Phoenix Coyotes sale: Greg Jamison can't secure funds to buy the team before deadline, according to report

Christian Petersen

Greg Jamison reportedly does not have the necessary funds to purchase the Phoenix Coyotes.

Prospective Phoenix Coyotes owner Greg Jamison will not be able to secure the necessary funds to complete the purchase of the franchise from the NHL prior to the Thursday deadline of the lease agreement with the City of Glendale, according to a report by Scott Burnside of ESPN.com.

Glendale had agreed to a 20-year, $300 million lease agreement with Jamison to run the city-owned Jobing.com Arena. However, a stipulation of the deal was that Jamison had to complete the purchase of the Coyotes by Jan. 31.

With the arena deal in place, several reports detailed that it was the final hurdle in the process.

Of course, a minor issue to the extended saga has been Jamison's inability to secure the reported $170 million to actually buy the team.

Mayor Jerry Weiers has previously stated that an extension will not be provided on the lease agreement, with the deal being voided after Jan. 31. According to Burnside's report, another group has positioned themselves to purchase the team and could begin negotiating a lease agreement with the city as early as Thursday.

The deal was highly controversial, with many in Glendale displeased with its parameters. Whether the city would offer as much a second time remains to be seen.

Burnside's report conflicts with a report on Tuesday, which stated that Jamison would close the deal on either Wednesday or Thursday.

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