Ellman made a $5-million payment toward the purchase on Thursday, and was given until Feb. 15 to close the purchase by the NHL. The NHL ownership group had a problem with Ellman's $60-million insured loan from a Japanese bank, and requested that he find a $20-million loan from elsewhere, a task that Ellman says can be done but will take longer than a few days.
Ellman also signed an agreement with the city of Scottsdale, where the Coyotes hope to build a new $575-million arena and entertainment center.
The agreement holds Ellman to a number of conditions, including resuming demolition of the former mall where the new ice hockey arena is to be built and beginning negotiations with the city on a "terms sheet" that spells out the city's and Ellman's financial partnership on the project.
Meanwhile, the NHL has sent a letter to Scottsdale Mayor Mary Manross asking that the city grant Ellman an extension to Feb. 15.
The city still has to modify one of the conditions of the agreement, that Ellman complete the sale by Dec. 31. The city is expected to hold a special meeting on Tuesday to address the matter.
The ice hockey arena will be the cornerstone of a $575 million sports and entertainment complex in south Scottsdale, at the southeast corner of Scottsdale and McDowell roads. The project will include hundreds of thousands of square feet of retail space, restaurants, bars, a movie theater, condominiums and office space. Ellman hopes to break ground by the summer.
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