Coyotes’ dope opera picking up steam

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This article was published 01/06/2013 (4823 days ago), so information in it may no longer be current.

Businesses that lose money and show little upside are a difficult sell and that’s why the NHL appears on the verge of fronting a major portion of the purchase price of the Phoenix Coyotes.

The NHL bought the Coyotes for $140 million back in 2009 and has been looking for someone to buy the team since, now at a reported price of $170 million.

A number of deals have been put together only to fall apart for a variety of issues, from legal challenges to lack of financing.

The latest group, Renaissance Sports & Entertainment, which includes Calgary businessman George Gosbee and partners Anthony LeBlanc and Daryl Jones, are working on a deal that would require very little of their own money up front.

According to Forbes, the latest purchase deal includes an $85-million loan from the NHL and would still require a generous lease agreement from the City of Glendale to fund a second loan.

The financing package would see Renaissance put forth $45 million of equity and then borrow $120 million from Fortress Investment Group (to be repaid with the management fee Glendale taxpayers will be asked to pay to have the group manage the arena), and an $85-million loan from the NHL.

The loan package would provide Renaissance with the needed funds to close the deal plus a surplus to operate the Coyotes and guard against any cash calls caused by inevitable operating losses.

The deal still hinges on a favourable lease from Glendale, but the NHL appears willing to go very far to try and close a sale.

As has been reported for some time now, no one is willing to put their own cash into the Coyotes, so the City of Glendale and its willingness to subsidize a sale is still the key to any deal.

STELLAR SHAUN: Former Manitoba Moose defenceman Shaun Heshka was named the top defenceman in the Finnish elite league this week and has signed a two-year deal to play in the KHL next season.

Heshka’s deal hasn’t been announced in Russia as of yet and he wouldn’t provide the team name, but he did say he had signed a contract.

TO BE OR NOT TO BE JETS: Prospects Zach Yuen and Austen Brassard will be signed by the Jets today prior to 4 p.m. or Winnipeg will lose their rights and the players will go back into the NHL entry draft.

Yuen was selected 119th overall in the 2011 draft and had nine goals and 34 assists with the Tri-City Americans of the WHL last season.

Brassard was taken 149th in 2011 and had 14 goals and 19 assists for the OHL’s Belleville Bulls in 2012-13.

COACHING CAROUSEL: Scott Arniel is in demand these days. Arniel is getting buzz in Vancouver and Dallas for those head-coaching vacancies. He’s also well positioned to be asked to join a staff headed up by Alain Vigneault or Lindy Ruff.

Arniel’s former Moose captain and three-time Stanley Cup winner Mike Keane is also back in the mix for a job in hockey. Keane has taken the last few years off to spend time with his family but told me last week he’s now ready to get back to work.

Keane is being named as a candidate for an assistant position on Patrick Roy’s staff in Colorado.

gary.lawless@freepress.mb.ca Twitter: @garylawless