Posted July 30, 2012

Report: Coyotes buyer Greg Jamison $20 million shy of necessary funds

NHL

Greg Jamison, who is leading a group to buy the Phoenix Coyotes, is about $20 million short of the necessary funds. (Christian Petersen/Getty Images)

The group trying to buy the NHL’s Phoenix Coyotes, led by former San Jose Sharks CEO Greg Jamison, is about $20 million short of the necessary funds to buy the team and keep it in Arizona, according to a report in the Phoenix Business Journal.

The shortage of funds might not serve as a deal-breaker, according to the report, but the deal is currently on “tenuous ice.” From the report:

Jamison is courting new investors and partners to help him cobble together the money and financing needed to purchase the team from the National Hockey League.

The NHL wants $170 million for the Coyotes. The league bought the team in 2009 out of Chapter 11 bankruptcy for $140 million.

NHL deputy director Bill Daly told the Phoenix Business Journal there was nothing new on the sale of the Coyotes, but he added that the NHL was “confident” the sale would be completed.

Jamison has been attempting to buy the Coyotes since 2011. In May, NHL commissioner Gary Bettman announced that the league was close to a deal with Jamison.