Phoenix Coyotes Sale Nearly Complete to Greg Jamison
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Greg Wyshynski of Yahoo! Sports is reporting that the Phoenix Coyotes and the NHL are approaching a sale of the team to Greg Jamison, former CEO of the San Jose Sharks. The deal still needs go through final approvals and through the city of Glendale, Arizona, who own Jobing.com Arena.
If the sale goes through, the Coyotes will remain in Glendale—something that did not seem likely as of late.
According to Mike Sunnucks of the Phoenix Business Journal, the NHL is trying to keep the sale price of the Coyotes as close to $170 million as possible.
The NHL bought the Coyotes out of Chapter 11 bankruptcy for $140 million in 2009.
By keeping the sale price high, it helps protect the value of other NHL teams.
Although the NHL would recuperate their buyout investment in the Coyotes, the franchise does lose $20-25 million a year.
If Jamison does emerge as the owner of the Coyotes, the franchise will have their first independent owner in three years. But, this may not be the end of the team's financial woes.
Jobing.com Arena was built with taxpayer money, and Glendale is trying to avoid contributing another $25 million to operate the facility.
It remains to be seen if keeping the Coyotes in Glendale will prove a wise decision for the franchise and the NHL.
If the deal falls through, the Coyotes may be off to Seattle or a Canadian city.
Sunnucks reports that the NHL and city of Glendale have declined to comment.
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