New owner’s deal to buy Coyotes unlikely to be finished before lease agreement deadline

GLENDALE, Ariz. – A league official tells The Associated Press that prospective owner of the Phoenix Coyotes is unlikely to complete a deal to buy the team from the NHL before a lease agreement with the City of Glendale expires.

Barring a last-minute change, former San Jose Sharks CEO Greg Jamison won’t have the money or investors in place to meet the midnight Thursday deadline for the lease agreement, the official says on condition of anonymity because he wasn’t authorized to discuss the situation.

Jamison reached a 20-year, $324 million lease deal with Glendale last year that was reworked in November.

The Coyotes have been run by the NHL since the previous owner took the team into bankruptcy in 2009.

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