The Arizona Republic newspaper is reporting today that negotiations between Glendale and the most recent potential buyer of the Phoenix Coyotes are expected to go on a while longer.
City Manager Ed Beasley updated Glendale city council Tuesday on talks with the new investor, Chicago businessman Matthew Hulsizer, CEO of the options-trading firm PEAK6 Investments.
Insiders had hoped a deal with Hulsizer would be reached over the weekend, ready for a council vote on Sept. 14, says the newspaper.
But Councilman Manny Martinez confirmed that the preliminary lease agreement wouldn’t be in place by then.
"Negotiations are ongoing," he said. "It won’t be finalized between now and then."
Glendale owns and leases Jobing.com Arena to the Coyotes to pay off the city’s $180-million investment to build the arena in 2003. Any Coyotes buyer must reach a new lease deal with the city before seeking National Hockey League approval to assume ownership of the team.
The NHL bought the team out of bankruptcy last fall for $140 million. Ice Edge Holdings, a group of American and Canadian investors, pursued the team for more than a year but ran into a disagreement with Glendale over proof of financing in July.
The Free Press has reported a Winnipeg group is interested in bringing the NHL team to Winnipeg if the Arizona deals fall through.