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Report: New Coyotes buyers’ finances being questioned

Jul 31, 2013, 10:21 PM EDT

Phoenix Coyotes v Anaheim Ducks Getty Images

It’s never not interesting off the ice for the Phoenix Coyotes.

Mike Sunnucks of the Phoenix Business Journal reports that some financing for the deal to sell the team to Renaissance Sports and Entertainment (aka: Ice Arizona) has fallen through.

Sunnucks cites two sources close to the situation who say funding has either not been finalized or has been dropped completely from the deal. The group has until August 5 to finalize the purchase.

One member of Ice Arizona is hedgefund investor Daryl Jones and he responded to Sunnucks’ story on Twitter to set the story straight in his own way.

Craig Morgan of Fox Sports Arizona backs up what Jones said reporting that the deal is still on track to be completed by Monday’s deadline. It was reported over the weekend that the NHL Board of Governors would approve the sale this week although that’s yet to happen.

  1. jimw81 - Jul 31, 2013 at 10:27 PM

    please move them to seattle after this season.

    • imleftcoast - Aug 1, 2013 at 11:16 AM

      And that’s the sound of the other shoe dropping. Who will Gary Bettman blame or will he pretend it doesn’t exist? Past practice, indicates he will take the latter route.

  2. thailer35 - Jul 31, 2013 at 10:46 PM

    Not that I haven’t worried about this as a possibility (see Greg Jamison) but something tells me Sunnucks is just grasping at straws. Unnamed sources saying 2 potentially different things? Doesn’t sound legit to me.

  3. esracerx46 - Jul 31, 2013 at 10:49 PM

    Hahahahahahahahahaha……theirs always just a wee bit of truth to every rumor. With the way this saga has gone on, I dont think this report is “categorically wrong”. That doesnt mean its 100 percent accurate. I do find the timing of this report rather curious with the report yesterday on how the NHL was looking into expansion in the Seattle market.

  4. esracerx46 - Jul 31, 2013 at 10:52 PM

    To Daryl Jones, kudos to you trying to make hedge fund manager sound way more fun and interesting and adolescent than it really is. Nice twitter.handle, quit trying to be 16

    • withseidelinn - Aug 1, 2013 at 12:31 AM

      I would gladly be a hedge fund manager any day of the week…..

  5. endusersolutions2013 - Jul 31, 2013 at 10:55 PM

    This highlights the foolishness that is city entanglements in sports franchizes. Glendale has a big stadium they likely have a load of debt in. Detroit is going bankrupt, SERIOUS population decline (the tunnel operator is in chapter 11 now because of low traffic volume to/from Detroit), yet Detroit wants to help fiunance a new WIngs stadium.

    Either a franchize makes sense in a city and can stand on it’s own, or it can’t.

    All Obama’s attempts to “stimulate/grow” the economy have just proped up the stock market while radically increasing debt AND seriously devaluing the $. For example, the dollar lost 35% of it’s value during his 1st term.

    No, this is not a republican rant (I’m a serious independant). I’m just trying to point out another example of why govt messing with private business typically defies the intentions and heads south, with long term consequences.

    • nj666 - Jul 31, 2013 at 11:00 PM

      Yeah this Coyotes fiasco really is Obamas fault when you get down to it…

      • esracerx46 - Jul 31, 2013 at 11:16 PM

        Thats not the point of the argument here. Look at the Florida Panthers and how they want a new jumbotron. Look at the Islanders and Nasseau. Look at the Rays and Tropicana field. Look at Wrigley Field. Wrigley is privately owned and the owner has said he is willing to pay a fortune to renovate and build a hotel and improve Wrigley from the dump that it is so you dont have to worry about concrete falling on your head. Yet when government gets in the way and wants a say… everything takes longer and is far more messy. Non-sports related topics is the same way. Companies like GM and Dodge should be allowed to fail. Someone will buy the assets, re-organize and come out with a better more profitable product. Look at hostess/ twinkies as a prime example. If government didnt get in the way of the Keystone pipeline, do you think that railroad car full of oil would have burned down that town in Quebec? No, its far more efficient to pipe it down to Texas than it is ship ot via railroad. Government should stay out of private business, and that absolutely includes sports.

      • joey4id - Aug 1, 2013 at 9:15 AM

        esracerx. Are you trying to tell us that all corporations care about the effects they cause on the environment and the population? i.e. Bhopal disaster is just one example and there are more

      • endusersolutions2013 - Aug 1, 2013 at 9:29 AM

        Bringing in Bhopal is absurd. The issue there was 3rd world corruption – contractors doing their part on the total cheap. In the USA, not only is is a somewhat different mindset, business know that if they do that, they’ll be facing not only criminal exposure, they’ll also be facing hordes of the most vicious sharks on the planet – trial lawyers.

      • joey4id - Aug 2, 2013 at 5:29 PM

        endusersolutions2013 , unless you’re Haliburton. Right? Or HSBC who laundered millions of dirty money. Who needs gov’t regualtions? “The market will work itself out”. We all saw how well that worked out. Corporations are more corrupt than organized crime organizations.

