After a year of effort to purchase the Phoenix Coyotes, local developer Steve Ellman, along with partner Wayne Gretzky, has finally closed the $88-million deal for the national hockey league franchise.
The sale came on the day the NHL board, which had given Ellman two extensions, had imposed a deadline for him to close the deal. Ellman had been delayed by financial complications involving a Japanese bank and had to solicit additional financing. Phoenix trucking magnate Jerry Moyes, who owns Swift Transportation, supplied the final financing when he became a partner late last month. Hall-of-famer Gretzky will become the director of hockey operations.
With the close of the sale, Ellman can now move forward with negotiations with the city of Scottsdale on redevelopment of the former Los Arcos Mall, which is at the southeast corner of Scottsdale and McDowell roads in south Scottsdale
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