from Mike Sunnocks of the Phoenix Business Journal, It’s now been a couple of weeks since there was legitimate talk that former San Jose Sharks CEO Greg Jamison was close to closing a deal to buy the Coyotes from the National Hockey League.
That talk has chilled somewhat. A Jamison bid needs to get approved by the NHL which bought the Coyotes in 2009 for a $140 million and the city of Glendale which owns Jobing.com Arena and has subsidized the team to the tune of $25 million.
...The team losses $20 million to $25 million annually. Prospective ownership groups have struggled over the red stains on the Coyotes balance sheet and how to workout something related to the team’s losses with the NHL and Glendale.
One source who has direct knowledge of the Coyotes sale sage says that prospective buyers have come in with optimism regarding their bids only to run into stumbling blocks when investment partners see the franchise’s losses.
more
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