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Financing Issues For The Coyotes Sale?

from Mike Sunnucks of the Phoenix Business Journal,

It just wouldn’t be the Phoenix Coyotes ownership saga without a few more twists and turns.

Renaissance Sports and Entertainment — the group of business executives and oilmen from Canada and Texas who aim to buy the Coyotes — has until Monday, Aug. 5, to finalize its purchase of the team from the National Hockey League.

The Monday deadline is part of the city of Glendale’s 15-year, $225 million arena deal that enables Renaissance and its Ice Arizona entities to secure financing and keep the team in Arizona.

But two sources familiar with the Coyotes deal say some financing for the sale has either not been finalized or has dropped out of the deal.

One local business executive said prospective owners are meeting with financiers and the NHL on the matter.

continued

added 8:23am, Updated story from Sunnucks,

Two local business executives familiar with the Coyotes situation earlier this week told the Phoenix Business Journal that RSE group was still finalizing financing and other parts of the deal. They also said some financing may have not been totally lined up, or needed to be replaced.

That solicited a strong denial from RSE and Ice Arizona executive Daryl Jones. Others close to the deal and supportive of it also insist the sale is on track toward completion.

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Filed in: NHL Teams, d, | KK Hockey | Permalink
 

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

Email Paul anytime at pk@kuklaskorner.com

 

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