Prospective Coyotes co-Owners Wayne Gretzky and Steve Ellman were given an extension until February 15 to complete an $87M purchase of the Coyotes from outgoing Owner Richard Burke. The deal had been expected to close on December 31 (NHL). In Phoenix, Bob McManaman reported that part of the "problem ... stems from the Japanese bank [Sumitomo] from which Ellman secured" a $60M loan. League and team execs said that the extension "may require Ellman to get financing" for $20M of the loan from another source. But Ellman said that securing the $20M "won't be a problem" (ARIZONA REPUBLIC, 12/28). In N.Y., Larry Brooks wrote that the Coyotes deal is "on the brink of collapse" after Sumitomo "pulled $20M off the table." Brooks: "If the league is unable to locate other lending institutions willing to bridge the gap of nearly a quarter of the $87M purchase price ... then the Coyotes and the Phoenix market are essentially history" (N.Y. POST, 12/31). Brooks writes today, "The league intends to exhaust all options in order that the sale be effected and that Gretzky not suffer through any more unjustified embarrassment." Brooks adds that the NHL and Ellman "believe that they now might be able to close" the deal within ten days (N.Y. POST, 1/3).
