After a four year odyssey to get the franchise back in order, the Phoenix Coyotes have a new owner and home in Arizona and after rumors of relocation and other problems, the team is firmly back in place after the league's Board of Governors approved the latest plan.
According to ESPN.com, the league approved on Monday the purchase of the team to IceArizona to complete the transaction and now the team will remain in Arizona for the foreseeable future and in doing so, the deal will "trigger" a $225 million lease agreement for Jobing.com Arena. That deal was reached earlier by the city of Glendale and Renaissance Sports and Entertainment, which is the managing partner of IceArizona. Coyotes chairman and governor George Gosbee spoke about his excitement in taking over the franchise and the completion of the purchase now takes control out of the hands of the league for the first time in years.
The Coyotes previously were owned by Jerry Moyes and the team went into bankruptcy in 2009, starting off this entire process. During the time when the league ran the franchise, the team won its first division title and made it to the Western conference finals in 2011-12 and last season the team finished four points behind the final playoff spot during the lockout-shortened season. The league had hoped to keep the Coyotes in Phoenix and during the time they were in control rumors spread about the team moving to Winnipeg or Seattle, but obviously neither of those materialized. The Flames moved from Atlanta and became the Jets in Winnipeg and now the Coyotes will remain in Arizona.
The team had multiple buyers and owners over the four year period and plans that fell apart and now that things are in place the lease agreement is also confirmed. The Coyotes have some hope coming into the new ownership plan, as the team has general manager Don Maloney, assistant general manager Brad Treliving and coach Dave Tippett signed and they also have a franchise player in goaltender Mike Smith, who was signed to a long-term deal.
"I'm ecstatic," new Coyotes chairman and governor George Gosbee said on a conference call. "It was a complicated transaction, probably one of the most complicated transactions I've worked on in 21 years in the financial business, but a lot of hard of work and support kept us going through the process. Now we can start focusing on what matters and that's building a winning organization here in the Valley."