Tonight at midnight is the deadline for former San Jose Sharks CEO Greg Jamison to come up with the money or the investors to buy the Phoenix Coyotes in a sweetheart of a deal. According to several main stream media members, Jamison is unlikely to have either in place, ultimately failing to get a deal done with the city of Glendale.
It’s unfortunate that Jamison’s bid to buy the Coyotes will fall through given the details of his proposed bid. Jamison had reached a deal to buy the team last November with a January 31 deadline. The deal is worth $324 million over 20 years and here’s the kicker: according to Mark Spector of Sportsnet.ca, who calls it the best potential deal in sports history, the outgoing city council voted to pay Jamison over $15 million per year for 20 years just to run the Jobing.com arena. It’s so good that the incoming council is in a state of shock that the old one actually signed off the agreement.
Now Jamison is set to watch the deadline come and go without an extension according to the new mayor, Jerry Weiers. The deal is all but off in reality meaning who ever takes the next stab at trying to purchase the Coyotes won’t have the lucrative offer on the table.
The NHL has been running the Coyotes for the past three seasons, ever since Jerry Moyes sewered the Coyotes into bankruptcy back in 2009.
With Jamison’s bid failing to meet the deadline, the mayor has said the door is now open for other potential suitors to try and acquire the team. Or, Jamison can still purchase the club but will have to present a new offer, one that will not be as financial beneficial to him from the city of Glendale.
Is this it for the Phoenix Coyotes? While the outlook is grim, it’s hard to say if another bidder will appear from the woodwork and keep the club in the desert. Part two of our Phoenix Coyotes Saga looks at the relocation options with Seattle being the first city to go under the microscope.