The potential sale of the Phoenix Coyotes has reportedly fallen through.
Scott Burnside of ESPN.com reports that Greg Jamison, previous CEO for the San Jose Sharks, has not produced enough financial means with which the purchase could have been made. As a result of this failure on Jamison's part, a lease with the City of Glendale is set to expire on Jan. 31.
A separate group of investors is prepared to step into the void created by Jamison's failure to produce the money he repeatedly insisted he would deliver to complete the deal, but the question is whether Glendale officials will agree to extend the lease agreement to a new group given that it was Jamison who negotiated the terms of the highly contentious lease deal.
This doesn't mean the Coyotes' future in Arizona is over completely. Jamison's problems have, though, made it more difficult for both the team and city to ensure the franchise stays where it is.
On the bright side, Burnside reports that Glendale Mayor Jerry Weiers might be very willing to work to keep the team in the Phoenix/Glendale area. The only issue is that the new lease with the city just wouldn't be as financially kind as the previous one.
That new agreement will be critical in keeping the team where it is.
Should the city and new owners fail to reach any sort of long-term lease, that would mean the relocation of the franchise.
The Coyotes have been an organization in backroom turmoil. Previous owner Jerry Moyes put the team in massive financial trouble, and he was forced to relinquish ownership of the team.
As a result, the NHL has owned the team for almost four years now, with the intent to find new long-term owners.
With plenty of other cities willing to be new destinations for the Coyotes, it's imperative that the franchise sort out its issues.