Originally posted on Pro Sports Daily  |  Last updated 5/7/12

The sale of the Phoenix Coyotes' franchise to a group led by former San Jose Sharks CEO Greg Jamison is expected to be announced by NHL Commissioner Gary Bettman Monday night. The team is expected to be kept in Phoenix.

The NHL took ownership of the team in 2009 and reportedly considered potential moves to Seattle or a larger Canadian market. But Jamison's investment group assured Bettman the team would not relocate, playing its home games in Glendale at Jobing.com Arena.

The deal, first reported by Phoenix Business Journal last month, had to pass through final approval, including the city of Glendale, which owns the arena.

Per reports, the league wanted to keep the sale price at $170 million. The Coyotes were sold out of Chapter 11 bankruptcy protection for $140 million in '09, when the NHL began shepherding the franchise.

The deal with Jamison is likely to include rebates and a fund to help cover the team's financial losses of $20 million to $25 million annually.

A group led by Chicago Bulls and White Sox owner Jerry Reinsdorf and Phoenix attorney John Kaites was also in the bidding.

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