June 6, 2012

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)

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.