Report: Glendale won’t approve prospective Coyotes owner’s financial request

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It looks like the ongoing saga to find an owner for the Phoenix Coyotes might not be resolved in the near future, based on a report from Sportsnet’s Nick Kypreos.

The City of Glendale isn’t likely to meet Renaissance Sports and Entertainment — the prospective owner of the Coyotes — request for $15 million to manage Jobing.com Arena and help secure a $125 million loan. The Council reportedly doesn’t have confidence in the team because of the level of debt they already have.

So will the franchise move to Seattle? Maybe, but it might not happen soon.

Despite reports that the league has a plan ready to move the team to Seattle and the city Mayor’s assertion that KeyArena could support an NHL team, Kypreos doesn’t believe the city is an immediate option.

Of course, nothing is official yet. And…

The Council is scheduled to hold a closed-door meeting today.

Related:

Prospective Coyotes owner maintains intentions are pure

City of Glendale meets; questions remain about Coyotes deal