May 7, 2012, 8:36 AM EDT
We’ve been down this road before so we know how quickly things can change.
According to a report out of the Phoenix Business Journal, NHL commissioner Gary Bettman will be in Glendale today to announce the league has reached a tentative deal to sell the Phoenix Coyotes to Greg Jamison. As you know by now, Jamison is the former San Jose Sharks CEO and he’s looking to close a deal to keep the team in Arizona.
Mike Sunnucks of the Phoenix Business Journal explains that if this is the case, things are still far from being completed.
It also sets the stage for a city of Glendale vote on payments to the Jamison group to facilitate the sale and help the group absorb some short-term financial losses. The Coyotes lose $20 million to $25 million per season. The city will pay new Coyotes owners to run Jobing.com Arena.
The City of Glendale has a City Council meeting slated for Tuesday, however a vote on the deal is not on the agenda and does not appear likely to be added to the docket. The Coyotes have been in ownership limbo since 2009 and if this deal is approved and gets the OK from the Goldwater Institute (meaning they won’t try to intervene with litigation), the league’s long fight to keep the team in Glendale will have paid off.
Update (10:15 a.m. ET): Kevin Allen of USA Today confirms an announcement will be made in Arizona today.
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