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The Arizona Coyotes, an NHL franchise beset by multiple challenges in recent years, finally appears to be on the cusp of a significant relocation. Reports suggest that the team is in advanced discussions to move to Salt Lake City, with NBA's Utah Jazz owner Ryan Smith poised to acquire the franchise.
As per sources closely involved in the negotiations, if the deal gains approval from the NHL's board of governors, Smith will reportedly shell out a substantial sum, ranging anywhere between $1.2 and $1.3 billion, to secure ownership of the Coyotes.
According to NHL insider, Pierre LeBrun, the NHL is looking to wrap up this deal as early as possible. Taking to X (formerly Twitter), LeBrun said:
"The NHL continues to work away on Coyotes-Salt Lake; the hope is to be able to finalize things by the end of this week, but no guarantee of that. Complicated deal(s). But it's clear the league would want this done if possible before Stanley Cup playoffs begin."
Current owner Alex Meruelo stands to receive a significant windfall, with a reported $1 billion payout on the table. As part of the relocation process, Smith is expected to pay a relocation fee, with estimates suggesting it could fall between $200 and $300 million. This fee would then be distributed among the NHL's remaining owners.
NHL paves way for Coyotes to still end up returning to Arizona
While all eyes are on Salt Lake City to finalize a deal for the new team, there is still hope for the Coyotes to return to Arizona. According to multiple sources, Coyotes' current owner Alex Meruelo, agreed to sell the team on one condition.
Meruelo secured a contractual right to reactivate his team and put in motion an expansion draft within five years of the sale if he's able to build an arena within that time span. He would also be required to pay back the $1 billion that he will be getting from the sale of the Coyotes.
What's important to note is that the Coyotes' management had been aggressively pushing to secure a land deal for the proposed new arena for years to no avail. Even their latest bid met resistance and thus proved to be a trigger point to finalize the team's sale.
The NHL has been vocal about it's support of Arizona hockey for years, so the prospect of the Coyotes returning as an expansion team in the near future cannot be ruled out.
As negotiations progress, the fate of the Coyotes hang in the balance. Yet one might have a feeling that this is not the last we'll ever hear from the Arizona Coyotes.
