An ownership group led by former Sharks CEO Greg Jamison is "again moving closer to buying the Phoenix Coyotes hockey team and keeping it in Glendale," according to Mike Sunnucks of the PHOENIX BUSINESS JOURNAL. The Glendale City Council "met in a private session Tuesday to discuss three bidders interested in buying the Coyotes" from the NHL. The city is "moving forward with Jamison's group as the preferred bid, and is looking to work out an arena lease deal in the next few weeks." A source said that the Coyotes' lease "will be structured to avoid legal and political challenges from the Goldwater Institute watchdog group." Glendale city officials "also looked at two other possible bids for the Coyotes." One from a "Canadian group and another cash offer from an international investment group" (BIZJOURNALS.com, 4/11). Glendale Mayor Elaine Scruggs said that the city council "instructed staff to continue negotiating with Jamison but not the second group." Scruggs said information on the latter group "does not meet the criteria set out" by the Glendale City Council (ARIZONA REPUBLIC, 4/12). NHL Commissioner Gary Bettman said of the Coyotes sale, "We're not setting a timeline. We're dealing with it, and we're continuing to pursue a solution and reach a point where we conclude we can't reach a solution, we'll deal with it. But we do hope we can reach a solution so that the timing will become irrelevant" (ESPN.com, 4/11).
OASIS OR MIRAGE? The GLOBE & MAIL's David Shoalts wrote, "Along with the playoffs, an annual rite of spring in the NHL in recent years is wondering about the fate" of the Coyotes. There is "no real money man in sight and no sign either prospective buyer is willing to cover the annual losses, which are north" of $25M. Shoalts: "It also looks like Jamison's plan involves buying Jobing.com Arena from the city along with the nearby Westgate City Center mall, which is in bankruptcy." That plan, "no doubt, is to buy both for a song, which is a difficult prospect for Glendale, which borrowed" $180M to build the arena. Glendale "has to have a new budget in place by June, so hockey fans in Quebec City and Seattle can get their hearts racing in the last few days of May" (GLOBEANDMAIL.com, 4/11). In a Q&A with Bettman, the GLOBE & MAIL's Roy MacGregor asked if the fact that the Coyotes "have made the playoffs" this season would make the "troubled franchise any more attractive?" Bettman answered, "It's nice to see for the fans in Arizona. But it's more complicated than just the team's performance. I think it makes it at first blush more attractive, but it's much more complicated from a business and financial standpoint than just how well the team is playing at any particular time" (GLOBE & MAIL, 4/12).
