It seems the seemingly never-ending story of the Phoenix Coyotes franchise isn't about to end anytime soon, or not with a sale to Greg Jamison. Mike Sunnocks of the Phoenix Business Journal reports Jamison is $20 million short of the money needed.
Jamison and his group have been negotiating a purchase of the team over a year and Sunnocks said Saturday they're short of what the team's owner, the NHL, wants in order for the purchase to happen. The NHL bought the franchise in 2009 out of Chapter 11 bankruptcy for $140 million and have been running it each season since. The league is asking $170 million.
Greg Jamison: Desperately Seeking Investors
Jamison is reportedly trying to find other investors and financing and not speaking publicly of his efforts. There are other issues with regard the sale, including many politicians and citizens in the city of Glendale, where the team's arena is, objecting to the 20-year, $324 million arena deal that the mayor and council signed with Jamison.
Last week the city rejected a petition that asked for a referendum on the deal the city negotiated with Jamison, who's a former chief executive of the San Jose Sharks, to be placed upon the November ballot.
There is speculation that if the deal does not come soon the league will sell the franchise to a buyer who will move it to another city. One oft-mentioned destination in the media is Quebec City, formerly the home of the NHL Quebec Nordiques, who moved to Colorado in 1995.