Monday, May 13, 2013
NHL rejects bid for Coyotes
By Scott Burnside
California investment banker Darin Pastor has joined a long list of would-be Phoenix Coyotes suitors whose interest in owning the team could not translate to an actual money-on-the-table purchase.
NHL deputy commissioner Bill Daly told ESPN.com on Monday that Pastor's bid to buy the team was dismissed because it didn't meet the league's requirements.
"We have rejected the offer. It didn't include the elements we had previously discussed were necessary to warrant serious consideration," Daly said in an email Monday night.
The Irvine-based Pastor, whose family has hockey connections in the Buffalo area, emerged within the past month or so as a potential purchaser of the team. He told ESPN.com in an interview at the time that he and his mostly California-based investors had financing lined up to buy the team and were determined to work out a new lease agreement with the City of Glendale.
But that never transpired, and Pastor's group joins others, including former San Jose Sharks president and CEO Greg Jamison, who claimed to be ready to buy the league-operated team but failed to do so.
Pastor told ESPN.com Monday he had not heard directly from the league regarding the rejection of his offer.
"This is news to me," he said.
It's believed that investors with the former Ice Edge Group led by Anthony LeBlanc and Calgary-based financier George Gosbee remain the front-runners in being able to close a deal with the league to purchase the team for $170 million. A new lease agreement would need to be struck between any purchaser and the City of Glendale. That deal would include significant funds in management fees going back to the new owners before the Coyotes' ownership saga can finally be put to bed.
Pastor was reportedly willing to pay upward of $277 million for the team and provide $42 million in cash at a mid-June closing, but if that was the case, it would have been very unlikely the league would walk away from such an offer.