Source: Coyotes deal could get done this month
Feb 4, 2011, 11:21 PM | Updated: 11:34 pm
Glendale – The potential sale of the Phoenix Coyotes to Chicago investment broker Matthew Hulsizer could be finalized this month.
According to the Phoenix Business Journal, a source close to the situation, who asked not be identified commented that,”Everything should close this month.”
If the sale is completed, it would allow the Coyotes to remain in Glendale as opposed to moving back to Canada.
If the deal with Hulsizer were to fall apart, the NHL could decide to sell the team to a Winnipeg based group who would relocate the Coyotes back to Canada.
Hulsizer is trying to purchase the team for roughly $165 million.
The city of Glendale, in order to get the deal done, has set up a bond and financial assistance program for the Coyotes and Hulsizer totaling $197 million over six years.
The bond program and a potential lawsuit from the Goldwater Institute remain the sticking points to the deal getting done.
The National Hockey League bought the team back in October 2009 via Chapter 11 bankruptcy proceedings for $140 million.
