NHL rejects latest bid to buy the Coyotes

Christian Petersen

The NHL will remain the owner of the Coyotes after rejecting the latest bid for the team.

The latest attempted purchase of the Phoenix Coyotes has been rejected by the NHL, who will not consider a bid from California investment banker Darin Pastor any further. The NHL ruled that his bid did not meet the league's requirements, but the group plans on submitting a restructured bid.

"We have rejected the offer. It didn't include the elements we had previously discussed were necessary to warrant serious consideration," Daly said in an email to ESPN.

Pastor led a group of investors, most of whom were California-based investors. The group claimed to be ready to take over and operate the team immediately, but they will not get the chance to do so.

The NHL are the Coyotes' current owner and has operated the team since 2009. The league bought the team from Jerry Moyes, who took the team into bankruptcy and almost sold the Coyotes to a group that would have moved them to Hamilton, Ontario before the league stepped in to take ownership of the team.

The Coyotes have been rumored to be a relocation candidate, with Hamilton, Seattle, Kansas City and Quebec City all among the possible cities the team could head to if they moved, but the league insists that they will not move the team until they have exhausted all possible options in Arizona.

The league agreed to sell the team to a group lead by Greg Jamison last year, but Jamison missed the deadline to sign a new arena-management deal with the City of Glendale for Jobing.com Arena because he did not have the money. Now he is part of a new group, Renaissance Sports and Entertainment, that is trying to buy the team and keep them in the Phoenix area. The team is expected to be sold for $170 million.

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