You may recall last week when the NHL rejected an offer from California businessman Darin Pastor to purchase the Phoenix Coyotes from the league and keep them in Glendale.
“The offer is not one that the NHL is interested in pursuing, and we have informed Mr. Pastor of that,” deputy commissioner Bill Daly said, per Patrick Caisse of TVA Sports.
But in an interview with the Peoria Times, Pastor said he hasn’t heard why his bid was shot down.
“We offered $277.5 million and I can’t even get a call back,” he said.
A couple of things about Pastor’s offer may explain why the league was cool to it.
First, the purchase price was to be paid over 15 years.
“Knowing the financial situation of the team, and our transaction, our offer was for 15 years so that we can make a prudent situation that allows a positive cash flow, and lets us sign free agents,” Pastor said. “If you spend all this money on a team, but then have no money to run it, what would be the point?”
Second, there was an out clause that would allow Pastor to explore relocation after three to five years.
“The out clause is based on a standard operating procedure, but I also have a clause in there where I can purchase the arena,” Pastor said. “The fact that we are not looking to just manage, but acquire the arena, that shows that the out clause is just a standard business practice. You can’t move an arena once you own it.”