Phoenix Coyotes move closer to sale as former San Jose Sharks President Greg Jamison nears in on deal
The Phoenix Coyotes' franchise of the National Hockey League (NHL) have had the “For Sale” sign on their front office for quite a while now but there still has'nt been any progress since, other than new parties entering on the bid to purchase the team from
its current ownership which is facing bankruptcy.
It was Jerry Reinsdorf, Ice Edge Holdings and Matthew Hulsizer before but, former San Jose Sharks president, Greg Jamison, also emerged as another contestant in leading a bid to purchase the financially struggling franchise of the desert in Glendale, Arizona,
United States.
Unlike previous deals, this proposal is expected to be more concrete in its way of dealings which could mean it be the full and final offer.
The city of Glendale, Arizona, has also said that it would try to sell bonds in order for the process of selling the team to speed up, but would do it right while taking all stakeholders into consideration.
As indicated in June, the City of Glendale has identified two qualified buyers for the Coyotes' team and is looking forward to finalising documents with qualified buyers.
No bonds will be sold by the city as part of these proposed concepts. As always, ongoing negotiations are confidential”, Glendale city spokeswoman, Julie Frisoni, said in a statement on Friday.
The deal is expected to be negotiated between Jamison and the NHL, which will work out a sales agreement and also include putting down earnest money in order for him to gain exclusive rights to negotiate with the league and city.
The process would also require debating over Jobing.com Arena, which at the moment belongs to the city of Glendale, but can be negotiated on once a plan is mapped out.
Once the deal is finalised and both involved parties are satisfied fully, without regret, it would require an approval by the NHL, which would be the final ruling authority on all clauses of the deal.
Coyotes team is overall doing very well and has a lot of potential, making an investment on it would surely not go in loss since it is their turn to show some performance next season and move up in ranks. Something which they are entirely capable of.
Tags: