According to a recent Phoenix Business Journal report, the Phoenix Coyotes are close to being sold to a group lead by former San Jose Sharks CEO Greg Jamison and if the sale is approved the Coyotes will stay in Arizona. Jamison’s group includes former Phoenix Coyotes star Jeremy Roenick.
The National Hockey League is close to putting the finishing touches on a sale of the Phoenix Coyotes hockey franchise to a group led by former San Jose Sharks CEO Greg Jamison. That sale would keep the team playing in the Phoenix market.
The deal still has go through final approvals and due diligence as well as through the city of Glendale which owns Jobing.com Arena. But Jamison, the NHL and Glendale are close to a final deal, according to sources familiar with the hockey team.
The NHL is trying to keep the sale price at $170 million in part to help the value of other franchises. The league bought the Coyotes out of Chapter 11 bankruptcy in 2009 for $140 million. – Mike Sunnucks, Phoenix Business Journal, February 21, 2012
The pending purchase may end years of uncertainty for the Coyotes franchise. In 2009 owner Jerry Moyes filed for bankruptcy and the NHL took control of the team. The city of Glendale, AZ, home of the Coyotes, subsidizes the team with an annual payment of $25 million.
In recent months there have been various rumors about the future of the Coyotes. Some speculation indicated that the franchise would relocate to Seattle or Quebec. There was also a rumor that Jerry Reinsdorf, owner of the Chicago Bulls and Chicago White Sox, was interested in buying the Coyotes and keeping the team in Arizona.
The sale and possible move of the Phoenix Coyotes has been a hot topic in hockey circles since the NHL All Star weekend where NHL Commissioner Gary Bettman made the NHL’s orphans a hot topic.
"We're going to try to avoid a move of the Coyotes,” Bettman said in the Associated Press article. “But if we don't sell the club, I'm not sure that this won't be the last season here,"
Bettman has been adamant that he wants the Coyotes to stay in Phoenix and the league has been steadfast in their intent to find a buyer before the 2011-2012 NHL campaign ends. But if they cannot find a new owner, that will keep the team in the Arizona desert, the NHL will explore other options, included but not limited to leaving Glendale, AZ for possibly greener pastures.
"We hope, based on the things that are ongoing, to have a sale in place before the end of the season that would keep the team in Glendale," Bettman said. "I don't see any reason to discuss a Plan B at this point."
“Plan B” implies that the Coyotes will have a den elsewhere after this season. There are various towns clamoring for an NHL franchise and with proper fiscal offerings and hockey facilities the Coyotes run of 15-years in Arizona could come to a close if a buyer isn’t found that will keep the franchise in Arizona.. The suitors for the Coyotes have come from far and wide and include:
Quebec City: According to a recent New York Times article, the local government of Quebec City is prepared to build a $400 million arena by 2015. If they get the Coyotes before the arena is completed they could play in the Quebec Nordiques former home, Colisee de Quebec. This would be Quebec City’s second NHL franchise. The Quebec Nordiques played in the World Hockey Association from 1972 to 1979. After the WHA merged with the NHL the Nordiques played in Quebec until 1995. The team then moved south to Denver and were rechristened the Colorado Avalanche.
.Seattle: Bettman was recently quoted as saying that, "There are a lot of people who think Seattle would be a great place to have a team. The Pacific Northwest, the natural rivalry with Vancouver, another team in the Pacific time zone … but there's no building."
Any of these proposed moves could be a moot point if the sale of the Coyotes to Jamison’s group is approved. As it stands there has been no confirmation from NHL officials about the pending sale.
Comments