Originally posted on Pro Sports Daily  |  Last updated 1/31/13
Greg Jamison is expected to fall short of his deadline to purchase of Phoenix Coyotes from the NHL, a source told the Arizona Republic on Thursday. Jamison, the former CEO of the San Jose Sharks, was given until midnight Thursday to close a deal with the suburban city of Glendale or it would rescind its lease agreement with Jamison for Jobing.com Arena, where the Coyotes play. The terms of the deal stipulate that if Jamison purchased the team from the NHL by 11:59 p.m. on Thursday, the city would pay him an average of $15 million a year to run the 17,125-seat hockey and concert venue. But sources close to the situation say Jamison has not been able to raise the money to meet the NHL’s demand of $170 million to purchase the Coyotes. According to the Arizona Republic, Jamison told Glendale Mayor Jerry Weiers on Thursday that he was still working to complete the sale and that he would contact him later with an update. Weiers told the Arizona Republic he made it clear to Jamison that the city would not honor the lease deal "one second past" the midnight deadline. The NHL source did not specify why Jamison apparently fell short in his effort to meet the deadline. If Jamison is unable to produce the money, a separate group of investors is reportedly prepared to step in to purchase the team. However, the terms of any new deal will be different than the terms offered to Jamison.
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