It could be the beginning of the end for the Phoenix Coyotes' stay in Arizona. According to an ESPN report, Greg Jamison does not have the necessary funds to purchase the Coyotes. The city of Glendale, home of the Coyotes, has given Jamison a strict January 31 deadline to secure the proper finances and complete the sale.
On December 21, 2012 Jamison signed the 20-year arena management deal with the city of Glendale. Jamison was given until January 31 to secure the bankroll and finalize the purchase of the Coyotes. The arena management agreement has the city of Glendale pay the new Coyotes' owner an average of $15 million a year to maintain Jobing.com Arena. If Jamison does not purchase the Coyotes by Thursday's deadline the arena management deal will be nullified.
The Coyotes have been the league's orphans since 2009. Their prior owner, Jerry Moyes, filed for bankruptcy and sold the team to the NHL. Since 2009 the NHL has controlled the operations of the franchise and has be actively shopping the team to any and all interested parties.
It is rumored that the NHL wants $170 million for the Coyotes. As of November 2012, Forbes valued the franchise at $134 million, the second least valuable franchise in the NHL. Even though it is early in 2012-13 season the Coyotes are last in the NHL in attendance, with an average of 12,269 patrons at each game.