Ellman to City: You've Seen Enough

PHOENIX-The developer of a major multi-use project in the southern part of the upscale suburb of Scottsdale has refused to open his books any further for city officials worried about his wherewithal to complete the deal.

Steve Ellman, principal of the Ellman Cos., handed over a ream of documents to Scottsdale just weeks ago, but has declined to give them his balance sheet or more sensitive data. Ellman Cos. is a privately owned company.

Ellman did give the city financial information showing that the NHL Phoenix Coyotes, which is anchor the new development, will make $7.5 million in its first year compared to a loss of that amount at where the team currently plays, American West Arena. Ellman, along with partner Wayne Gretzky, is in the final stages of purchasing the team for $87 million.