The National Hockey League is close to putting the finishing touches on a sale of the Phoenix Coyotes hockey franchise to a group led by former San Jose Sharks CEO Greg Jamison. That sale would keep the team playing in the Phoenix market.
The deal still has go through final approvals and due diligence as well as through the city of Glendale which owns Jobing.com Arena. But Jamison, the NHL and Glendale are close to a final deal, according to sources familiar with the hockey team.
Greg Jamison was formerly the CEO of the San Jose Sharks. (AP Photo)
The NHL is trying to keep the sale price at $170 million in part to help the value of other franchises. The league bought the Coyotes out of Chapter 11 bankruptcy in 2009 for $140 million.
More specific details of the pending sales to Jamison and his group are not available.
The deal being hatched with Jamison could include some rebates and a fund to help cover the team’s financial losses. The Coyotes lose $20 million to $25 million annually.
The sale would keep the team here and could help the city of Glendale possibly avoid a second $25 million to pay the NHL to run the city arena and operate the Coyotes.
Sources familiar with the deal say the deal is not 100 percent complete but said the league is looking to close a deal soon with Jamison. A Coyotes sale would end a three years ownership saga.
If a deal can’t get done, the NHL could look to sell the Coyotes to another ownership group led by Chicago Bulls owner Jerry Reinsdorf and Phoenix attorney John Kaites.
If those Arizona bids don’t work out the NHL can still look to sell and relocate the Coyotes to Seattle or a Canadian market.
A couple of reports were out this weekend regarding the Jamison bid and the NHL, as per its custom, denied a final deal.
The city of Glendale declined comment.
The Phoenix Business Journal is a sister publication of Sporting News
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