Originally posted on Fox Sports Arizona  |  Last updated 1/30/13
GLENDALE, Ariz. -- Two league sources have told FOX Sports Arizona that it is unlikely prospective Coyotes owner Greg Jamison will be able to assemble the money and investors in time to meet a Jan. 31 deadline to purchase the club. If that deadline passes, Jamisons bid to end the team could be over. If that happens, the league could open the bidding process again to other potential suitors. ESPN reported that a separate, unnamed group of investors is prepared to step in if Jamison is unable to close the deal by Thursday. What is unclear is if the City of Glendale will agree to an extension on the 308 million lease agreement with a new group. New Mayor Jerry Weiers, who took office after the lease agreement was approved by the previous council, could push for a reworked agreement that is more beneficial to the city, and he made it clear to the Arizona Republic that he would not honor the current deal after Jan. 31. As late as late week, Jamison remained optimistic that he could close the deal, but with a Jan. 31 deadline looming, Jamison admitted that it was a close call securing all the investors. Contrary to widespread reports, Jamison made it clear that he did not yet have all the money or investors necessary to purchase the team. The Coyotes annual losses of between 20 million and 30 million, opposition by citizen groups and the Goldwater Institute, and the 113-day lockout all have hindered his efforts, as has the NHLs reported asking price of 170 million. If the Jamison chapter does end, the most bizarre and lengthy ownership saga in NHL history would continue. Previous owner Jerry Moyes attempted to put the team into bankruptcy nearly four years ago and then attempted to sell the team to Canadian billionaire and Blackberry founder Jim Balsillie, but Balsillie's purchase was contingent on moving the franchise to Hamilton, Ontario, a move strongly opposed by the NHL. A bankruptcy judge rejected Balsillie's bid, leaving the NHL as the only bidder, buyer and hopeful seller. The team thought it had an owner in Matthew Hulsizer, co-founder and chief executive officer of PEAK6 Investments, but that deal fell through amid opposition from the local watchdog Goldwater Institute and questions about Hulsizers available funding. Jamisons name first surfaced about a year ago, and after a pair of failed citizen challenges, the Glendale City Council eventually approved a lease agreement with Jamison and set a Jan. 31 deadline for him to complete the purchase of the club. In the meantime, the low-payroll Coyotes made the playoffs the past two seasons and advanced all the way to the Western Conference final last season, marking the best finish in franchise history. Jamison had made it clear that his top priorities from a hockey operations standpoint would be to get general manager Don Maloney, coach Dave Tippett and goalie Mike Smith signed to new contracts. All three are in the final year of their deals. Clearly, those deals would be on hold if Jamison is out. If Jamison fails and the new group can not broker a lease agreement with Glendale, it could mean the end of the Coyotes tenure in Arizona -- one that began in 1996 when the franchise relocated from Winnipeg. Quebec City and Seattle have been mentioned as possibilities, as has Markham, Ontario, a town north of Toronto that recently approved funds to build an NHL-style arena. The league is not expected to issue a statement regarding the sale of the club until the Jan. 31 deadline has passed. Follow Craig Morgan on Twitter
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Report: Geno Smith 'intent' on beating out Ryan Fitzpatrick

Greg Jennings: Ryan Tannehill has had his hands tied by coaches

Josh McDaniels 'happy' with Pats but wants to be a head coach again

WATCH: Jim Harbaugh in cleats throws out first pitch at Cubs game

Why Rickie Fowler will win the PGA Championship

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Warren Sapp bitten on arm by shark

Baker considering removing Papelbon from closer role?

Greg Hardy struggling to find work, reportedly even in CFL

Jets players told not to discuss Ryan Fitzpatrick situation

Brock Lesnar won't be punished by WWE for UFC drug test

Report: Cowboys to be fined up to $250K for suspended players

Report: Ravens WR Mike Wallace failed conditioning test

WATCH: Kobe Bryant drives Ferrari around Italian racetrack

Terrelle Pryor shouts out Ohio State after ban ends

Justin Timberlake advocates for Memphis to join Big 12

Poll: Las Vegas residents don’t support public funds for NFL stadium

Conor McGregor talks trash to Nate Diaz on ‘Conan’

We asked Team USA: What other Olympic sport would you play?

Real Madrid can’t train at Norwegian school because of the kids

Newspaper uses Michael Jordan ‘crying face’ as image

Equipment manager Blake Griffin punched no longer works for Clippers

Report: Nicks signing one-year deal with Saints

Reds 'picking up the pace' on Jay Bruce trade talks

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

We asked Team USA: What other Olympic sport would you play?

Why Gary Bettman's CTE denial is cause for concern for NHL

WATCH: Inside the Nike SNKRS BOX in SF for Golden Air Celebration

WATCH: Five other uniforms Chris Sale should cut up

QUIZ: Name every Olympic event in which the USA has never won a gold medal

Five U.S. Olympians favored to win multiple gold medals

WATCH: What teams should join the Big 12?

One Gotta Go: Do NBA players really love NBA2K?

One Gotta Go: NBA players hate Facebook too

One Gotta Go: NBA players settle the fast food beef

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