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Closing Bell

Coyotes Employees Assured Sale Of Team Will Close On Time

Coyotes employees are being reassured that the sale of the team to Renaissance Sports & Entertainment "will close before a Monday deadline." The group "needs to close by Monday" to receive a $225M arena deal from the city of Glendale. Backers of the deal said that the NHL BOG "could vote on the Coyotes sale today or Monday and that the deal is ready to close." Other sources said that the deal "still is being finalized and financing shored up to close before the deadline" (BIZJOURNALS.com, 8/2).

The Phoenix Business Journal has reported on a series of financial issues and missteps associated with the protracted Coyotes sale process. Daryl Jones, a partner in RS&E, tweeted, "Hearing rumors the Phoenix Business Journal is having financing issues. #sarcasmalert" (TWITTER.com, 8/2).

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