Coyotes’ investor and lease issues reportedly resolved, except for investor and lease issues

Could it be? Could it actually be? The Phoenix Coyotes might actually be … sold?

A source confirmed to Tuesday evening that suitor Greg Jamison, the former president and CEO of the San Jose Sharks, has finally arranged financing that would allow him to purchase the team from the National Hockey League for $170 million, and that any issues with the lease agreement between the City of Glendale and Jamison’s investors for Arena, where the Coyotes play, are expected to be resolved by the end of September.

It’s hard to believe it, but after years of bankruptcy court and failed sales and other shenanigans, it looks like the Coyotes (and the city of Glendale) might finally be able to put behind them all the toying with Jerry Reinsdorf and Ice Edge and—

But the Phoenix Business Journal has learned from multiple sources that partners from Ice Edge Holdings LLC could be part of the Jamison investment group.

Oh. Well, anyway, it sounds as if whoever the investors are, at least Jamison and the city of Glendale have resolved their differences over the $200 million lease subsidy agreed to back in June—wait, what’s that?

Prospective Phoenix Coyotes’ buyer Greg Jamison isn’t too keen on changing a 20-year, $300 million arena already approved but not finalized by the city of Glendale.

And any material changes to that arena deal by Glendale will require a new City Council vote, according to officials familiar with issue. That means if the city tries to rework the payment timetable, amounts and structure, it will likely require a fresh vote from the Glendale council.

You know what? I’m going back to sleep. Wake me when somebody’s actually signing contracts.

One comment on “Coyotes’ investor and lease issues reportedly resolved, except for investor and lease issues

  1. Neil; as announcements go, this one is weak even by NHL standards.

    Maybe Jamison has arranged financing (and thus may have enough capital from *somewhere* to float whatever financing he has arranged, at whatever interest rate a high risk investment like this will carry…). But we are still a long, long way from anything like a ‘done deal’ in this fiasco.

    Glendale council may have held off signing the lease agreement in order to request changes. Or they may simply have done so secure in the knowledge that Goldwater would challenge the agreement the second it was signed and put into force (thus making Mr. Jamison’s exhaustive and expensive search for financing and partners more difficult).

    Of course, if the lockout begins in 10 days and continues indefinitely (for five or six seasons at least), its possible that Jamison could actually turn a tidy profit on this deal. That’s really the issue here, even with the subsidy, he can’t make money. So his only hope is to buy the team and then hope the NHL doesn’t play. Does the lease subsidy have a clause relating to games actually played??? Not sure.

    This great revelation hasn’t changed my view that this deal is unlikely to be consummated.