Deadline for Coyotes deal nearsPosted: Updated:
GLENDALE, Ariz. -- The clock is ticking on the Coyotes deal designed to keep the team in Glendale. Monday is deadline for everything related to the impending sale to be finalized.
Renaissance Sport and Entertainment has a $225 million arena lease agreement in place with the city of Glendale. In order for that to move forward, RSE needs to close a deal to buy the team from the National Hockey League by Monday. That's the deadline for accepting the hard-won arena deal.
RSE reached a deal to buy the Coyotes from the NHL in June and spent several weeks negotiating with Glendale for an arena lease deal, the final hurdle in its attempt to purchase the franchise.
Earlier this year, the team was in a similar position -- on the verge of successful sale, assured that it would happen. That deal fell apart due to lack of financing.
There is some concern that the RSE deal, which would keep the team in Glendale for at least the next few years, could suffer the same fate. Renaissance, however, is reassuring all involved that the financing is ready to go.
This ownership tilt-a-whirl started in 2009, when former owner Jerry Moyes took the team into bankruptcy in a failed attempt to sell it to Blackberry founder Jim Balsille, who would move the franchise to Hamilton, Ontario. The NHL bought the team later that year and has operated it ever since.
Numerous potential owners have come to the forefront, only to fall away.
Chicago businessman Matthew Hulsizer appeared to be in line to buy the team, only to be thwarted by conservative watchdog group Goldwater Institute, which warned potential bond buyers to stay away from the Glendale offering because of a looming lawsuit.
Former San Jose Sharks CEO Greg Jamison had a preliminary agreement with the NHL to buy the team last year, but his bid fell through when he was unable to secure the finances and investors he needed in time to meet a deadline with Glendale on a lease-agreement deal.