Report: Group Nearing Agreement To Purchase Phoenix Coyotes
(1090 The Fan) – A day after a committee of NBA owners shot down the application for the Sacramento Kings to relocate to Seattle, it looks as though Seattle’s hopes of snagging an NHL franchise in turmoil could be slipping away.
The NHL is reportedly nearing an agreement with a potential ownership to sell the Phoenix Coyotes, according to cbssports.com. A purchase agreement could be in place within next week.
Fox Sports Arizona reports Renaissance Sports and Entertainment — a group focused on keeping the team in Arizona — is working on ways of buying the Coyotes and making the team a more financially stable franchise. There is reportedly a business plan in place that focuses on increasing ticket sales, season tickets, corporate sponsorships, suites, realigned partnerships and proper expense management to essentially “break even.” The Coyotes are rumored to have lost up to $15 million last season.
The news potentially affects investor Chris Hansen’s quest to build an arena in the SoDo neighborhood because the financial implications of the arena deal. He’s encouraged to secure both an NBA and NHL franchise — that way he gets substantial help with the construction and operation costs of a new sports complex. With just an NBA team, King County would only contribute $5 million to the project.
NHL fans in our area shouldn’t get discouraged, though. During last year’s Stanley Cup playoffs, the league announced it was working with former San Jose Sharks CEO Greg Jamison to complete a similar deal, but it ultimately fell apart.
The NHL has owned the Coyotes since 2009 when former owner Jerry Moyes declared bankruptcy.
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