Tag:Greg Jamison
Posted on: February 21, 2012 10:07 am
Edited on: February 21, 2012 11:47 am
 

Report: Sale to keep Coyotes in Ariz. almost done

By Brian Stubits

Last week there were reports of optimism being up in Phoenix regarding the sale of the Coyotes that has been in the works for about three years. I wondered if perhaps it wasn't a move in response to Seattle's arena announcement.

As the Magic 8-Ball says, sources say no. There was some real substance. And by sources I mean Mike Sunnucks of the Phoenix Business Journal.

The National Hockey League is close to putting the finishing touches on a sale of the Phoenix Coyotes hockey franchise to a group led by former San Jose Sharks CEO Greg Jamison. That sale would keep the team playing in the Phoenix market.

The deal still has go through final approvals and due diligence as well as through the city of Glendale which owns Jobing.com Arena. But Jamison, the NHL and Glendale are close to a final deal, according to sources familiar with the hockey team.

The NHL is trying to keep the sale price at $170 million in part to help the value of other franchises. The league bought the Coyotes out of Chapter 11 bankruptcy in 2009 for $140 million.

Now we've been to this point in the past regarding the sale of the Coyotes. Remember how close things were with Matthew Hulsizer at one point? However this is the first time for the group led by Jamison who, with due respect to Hulsizer, appears to have his p's and q's covered a little better.

The other interesting aspect of Sunnucks' report is this little tidbit.

The deal being hatched with Jamison could include some rebates and a fund to help cover the team’s financial losses. The Coyotes lose $20 million to $25 million annually.

That would help explain why somebody would be willing to invest in an organization that bleeds money. However it also brings up the concern that derailed the Hulsizer bid, the watchdog group Goldwater Institute. How many concessions can the city of Glendale give while avoiding their threat of a lawsuit?

At this point, fans in the desert will run with any good news they hear. It's getting down to the wire and this appears to be the most promising point in the negotiations in a long, long time. But hold the celebration (or anger if you're one of those who really wants to see the Coyotes moved) and wait for an official announcement. Too often these deals can fall through and we've already seen it in Phoenix.

But this from Scott Burnside of ESPN.com later on Tuesday is a perfect reminder not to count the chickens before they hatch, particularly with the Phoenix situation.

Everybody has to be glad this is winding down, one way or the other. It's been far too long that the Coyotes have been in this state of limbo but the league has proven at every turn to be hellbent on keeping the team in the desert.

For more hockey news, rumors and analysis, follow @EyeOnHockey and @BrianStubitsNHL on Twitter.

Posted on: August 19, 2011 11:11 am
Edited on: August 19, 2011 4:42 pm
 

Ex-Sharks CEO Jamison interested in Coyotes

By Brian Stubits

It's another day, so naturally there's another name being thrown out in the Phoenix Coyotes ownership search. I must admit, this one seems like it could be legit.

Glendale spokeswoman Julie Frisoni confirmed Friday that Greg Jamison, former Sharks president and CEO as well as current part-owner, is one of the bidders to buy the franchise and that no bonds would be sold as part of any proposed deals. She would not elaborate on the negotiations or who the other bidder was.

Last week it appeared a Canadian group was moving toward a purchase of the team that would contain an eight-year out clause that would allow them to relocate if conditions didn't improve. It made sense. It also helped substantiate a report earlier that said there were two as-of-then unnamed suitors with serious interest in buying the team.

The Phoenix Business Journal reported that Jamison is at the head of a new ownership bid to buy the team and is looking to keep them where they are. The Journal says a sales agreement is expected to be worked out very soon with the NHL, which includes money down front, giving Jamison's group exclusive negotiating rights.

ESPN.com, meanwhile, reports the talks aren't as advanced as the Journal indicates, saying that Jamison isn't poised to make an offer as of yet.

A little background on Jamison: He was the head of Silicon Valley Sports & Entertainment from 1996 until late in 2010. He still serves on the Sharks' board of ownership and also served on the NHL's executive committee. That past relationship could seriously help a bid here considering the team is now owned and controlled by the league itself. But the ownership ties with San Jose would obviously have to be severed first.

Things have certainly picked up since Matthew Hulsizer dropped out of the process. When that happened, the future was very dim in the desert as it seemed the potential suitors had dried up. But in the last week two seemingly serious and viable bidders have emerged.

As always, we have learned not to count our chickens before they hatch in this never-ending Coyotes story. But optimism is on the rise after sinking.

Photo: Getty Images

The Associated Press contributed to this report

For more hockey news, rumors and analysis, follow @EyeOnHockey and @BrianStubitsNHL on Twitter.

 
 
 
 
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