Phoenix Coyotes employees are being reassured that the sale of the hockey team to Renaissance Sports and Entertainment will close before a Monday deadline. Renaissance wants to buy the team from the National Hockey League and keep the team in Glendale,Monster Beats.
The group needs to close by Monday to receive a $225 million arena deal from the city of Glendale.
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That city money is key to a sale and facilitating a reported $120 million loan from New York-based private equity firm Fortress Investment Group (NYSE: FIG). The Fortress loan, as well as NHL financing and payments from the city, are key to the deal closing.
Coyotes employees were reassured earlier this year that Greg Jamison’s bid to buy the team was going to happen before a Jan,Billiga Beats By Dr Dre. 31 deadline. Jamison failed to meet the deadline,Billiga Monster.
Renaissance executives have been meeting with and talking to the NHL and others about finalizing the deal before Glendale’s Monday deadline. Details of the deal and its potential closing are very private.
Backers of the deal say the NHL’s Board of Governors could vote on the Coyotes sale today or Monday and that the deal is ready to close,Beats By Dr Dre. But there are others who have told the Phoenix Business Journal that the deal still is being finalized and financing shored up to close before the deadline,Beats by dre. One local executive familiar with the team expects the deal to close as long as the Fortress financing is in place.
RSE executive Daryl Jones said earlier this week the sale was moving forward and not facing any challenges.
Team and RSE officials did not respond to requests for further comment Thursday afternoon,Beats Sverige.
Mike Sunnucks is a senior reporter for Phoenix Business Journal, a sister publication of Sporting News.
