Kukla's Korner Hockey

Kukla's Korner Hockey

The Phoenix Coyotes have finally, finally been sold

08/05/2013 at 2:47pm EDT

Updated 2x at 3:28 PM: Per Fox Sports Arizona's Craig Morgan...

And the Arizona Republic's Sarah McLellan:

Here's the NHL's press release:

SALE OF COYOTES IS FINALIZED: Board Approves Transaction, Securing Future Of Franchise


NEW YORK (August 5, 2013) -- The National Hockey League today announced the sale of the Phoenix Coyotes to a group headed by George Gosbee and Anthony LeBlanc. The transaction, which closed earlier today, was approved by the League’s Board of Governors – terminating League ownership of the Club.

"The National Hockey League believes in Arizona as an NHL market and that these new owners can provide the Coyotes the opportunity to secure a stable, long-term future in Glendale," Commissioner Gary Bettman said. "We thank Mike Nealy, Don Maloney, Dave Tippett, team captain Shane Doan and all the players and staff for consistently going 'above and beyond' on behalf of the franchise during this long and complex process. We thank the Coyotes' devoted fans for their patient, perseverant support. We are extremely pleased that a positive resolution has been achieved for the fans, the city, the Coyotes and the League."

Update: the Coyotes also issued a press release...

IceArizona Finalizes Purchase of Coyotes Franchise

GLENDALE, ARIZONA – The Phoenix Coyotes announced today that IceArizona AcquisitionCo., LLC has closed on their purchase of the Phoenix Coyotes franchise from the National Hockey League. The sale and ownership transfer has been approved by the NHL’s Board of Governors.

IceArizona is a group composed of several business leaders from across North America. Renaissance Sports and Entertainment, LLC will act as the managing partner of IceArizona.

“We are extremely pleased to have finalized the transaction with the NHL and to take ownership of the Coyotes franchise,” said George Gosbee, Chairman and Governor of the Coyotes. “We extend our sincere gratitude to NHL Commissioner Gary Bettman and NHL Deputy Commissioner Bill Daly for their hard work and commitment to the Coyotes franchise and our great fans here in Arizona. We also thank the City Council members and residents of the City of Glendale for their tremendous support. Finally, to our fans and partners in the Valley, thank you for your continued loyalty, commitment and patience for the Coyotes. The future looks bright for our franchise.”

“The National Hockey League believes in Arizona as an NHL market and that these new owners can provide the Coyotes the opportunity to secure a stable, long-term future in Glendale,” NHL Commissioner Gary Bettman said. “We thank Mike Nealy, Don Maloney, Dave Tippett, team captain Shane Doan and all the players and staff for consistently going ‘above and beyond’ on behalf of the franchise during this long and complex process. We thank the Coyotes’ devoted fans for their patient, perseverant support. We are extremely pleased that a positive resolution has been achieved for the fans, the city, the Coyotes and the League.”

“We are thrilled to be taking over a team led by one of the NHL’s best general managers in Don Maloney, one of the best coaches in Dave Tippett, and the league’s longest serving and most respected Captain in Shane Doan,” said Anthony LeBlanc, Alternate Governor and pending CEO of the franchise. “The Coyotes are here to stay and we will continue to work hard on and off the ice and have a strong presence in our community. Our ultimate goal is to bring a Stanley Cup championship to our tremendously resilient, passionate and dedicated fan base here in the Valley. We have a lot of work to do and we can’t wait to get started.”

The members of the Coyotes new ownership group include the following:

• George Gosbee
• Anthony LeBlanc
• Avik Dey
• Gary J Drummond
• W David Duckett
• W R Dutton
• Daryl Jones
• Robert Gwin
• Scott Saxberg
• Craig Stewart
• Richard Walter

And Morgan reports that there will be a press conference held to introduce the new owners:

Update #2: Here's Morgan's interview with George Gosbee from Fox Sports Arizona:

“For people who aren’t used to these sorts of deals, it can become a bit of a Gong Show where every time the deal go sideways it’s off, and every time progress is made it’s a done deal; but I’m used to mergers and acquisitions -- it’s what I do,” Gosbee said. “This was a complex transaction with a lot of moving parts, but I always knew at the end of the day that it was a great deal for the City of Glendale, the team, the team of investors and the NHL. I knew we could get there.”

...

Critics have noted that IceArizona has a five-year out clause it can exercise if its losses should equal or exceed $50 million over that span, but Gosbee said those predictions don’t concern him.

“Nobody in my group talks about moving or where we would move. Half the guys have financial or real estate interests in Arizona, and some are moving or retiring down there,” Gosbee said, noting he plans to buy a home in the Valley. (His Calgary home was destroyed by recent floods.) “We think the model works, and there are lots of attributes that make Phoenix attractive. I want to own this team for the next 30 to 40 years in Arizona.”

Gosbee said there are numerous factors that make Phoenix attractive, including its quality-of-life draw to free agents, the untapped corporate sponsorship possibilities and the large population.

“In a city that big, you don’t need as big a percentage of the market share to be successful,” Gosbee said.

But there is also the reality that the new collective bargaining agreement will lift restrictions on how much shared revenue the franchise can reap. While the amount the Coyotes will receive under the new guidelines hasn’t been confirmed, Gosbee believes it is enough -- coupled with $15 million the club will receive each year from Glendale to manage the arena, as well as untapped revenue sources such as suite sales and corporate sponsorships -- that believes the team can at least break even very quickly.

“There’s not one thing you can point to, but when you add them up with stable ownership, we think this is a great situation,” said Gosbee, estimating that the team has already sold 10 new luxury suites since Glendale approved the arena-lease agreement on July 2. “Some of the things on that list can fail and we can still be successful.”

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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.

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