    • esracerx46 - Jul 31, 2013 at 11:01 PM

      This…..and you’re a Hawks fan.

      • nj666 - Aug 1, 2013 at 11:43 AM

        Kaptian america should realize that the “spying scandal” and the sharing of information had been going on long before obama…

      • nj666 - Aug 1, 2013 at 11:44 AM

        whoops..

    • phillyphanatic77 - Aug 1, 2013 at 12:23 AM

      I love how fiscal conservatives think they can somehow justify their rhetoric as non-partisan by simply saying “don’t worry, I’m independent.” Like that somehow magically makes their argument valid. First off, the dollar was devalued so much during his first term because we were stuck in a blackhole called a recession. A financial crisis bordering on a depression. There was zero faith in domestic markets bc the housing bubble had just burst, which caused a chain reaction of destruction. And it was not just America, the entire world lost faith, devaluing the dollar immensely, and in turn wreaking havoc on the global marketplace. It wasn’t just the dollar losing value, it was currency across the world.

      I can understand not wanting the city of Detroit to finance a new arena when they’re drowning in debt. That makes perfect sense. But a 100% laissez-faire government attitude towards the private sector does not work. That has been proven time and again. All it does is create more and more disparity in the distribution of wealth. That’s what happened in the 20s leading up to the great depression and that’s what we’ve seen over the past 10-12 years. Hands off govt can work sometimes but it’s not fullproof. Letting the private sector run wild does not create nationwide prosperity. There’s no such thing as trickle down economics. I agree that there are major issues with local govt financing sports franchises- Dade County stands to lose absurd amounts bc the Marlins swindled them into paying for their stadium, before the owner sold off all his talent and the proceeds went back into his pockets. It’s a mess. But that is not a universal truth when it comes to govt intervention. I know “Independents”, like yourself, believe in pure capitalism, social darwinism, small govt, etc… but that is not always the answer.

      • dueman - Aug 1, 2013 at 8:28 AM

        Very well said…

      • kaptaanamerica - Aug 1, 2013 at 8:35 AM

        Why is it that left wingers always argue for wealth distribution? Why distribute wealth? Why not create an environment for unlimited wealth creation.those who live in a merit based system will improve their circumstances and those who don’t won’t. Wealth distribution is an enemy of wealth creation and government doesn’t create wealth. The only thing government should be doing is ensuring a level playing field for companies to compete and not picking winners ands losers.aside from that ensuring consumers are protected from unfair business practices and fraud.

        Obama is well on his way to regulating every last thing in US society.you think the spying scandal is bad, wait until they combine all the health information they gather on you under Obama care with your phone and travel and other information.they’ll know everything about you including when you fart or how many times you go no.2… that’s the left wing socialist totalitarian way.. enjoy it suckers… you got fooled twice. 1984 here we come…

      • phillyphanatic77 - Aug 1, 2013 at 2:39 PM

        Paranoid much kaptaanamerica? I’m not for redistributing wealth, I’m for a fair distribution of wealth. Meaning there shouldn’t be an ever growing wealth gap as the rich get richer and the poor get poorer. Because, despite what conservatives ALWAYS say, when the “job creators” (hilariously vile term) are prospering it doesn’t magically trickle down to the people losing their jobs and struggling to keep their families afloat. What has always kept the American economy prosperous is a strong middle class. But, because of complete and total deregulation over the past decade, the middle class is drowning. Companies made more money but none of it went back into the business for health care, new technology, raises, no, it went into the pockets of the executives. When the wealthy are thriving it doesn’t help anyone but the people at the top. Banks were able to run wild, handing out huge loans to ppl who couldn’t afford them, all so they could hoard their wealth, and it essentially crashed our economy. Pure capitalism or social darwinism sounds great to the ppl who start out on top, but it creates an environment where there’s almost chance to advance past the means you’re born into. And that’s what we see today. You right wingers are so concerned with ppl milking the social safety net, abusing welfare, etc, but it wouldn’t be such a drain on the country if we gave those ppl the means to advance out of the lower class. Instead they’re chastised, with racial overtones, as leaches.

        As for PRESIDENT Obama regulating everything… it’s a paranoid fantasy. I can’t justify some of things the President has done in these scandals but I will say that the things he’s doing are nothing new. If you think the Dept of homeland security, under Bush, wasn’t keep tabs on many Americans than you’re beyond naive. And those in power on the right have been trying to drum up as many scandals as possible to take the Pres down since he entered office. Benghazi was terrible, but it’s nothing new… Republicans weren’t calling for a single investigation when 50 some Americans were killed at assorted consolates and embassies under Bush. The whole, “Obamer’s trying to take my guns!”, was a panic created by the gun lobby. It was done for the sole reason to drive up gun sales. And guess what? It worked. If you don’t believe me, just lookup the number of firearms sold and you’ll see astronomical record sales. And the funny thing is, even if the Pres wanted to take ppls guns he wouldn’t have been able to cuz we have a do nothing Congress that blocks everything, even the sensible legislation. Fox News and those in power on the right want America to believe that Pres Obama is abusing his power, doing things no other President has ever done. But that’s BS. It’s done to scare ppl like you into thinking the President is some Kenyan, Socialist, dictator, spy, working for the Muslim Brotherhood. It’d be almost funny if it wasn’t so disturbing.

