain a lease agreement with the city will pass without a deal being completed, and a separate group of investors is prepared to step in.
Under the current lease agreement, the team’s owners would receive some $308 million over the life of the 20-year deal to manage the property, an average of slightly more than $15 million annually in management fees.
Mayor Jerry Weiers, who took office after the lease agreement was passed by the previous council, said while he was not in favor of the lease agreement arranged by Jamison, he would honor it up until Thursday’s deadline.
The league has established no deadlines in relation to selling the team.
“It’s still a work in progress, and we’ll see how the week plays out,” said NHL deputy commissioner Bill Daly.
If the new group and the city cannot come to an agreement on a lease agreement, there is likelihood of a relocation.
Seattle, Quebec City and Markham are potential sites.