Jamison lacks cash to buy Coyotes: Report

Former San Jose Sharks CEO Greg Jamison speaks to the media after NHL commissioner Gary Bettman...

Former San Jose Sharks CEO Greg Jamison speaks to the media after NHL commissioner Gary Bettman announced that the league has reached a tentative sale agreement of the Coyotes to a group led by Jamison in Glendale, Ariz., May 7, 2012. (DARRYL WEBB/Reuters)

QMI Agency

, Last Updated: 9:23 PM ET

Greg Jamison, the prospective owner of the Phoenix Coyotes, has not raised enough money to buy the team, sources have told Forbes.

Jamison is having a tough time getting the cash together to complete the $170-million purchase because investors doubt the potential to make a profit -- even with a $15-million-a-year taxpayer subsidy.

City council will vote Friday on a deal in which Glendale, Ariz., would sign a 20-year management and lease deal and pay Jamison $15 million annually.


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