      • kaptaanamerica - Aug 1, 2013 at 6:08 PM

        The middle and lower classes don’t benefit because in times past poor Americans were able to find minimum wage jobs where they’d work two jobs to make enough for their families.with illegal immigration those odds jobs and other minimum wage jobs are out of reach for poor blacks and whites and others. Without verified social security numbers which Obama opposes for every employee some companies get away with hiring illegals. Obama isn’t the only president who has squandered American wealth but his claims going into office were the most grandiose so he should be held to account against his claims.one of which was to be the uniter in chief instead of the divider that he’s become.

    • clefty1 - Aug 1, 2013 at 9:49 AM

      There are still around 3.5 million people around the metro Detroit area. Illitch is also putting up 250 million of his own money and there is also money coming in from the private sector

  6. tru2joelu4eva - Aug 1, 2013 at 12:57 AM

    since we’re back to talking about this i decided to go mulling about the ska st. petersburg and khl websites and stumbled across this gem.

    http://en.khl.ru/news/2013/07/19/25188.html

    enjoy.

  7. tdrusher225 - Aug 1, 2013 at 12:59 AM

    This is getting ridiculous. At this point I couldn’t care less what happens, which says a lot because for the entirety of this whole fiasco I desperately wanted them to move the franchise out of that pathetic hockey city. But it’s not worth all this fuss. Would still love to see a team in an actual hockey market, but enough with the theatrics.

  8. blomfeld - Aug 1, 2013 at 1:14 AM

    MISTER BETTMAN … TEAR DOWN THIS WALL !

    Friends, for many years now the ‘lies and deceit’ associated with the financial ‘travesty’ known as the Phoenix Coyotes has amounted to nothing short of a ‘wall of deceit’ … a wall in fact, which makes the Great Wall of China look some picket fence! So like many of you I’m sure, I too am now ‘completely’ sick and tired of hearing about this ‘parasitic’ franchise and it’s false hopes of securing a new owner, etc. There comes a time when ‘enough is enough’ and I would submit to you friends that ‘now’ is such a time. Therefore, let it be that comrade Bettman now enacts the following manifesto with unprecedented ‘speed’ and unrestrained’ prejudice, God willing … :

    1) the ‘immediate’ arrest of all Renaissance Sports and Entertainment officers

    2) the ‘immediate’ detention of all Coyote season ticket holders

    3) the ‘immediate’ relocation of said franchise to the Pacific Northwest

    4) the ‘immediate’ placement of Shane Doan into a mental health facility

    5) the ‘immediate’ proclamation that the LA Kings are Arizona’s new NHL team !

  9. jasonpdx2000 - Aug 1, 2013 at 3:59 AM

    People keep saying the NHL is looking at Seattle. Where would the team play? I don’t think the people of Seattle are going to vote to pay for a $500 million dollar arena if it doesn’t also include an NBA team. They original agreement to build the arena, was to have TWO permanent tenants. The NBA denied Seattle the Kings, and since no NBA expansion will be happening anytime soon, the city only has the hope that a team will want to relocate. Key Arena was deemed unsuitable for NBA games, I don’t think it would fare much better by NHL standards, either. One, it’s old. Two, it’s low capacity. If the team has to stay out West, maybe in the NBA Golden State Warriors upcoming, new arena in San Francisco? Or share the Rose Garden in Portland with the NBA Trail Blazers? Possibly, but not likely, share the AT&T Center with the Spurs in San Antonio? Share the Toyota Center with the Rockets in Houston?

  10. jacketsfan7 - Aug 1, 2013 at 7:26 AM

    They have a chl team , they’d play there
    Only problem is the capacity

  11. jacketsfan7 - Aug 1, 2013 at 7:28 AM

    It only holds 6,500

  12. robnas94 - Aug 1, 2013 at 11:14 AM

    Wait so can someone please explain to me….. does this mean they may still move or no???????

  13. jwalsh217 - Aug 1, 2013 at 9:43 PM

    this might be the least uprising news of all time

  14. proudliberal85392 - Aug 1, 2013 at 10:04 PM

    kaptaanamerica: Somebody did you dirt somewhere along the way, didn’t they?

  15. serbvet1 - Aug 2, 2013 at 4:07 PM

    Maybe the Yotes should move to Miami and play in the Marlin’s new stadium. Or maybe the Yotes and Marlins should both move to Portland, Quebec or wherever because “no one goes to the games” and these cities are both great markets who support their team.

    Deal is done. Live with it! Go Yotes!!!!!

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