Is it time for the NHL to look at relocating the Phoenix Coyotes?
The league will not be selling the financially-struggling franchise to former San Jose Sharks CEO Greg Jamison before a Jan. 31 deadline with the city of Glendale, according to an ESPN.com report.
The reason? Jamison does not have the cash needed to purchase the team.
If a deal was made on or before Jan. 31, Jamison would receive $308 million over the life of a 20-year deal to manage the property under the current lease agreement he negotiated last year with Glendale.
The report also suggests a separate group of investors is prepared to step into the void created by Jamison's failure to seal the deal. Glendale Mayor Jerry Weiers would like to renegotiate the terms of the current deal with the new group of investors.
The failure to sell the team to Jamison would also open up speculation that the Coyotes could be on the move. Possible relocation options include Quebec City, Hamilton, the Greater Toronto Area, Seattle and Kansas City.
The NHL has owned the Coyotes since 2009 when then-owner Jerry Moyes filed for bankruptcy and lined up Canadian billionaire Jim Balsillie to purchase the team and move it north of the border. The league took exception and went to court where the bankruptcy judge allowed the NHL to take over the team in September 2009.