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Report: Jamison still seeking financing to purchase Coyotes

Jan 7, 2013, 4:12 PM EDT

Greg Jamison Getty Images

Almost immediately after a tentative CBA was reached Sunday, it was reported that Greg Jamison’s investment group was on the verge of announcing that it had finally purchased the Phoenix Coyotes from the NHL.

Today, deputy commissioner Bill Daly told TVA Sports that the league still expected the deal to close by the end of the month and that a sale price had been agreed on.

But as we’ve said numerous times throughout this saga, nothing’s done until it’s done. And according to the Phoenix Business Journal, Jamison is still pulling together the required funds.

That includes some possible financing help from the National Hockey League, which has owned the Coyotes since 2009, according to officials familiar with the potential sale.

If Jamison ends up closing (with a loan from the NHL or however), it will be interesting to see if the Coyotes can make a go of it in the desert. The new CBA will help challenged markets, but even with a smaller cut of revenues going to the players and increased revenue sharing, the rich clubs could still drag teams like the Coyotes into a game they can’t afford to play.

Related: Jamison reportedly traveled to Middle East in search of Coyotes investors

  1. jernster21 - Jan 7, 2013 at 4:39 PM

    This makes no sense to me. If they’re struggling to even BUY the team how do they plan on financing the continuous operation of it especially considering the team has never (and likely never will) made money.

  2. guitarmy204 - Jan 7, 2013 at 4:51 PM

    Big Surprise.

  3. esracerx46 - Jan 7, 2013 at 4:52 PM

    What a joke this team has become….Well I guess they always have been a joke. Ever since they moved to Phoenix and had those gaudy uniforms. I’m looking for financing to buy the Bears, White Sox, Bulls and White Sox but I haven’t found anyone willing to give me the money. I guess me and Jamison are in the same boat as owning a franchise is just a pipe dream. He’s just a few million closer.

    • wingsdjy - Jan 7, 2013 at 5:07 PM

      I guess I’ll be that guy and ask why you would want to buy the White Sox twice?

      • lewdood - Jan 7, 2013 at 6:33 PM

        Because you have to buy Sox in pairs?

  4. jaybird22seven - Jan 7, 2013 at 4:53 PM

    He could have saved some time and gone to Quebec. There is some investors their that would love to own an NHL team. Right Gary?

  5. kitshky - Jan 7, 2013 at 4:59 PM

    Can you imagine how profitable this team would have been, and how much money the NHL would have saved if Balsillie had owned it the last half decade?

  6. atwatercrushesokoye - Jan 7, 2013 at 6:33 PM

    Anyone who thinks this is going to end any other way than badly in Glendale is sadly mistaken. Buying the team is one thing but then you have to have the money to pay players, club employees, building staff, interest payments on money borrowed etc. Not sure why this guy wants this team so badly (and it’s annual $20+ million losses) when he doesn’t seem to have any ability to pay for it. Did the Glendale city council do any due dilligence on him before they decided to hand him a check for $320 million?

  7. mclovinhockey - Jan 7, 2013 at 6:55 PM

    So the league isn’t making enough money to go around which caused Gary to enforce a lockout… Now the league aka Gary is doing everything to keep a team losing 20 mill a year? People say not to blame bettman but how can you not blame him since teams like this caused the lockout?

  8. ron05342 - Jan 7, 2013 at 8:00 PM

    “Report: Jamison still seeking financing to purchase Coyotes”

    Of course he is.

    Because if he already had the financing, he would purchased the team already. He’s had five weeks to do it, after all.

    And now, he will be able to, because as was written above, the NHL is willing to give him a loan.

    Let’s see, the purchase price has been reported at $170 million. So, I am assuming the league is going to loan him about $169,990,000, and some idiot bank will probably front the other $10,000 for him.

  9. bcjim - Jan 7, 2013 at 9:07 PM

    Totally ridiculous. I should have made an offer. I could scrap together as much cash as him it sounds like.

    Dont you need a certain “net worth” to be a pro sports team owner?

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