Coyotes Owner Richard Burke "has signed a deal that
gives Los Arcos developer Steve Ellman 45 days to buy the
team for about" $87M, according to team sources cited by
Chip Scutari of the ARIZONA REPUBLIC. NHL Commissioner Gary
Bettman is expected to make an official announcement today
regarding the sale. Sources note that Burke, who has been
in negotiations with Ellman since January, "signed an option
agreement Saturday to sell the team." The deal "would help"
AZ-based Ellman Cos. "forge ahead with" its proposed $535M
redevelopment project of the Los Arcos Mall that would
include an 18,000-seat arena for the Coyotes. Ellman would
become the team's owner but would not be in charge of its
day-to-day operations. Under terms outlined in the
agreement, the sale would involve the transfer of a $60M
loan, financed by French bank Societe Generale, from Burke
to the Ellman Cos. Ellman and a group of local and out-of-
state investors "would put up about" $17M. The remaining
$10M "would be paid out to Burke over time" with an 8%
annual interest. Meanwhile, the sources added that Paul
Allen "has proposed to Bettman in recent weeks that he buy
the Coyotes and move them to Portland." But Bettman "turned
down" Allen's request because he wants the team to stay in
the Phoenix area (ARIZONA REPUBLIC, 4/18).
