Greg Jamison fell short of his deadline to purchase the Phoenix Coyotes from the NHL, leaving the franchise in a state of uncertainty going forward.
Jamison, the former CEO of the San Jose Sharks, was given until midnight Thursday to close a deal with the suburban city of Glendale or it would rescind its lease agreement with Jamison for Jobing.com Arena, where the Coyotes play.
Sources say Jamison was unable to raise the money to meet the NHL's demand of $170 million to purchase the Coyotes before Thursday's cutoff.
"We will not be able to complete our purchase of the Phoenix Coyotes today in time to meet our deadline with the city of Glendale," Jamison said in a statement.
"However, our journey to purchase the Coyotes will continue. We realize this will require additional conversations with the city of Glendale and the NHL. We still believe we can reach an agreement that satisfies everyone. We hope negotiations with the city proceed as smoothly as possible, as everyone involved wants the Coyotes to remain in Arizona."
Jamison emerged as the leading candidate to purchase the Coyotes after the franchise was taken over by the league three years ago. The city of Glendale would have paid Jamison an average of $15 million over 20 years to run the city-owned venue, allowing the franchise to stay in Arizona.
With Jamison failing to produce the money at the deadline, a separate group of investors is reportedly prepared to step in to purchase the team. However, the terms of any new deal will be different than the terms offered to Jamison.