01-31-2013, 10:34 AM
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Hall of Famer
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Join Date: Mar 2007
Location: Canada
Posts: 18,373
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Quote:
The prospective owner of the Phoenix Coyotes is unlikely to complete a deal to buy the team from the NHL before a lease agreement with the City of Glendale expires, a league official told The Associated Press on Thursday.
Barring a last-minute change, former San Jose Sharks CEO Greg Jamison won't have the money or investors in place to meet the midnight Thursday deadline for the lease agreement, the official said on condition of anonymity because he wasn't authorized to discuss the situation.
Jamison reached a 20-year, $324 million lease deal with Glendale last year that was reworked in November with a Jan. 31 deadline.
New Mayor Jerry Weiers recently told the Arizona Republic that he would not extend the deadline on the lease agreement, so Jamison would likely have to negotiate a new deal if he is able to complete his purchase of the team. Missing the deadline also could open up the possibility of Glendale working on a deal with any potential new ownership groups.
Either way, the Coyotes' drawn-out ownership saga will drag on some more.
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