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Coyotes Purchase Delayed; Won't Make Year-end Deadline

PHOENIX-Local developer Steve Ellman won't complete the purchase of the Phoenix Coyotes by year-end, jeopardizing a $550-million project that calls for a new hockey stadium, along with redevelopment of the former Los Arcos Mall.

By D.J. Burrough | Updated on December 28, 2000

PHOENIX-The $85-million purchase of the Phoenix Coyotes by local developer Steve Ellman has been delayed and won’t be completed by the deadline imposed by the city of Scottsdale, putting the $550-million Los Arcos Mall redevelopment project in jeopardy.

The National Hockey League ownership group has a problem with Ellman securing $60 million in insured financing from a Japanese bank and wants him to find as much as $20 million in funding from another source. Ellman has said that getting the financing is possible, but not by the Dec. 31 deadline that had been set for closing the deal. Ellman and Wayne Gretzky have agreed to purchase the team for $87 million.

The former owner of the team, Richard Burke, has extended the deadline, but the city of Scottsdale has yet to follow suit. Just last week, the board voted to hold Ellman to several conditions regarding locating a new 17,000-seat ice hockey arena on site of the former Los Arcos Mall.

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