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Report: Jamison can’t come up with enough capital for Coyotes sale

Jan 30, 2013, 9:01 PM EDT

Greg Jamison Getty Images

One prominent report asserts that Greg Jamison will close on the Phoenix Coyotes sale by Thursday’s friendly lease agreement deadline, but ESPN’s Scott Burnside quotes multiple sources who believe that he can’t raise the capital needed to do so.

That could lead to Jamison being ousted from the deal-making altogether, with a new group of investors reportedly primed to step in, according to Burnside.

New Glendale mayor Jerry Weiers has stated that he won’t extend the offered lease agreement* beyond tomorrow’s midnight deadline, opening the door for that new group to possibly discuss a revised agreement.

The new ownership group, which, according to sources, has arranged for financing that would allow for the purchase of the team from the league at a reported price of $170 million, is hoping to discuss parameters for a new lease agreement in the next few days, perhaps as early as Thursday.

Burnside notes that Weiers would likely ask for a lease agreement that’s more beneficial to Glendale than the one on the table for Jamison right now.

The NHL offered a vague reaction to the latest proceedings.

“It’s still a work in progress, and we’ll see how the week plays out,” NHL deputy commissioner Bill Daly told ESPN.com on Wednesday morning.

It’s been a lengthy process, but Burnside reports that relocation would be the likely result if Glendale cannot work something out with Jamison or the new group. To paraphrase Daly, we’ll need to wait and see what happens, with tomorrow potentially carrying big news.

* – Weiers wasn’t on the city council at the time it was made.

Related

Report: Jamison to close Coyotes sale Wednesday or Thursday

Weiers won’t offer lease agreement extension

Glendale officials have no idea if Jamison can complete the deal

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