It’s never not interesting off the ice for the Phoenix Coyotes.
Mike Sunnucks of the Phoenix Business Journal reports that some financing for the deal to sell the team to Renaissance Sports and Entertainment (aka: Ice Arizona) has fallen through.
Sunnucks cites two sources close to the situation who say funding has either not been finalized or has been dropped completely from the deal. The group has until August 5 to finalize the purchase.
One member of Ice Arizona is hedgefund investor Daryl Jones and he responded to Sunnucks’ story on Twitter to set the story straight in his own way.
Craig Morgan of Fox Sports Arizona backs up what Jones said reporting that the deal is still on track to be completed by Monday’s deadline. It was reported over the weekend that the NHL Board of Governors would approve the sale this week although that’s yet to happen.
There are just a couple of hurdles left to clear in the sale of the Phoenix Coyotes, but a big one may be out of the way this week.
Craig Morgan of Fox Sports Arizona reports NHL Deputy Commissioner will seek approval of the Board of Governors this week for the sale of the team.
As you know, the deal to sell the team to Renaissance Sports and Entertainment was approved by the Glendale City Council and now it’s just a matter of the final paperwork and procedure being completed. Getting approval of the Board of Governors is a big one as far as the league is concerned.
As for the completion of the sale, Daly says they’re still moving forward with that. There are only baby steps left in ending this saga.
The NHL Board of Governors meeting wrapped this afternoon with nothing coming from it concerning the state of the Phoenix Coyotes.
NHL Commissioner Gary Bettman spoke with reporters following the meeting and spelled things out rather clearly.
“No board action is required at this point,” Bettman said. “We’re anticipating, or hoping, the Glendale City Council passes the deal with the Renaissance Group. If the council doesn’t approve it… I don’t think the Coyotes will be playing there anymore.”
Bettman set the target date for July 2 for a decision, the same day the City of Glendale is set to vote on their latest proposal.
That proposal is the whopper of one the city presented this afternoon that sees the Renaissance Sports and Entertainment group get $15 million a year from the city to run Jobing.com Arena and a five-year out-clause to leave the city if the losses amount to $50 million or more in that time.
If things fall apart with Glendale, is there time to move the team elsewhere? Bettman is confident there is.
To add to this, NHL Deputy Commissioner Bill Daly says the league has no issues with Key Arena in Seattle if the Coyotes are to move there.
This is it though. The Coyotes saga is going to end one way or another next week.