Report: New group delivers bid to purchase Phoenix Coyotes
A group led by businessman Darin Pastor has reportedly entered a bid to purchase the Phoenix Coyotes.
The twisting and turning Phoenix Coyotes ownership saga took yet another sharp right turn Friday as a new ownership group has reportedly submitted a bid to purchase the NHL-owned club. According to Craig Morgan of FoxSportsArizona.com, a group led by Irvine, Calif., based businessman Darin Pastor delivered its bid to purchase the Coyotes to the NHL early Friday.
The bid comes just days after reports surfaced that Renaissance Sports and Entertainment, headed by George Gosbee and Anthony LeBlanc, raised the necessary funds to purchase the club. Throughout the process, however, deputy commissioner Bill Daly said there would be no exclusivity granted to prospective owners and that the league would listen to other interested groups. Enter Pastor, apparently.
Pastor is the founder and CEO of Capstone Affluent Strategies, a wealth management firm. A native of Buffalo, N.Y., he comes from a family with a hockey background as his grandfather Sam Pastor was owner of the Buffalo Bison, which played in the American Hockey League. His interest in the Coyotes became public in late March.
Morgan highlighted some of the key points believed to be part of the group’s bid for the Coyotes.
According to sources, the bid is believed to be highest purchase price currently offered for the team, though exact figures were unknown.
The bid requires less annual commitment from the City of Glendale to manage Jobing.com Arena than numerous studies suggest the city must pay. That amount has long been a major hurdle to closing any deal.
The bid includes an option to purchase Jobing.com Arena over a period of time.
The bid includes an out-clause after five years, which likely is similar to any other group’s bid.
As Coyotes fans are all too aware, there’s not much sense in getting their hopes too high as nothing’s final until it’s final. That said, Pastor seemingly injects a fresh approach and seems to have accounted for many of the hurdles he’ll have to overcome to make this a reality.
According to Morgan’s report, Pastor’s group wants to move quickly as there are pressing personnel decisions that need to be made. General manager Don Maloney, coach Dave Tippett and starting goalie Mike Smith all have contracts that are due to expire this offseason.
Where the NHL goes from here is anybody’s guess, but the league probably won’t be dragging its feet if the offers are serious.
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