Originally posted on NESN.com  |  Last updated 1/31/13
GLENDALE, Ariz. — 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. The Coyotes have been run by the NHL the past three seasons, since former owner Jerry Moyes took the team into bankruptcy in 2009. The team still managed to be successful on the ice despite financial limitations, reaching the playoffs all three years, including the franchise’s first trip to the Western Conference finals in 2011-12. The Coyotes have had several potential suitors in that time, and a deal with Chicago businessman Matthew Hulsizer appeared to be in place last year before the conservative watchdog group Goldwater Institute killed it by warning potential bond buyers to stay away from the Glendale offering because of a looming lawsuit. Goldwater tried to stop the deal with Jamison, but the City Council voted in favor of the lease agreement during the summer and Glendale voters in November’s election upheld a 0.7 percent sales tax increase designed to help the city’s finances. A reworked deal with the city in November appeared to clear the way for Jamison to buy the team, but the NHL lockout may have hurt his ability to gain the finances he needed to beat the deadline. Thumbnail photo via Facebook/thephoenixcoyotes

This article first appeared on NESN.com and was syndicated with permission.

GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Chris Long will not re-sign with Patriots, hints he wants bigger role

Nerlens Noel late for Mavs team plane, loses chance to start

Ex-NFLer Will Allen sentenced to six years in prison for Ponzi scheme

Five Richmond baseball players suspended for playing fantasy football

Kristaps Porzingis: Knicks should have used triangle all season

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

‘Game of Thrones’ theme nights are coming to MLB

Report: Saban turned down interest from six NFL teams

Browns will listen to offers for first pick in 2017 NFL Draft

Rams officially place franchise tag on Trumaine Johnson

11-year-old writes letters to NBA teams to tout Monmouth player

Doug Marrone affirms that Blake Bortles is Jaguars’ quarterback

With Joel Embiid out, who should win Rookie of the Year?

Box Score 3/1: It's all about Durant and his knee

The 'Simone Biles vs. Mr. T dance-off you didn't know you wanted until now' quiz

NBA Referee Hotline Bling: Daryl Morey burns up the phone lines

The top 10 MLB left fielders headed into spring training 2017

It's time for Satchel Paige Day in Major League Baseball

The best sports movies available to stream right now

As NHL trade deadline nears, seven teams who could be dealing

Box Score 2/28: Fat Tuesday means athletes on floats.

Biggest surprises and disappointments of the NBA season

Top 10 shortstops in baseball for 2017

The most dangerous NBA teams flying under the radar

NHL News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

With Joel Embiid out, who should win Rookie of the Year?

NBA Referee Hotline Bling: Daryl Morey burns up the phone lines

The 'Simone Biles vs. Mr. T dance-off you didn't know you wanted until now' quiz

The top 10 MLB left fielders headed into spring training 2017

QUIZ: Name every MLB pitcher to win 20 or more games in the 1980s

As NHL trade deadline nears, seven teams who could be dealing

It's time for Satchel Paige Day in MLB

The best sports movies available to stream right now

Biggest surprises and disappointments of the NBA season

QUIZ: Name every MLB pitcher to win 20 or more games in a season since 2000

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker