The latest turn in the Coyotes ownership saga came swiftlybut not unexpectedly. NHL deputy commissioner Bill Daly confirmed Monday thatthe league had rejected a purchase bid submitted by Darin Pastor on Friday.The terms of his proposal were inconsistent with what wehad previously indicated were the minimum prerequisites of a serious andrealistic bid, Daly wrote via email.While Daly declined to offer more details, a source closeto the situation said one key sticking point was that Pastors bid financed thedeal over a 15-year period while the league expects the entire deal to becompleted within a three-to-five-year window, with the expected price still listedbetween 150 million and 170 million.
On Friday, FOX Sports Arizona reported that Pastor had submitted a proposalthat was believed to include the highest total purchase price currently offeredfor the team, less annual commitment from the City of Glendale to manageJobing.com Arena and an option to purchase the arena over a period oftime.
According to sources, the maximum amount Pastors group was willing to pay forthe team was about 277.5 million, while the group was asking for either 8million annually from Glendale to manage the arena or 5 percent below thelowest other bid.
Two sources contended that one of the flaws of Pastors bid was thatit offered no cash up front, but when reached by phone Monday, Pastorvehemently denied that account.Thats an absolute fabrication, he said. Who buys a teamwith no money down? You cant buy a cup of coffee with no money down.Pastor declined further comment until he had had a chance tospeak to Daly, but a source confirmed that Pastor does not view this as the endof his bidding process; the group will be reworking the numbers to seeif it can arrive at a bid that will satisfy the league.In the meantime, sources confirmed that Renaissance Sportsand Entertainment, the group headed by George Gosbee and Anthony LeBlanc, metwith the league for most of the day Saturday, with lawyers for both sidespresent. The group has long been viewed as the leading candidate to purchase the team.
Additional meetings involving both parties as well the City of Glendale, which wereoriginally scheduled for last week to begin hammering out an arena management deal with the city, are expected to be rescheduled shortly oncemore details have been ironed out.Follow Craig Morgan on Twitter