A binational investment group is expected to complete its purchase of the Phoenix Coyotes from the National Hockey League today putting the franchise on solid ice for the first time in years. IceArizona was expected to pay the league $170 million to finish the transaction. The group is headed by Canadian businessmen George Gosbee and Anthony LeBlanc along with American businessmen Avik Dey and Daryl Jones. The sale will trigger a separate $225 million deal IceArizona reached with Glendale in July to manage Jobing.com Arena the city-owned facility where the team has played since 2003. According to the terms of that agreement the city will pay IceArizona $15 million a year for 15 years while IceArizona will reimburse the city a projected $9 million a year derived through naming rights ticket surcharges parking fees and other sources. By all indications everyone involved in the matter anticipated the purchase to wrap up as scheduled. “My expectation is that the sale to the Renaissance Group will officially close” NHL Deputy Commissioner Bill Daly wrote late Friday in an e-mail to The Arizona Republic. “The Renaissance of professional hockey in Arizona begins Monday” Jones tweeted. “The deal is still on track for Monday” Coyotes spokesman Rich Nairn wrote in an e-mail. The firm Renaissance Sports & Entertainment is predecessor and managing partner of IceArizona. The proposed owners already have been trying to appeal to a somewhat doubtful fan base with the slogan “Here to stay” which has been promoted on billboards around the Valley for the past several weeks. The slogan is a nod to years of speculation that the team could relocate.
Coyotes deal set to close today in Glendale
Arizona Republic | Aug 5