The Arizona Coyotes are set to be sold to Utah Jazz owner Ryan Smith, with a provision guaranteeing current owner Alex Meruelo an expansion team if a new arena is built within five years.
TEMPE . Ariz. — The Arizona Coyotes will likely be sold to Utah Jazz owner Ryan Smith shortly after the team's final game and will include a provision guaranteeing current owner Alex Meruelo an expansion team if a new arena is built within five years, a person with knowledge of the deal told The Associated Press on Saturday.
Once an arena is built, Meruelo will pay back by the $1 billion and move forward with the expansion franchise. The NHL had supported the Coyotes' plan to buy a tract of land at auction to build a new arena, but was hesitant to have the team continue playing at 5,000-seat Mullett Arena, which they share with Arizona State University's hockey team. The Coyotes had hoped to close a deal on the land valued at $68 million by the end of last year before delays pushed the auction until June.
The Coyotes have been on uncertain ground almost since the day the franchise relocated from Winnipeg.
Arizona Coyotes Utah Jazz Ryan Smith Alex Meruelo NHL Sale Expansion Team New Arena Hockey Operations Salt Lake City North Phoenix Tucson Roadrunners AHL Mullett Arena Tempe Gary Bettman
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