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Alex Meruelo is calling it quits. Multiple sources told PHNX Sports that ownership addressed Coyotes staff on Monday, telling them that they have no plans to pursue further arena options.
The decision comes in the wake of the Arizona State Land Department’s decision to cancel an auction on Thursday. Meruelo had hoped to win that auction and purchase a 95-acre (110 gross acres) parcel of land and build an entertainment district and an arena that would house his hockey team. With that delayed indefinitely, and considerable political opposition in his path, he sees no viable options that would allow him to reactivate the franchise within the parameters set forth in the $1.2 billion sale of the team to Jazz owners Ryan and Ashley Smith.
Meruelo agreed to sell the team in late April (the sale closed on June 13) after securing an exclusive contractual right to reactivate the franchise within five years of the date of the agreement, and trigger an expansion draft if an arena was built. Reactivation would have required him to pay back the $1 billion that he received from the sale (the other $200 million was distributed to other owners as a relocation fee).
His story: https://gophnx.com/sources-alex-meruelo-walking-away-from-coyotes/
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#nhl #hockey #arizona
6 Comments
NHL hockey will be back in Arizona. Phoenix is too large of a market to not have all four teams same goes for Atlanta and Houston
Oh hell no Arizona doesn't deserve to just jump to the top of the list, what has Arizona done to show they deserve the NHL? Nothing not a damn thing they never supported the coyotes and the team lost money every year of their existence. Quebec is ten times more worthy their fans have been tortured for over a decade by the NHL being used as leverage.
naw, this current NHL management obviously doesn't have the brains or stones to get an NHL team back in Phoenix anytime soon in light of what happened and what they didn't do in Phoenix for the past 20 years. This is the same bunch who traded Atlanta for Winnipeg, Phoenix for SLC, and think that having AHL teams in either small towns or NHL markets is a good thing.
Shane Doan doesn’t have close to 3 billion dollars. Nobody does that is interested in the Coyotes… or else they would have sold to someone in state. If hockey was possible in Arizona, they’d have a team right now
Shane Doan know more about the Coyotes organization than Alex ever did, or any other
Bruh stop with this crap about Arizona returning nobody wants them anymore except for the minuscule amount of fans that they have