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Greg Jamison’s bid to own Phoenix Coyotes ending in failure?

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by Greg Wyshynski / Puck Daddy

“Who were the money men?”

That’s been the refrain whenever Greg Jamison has spoken about his ownership bid for the Phoenix Coyotes, and whenever the NHL has publicly backed his efforts. Commitment is great. Enthusiasm is great. Navigating the murky local political waters in Glendale is great.

But did Jamison actually have the funding to close this deal, ahead of a Jan. 31 deadline for the current lease agreement?

No, he didn’t, according to multiple reports. Craig Morgan of Fox Sports Arizona cites multiple sources is reporting that Jamison has been “unable to assemble the money and investors” to close the deal, and that his bid to buy the Coyotes could be over when the deadline passes.

Scott Burnside also reports the bid doesn’t have the funding, and that a new group of investors is moving in to salvage the deal:

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.

The league has established no deadlines in relation to selling the team, although it's clear a lease agreement between potential buyers and the city is integral to keeping the team in Arizona.

"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. If this new group and the city cannot come to an agreement on a lease agreement it likely would be the final act in the long drama that has been the Coyotes' ownership sage.

And what a drama.

This saga stretches back to May 2009, when owner Jerry Moyes placed the Coyotes into bankruptcy, allowing Research In Motion co-founder Jim Balsillie to purchase the team for $212.5 million and get around the approval of the NHL to make the sale.

A court battle raged through the summer and finally saw Balsillie drop out of the bidding for the team in September after the court rejected both his bid and that of the NHL to own the team. Two months later, the NHL purchased the Coyotes for $140 million at auction.

Then came a parade of potential buyers. Ice Edge Holdings, an investor group that sought to play some Coyotes games in Canada, couldn't close a deal. Matthew Hulsizer, a Chicago-based businessman, nearly had a deal but local politics in Glendale forced him to pull his bid. The NHL had Jerry Reinsdorf in the mix at several junctures, before Jamison stepped to the plate.

Now … another ownership group steps up.

Meanwhile, Seattle, Quebec City and the folks building an arena in Markham, Ont. watch intently.

Feeling for you, Coyotes fans. This stinks.

or does it?

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A comment found here stated:

Just watching Prime Time Sports and John Shannon (who’s very plugged into the NHL inner circle) revealed that Jamison had possible investors but they backed out because Jamison refused to put in any money himself. He also said it’s believed Jamison is worth less than $5 million dollars.

However he did say he thinks the Coyotes aren’t going anywhere, and that possible owners might come out next week, one name mentioned was Jim Treliving.

Daly quote "“Regardless of what may or may not happen tonight, the Coyotes will still be playing here tomorrow and our objectives will remain the same”

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@DaGreatGazoo I don't know *any* other major sports league that would drag this on for 4+ years, what a JOKE!!! At this point, it's getting embarassing for Bettman and the league. Gary's true inability to admit a mistake is shining through, once again. He'd rather have the leagues rep dragged through the mud than admit he made a mistake, and that's exactly what is going on now. The other owners must be pissed, with so many viable options on the table.....sickening is the word that comes to mind.

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Coyotes Statement Regarding Ownership Situation

Friday, 02.01.2013 / 10:00 AM / News

Phoenix Coyotes

GLENDALE, ARIZONA --- Phoenix Coyotes President and COO Mike Nealy has issued the following statement regarding the Coyotes ownership situation.

“Today, we were informed by the National Hockey League that Mr. Jamison was unable to close on his purchase of the Coyotes. Mr. Jamison will continue to work with the NHL and the City of Glendale to close a deal that will keep the Coyotes in the Valley. Although there is no set timetable, hopefully it will be soon. The Coyotes will continue to be owned by the NHL and nothing changes for our organization. We will work hard on and off the ice to provide our fans with a winning team that they can be proud of. We would like to thank all of our great fans and corporate partners for their incredible patience and loyalty throughout this process. We know it's been difficult and we appreciate their support.”

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