The City of Glendale will not be granting prospective Phoenix Coyotes owner Greg Jamison an extension to finalize the deal to buy the team, according to city mayor Jerry Weiers in a report by Jim Cross on Tuesday morning.
The City of Glendale passed a vote on a proposed 20-year deal that would pay Jamison close to $300 million to manage the Coyotes' current home, Jobing.com Arena, which is owned by the city. The deal was contingent upon Jamison completing the purchase of the team prior to Jan. 31.
Jamison has been working to purchase the team for over a year. With the situation continually hitting speed bumps along the way, the arena deal was seen as the final hurdle to keep the Coyotes in Glendale.
On Monday, Jamison stated that an announcement would be coming prior to the end of the week, via azcentral.com:
"There's a lot happening. We're moving forward. There will be an announcement before the end of the week.
"There are a lot of moving parts. It's very difficult to explain how many moving parts there are to put it all together. Rather than constantly going into that with people - people are a little tired of hearing that - I think they would just prefer to have an announcement, one way or the other, at an appropriate time."
With the deadline coming on Thursday, it does seem logical that some kind of announcement will be made.
If it is not detailing the purchase of the Coyotes, Mayor Weiers doesn't seem too interested in continuing business with Mr. Jamison and doesn't plan on keeping the 20-year, $300 million arena deal on the table, via KTAR.com:
"If he doesn't put the deal together, we won't go down that road again with him. Obviously, if we can keep the Coyotes here under different circumstances and without that same deal it is certainly something I would like to push forward with."