Report: Pastor group bid for Coyotes submitted, worth more than previous offers
May 10, 2013, 7:52 PM | Updated: 8:02 pm
It’s probably still too soon to get your hopes up, but the Phoenix Coyotes may once again be inching closer toward a resolution with their ownership situation.
According to FoxSportsArizona.com’s Craig Morgan, the group headed by Darin Pastor has delivered its bid to purchase the team to the NHL.
Morgan writes that the bid is believed to be worth more than any other to purchase the team, and would include less of an annual commitment from the City of Glendale to manage Jobing.com Arena.
The group also wants an option to purchase the arena, as well as an out-clause after five years.
Pastor was in Scottsdale on Friday meeting with representatives of Kutak Rock LLP, the firm his group just retained that specializes in the municipal bond market and is expected to play a major role in brokering a deal with Glendale.
Pastor could not be reached for comment, but it is believed that the group would like to have a deal closed as soon as possible – probably in no more than a month’s time – in order to manage myriad other issues, including the expiring contracts of general manager Don Maloney, coach Dave Tippett and goalie Mike Smith.
There’s no doubt everyone — from fans, the NHL, the Coyotes and their players — would like to see this situation settled as soon as possible. But if the last four years have taught us anything, it’s that the Coyotes won’t have an owner until they actually have an owner.
