The prospective owner of the Phoenix Coyotes was unable to complete his purchase of the team before a lease agreement deal with the City of Glendale expired, a league official told The Associated Press on Thursday.
The ownership dilemma started in 2009, when former owner Jerry Moyes took the team into bankruptcy in a bid to sell to Canadian billionaire Jim Balsillie, who would move the franchise to Hamilton, Ontario. The NHL vehemently opposed that plan and a U.S. Bankruptcy Court judge later refused to allow the sale to go through.
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