A league official has told The Associated Press that the prospective owner of the Phoenix Coyotes is unable to complete his purchase of the team before a lease agreement deal with the City of Glendale expires.
Greg Jamison will issue a statement saying he can't meet the deadline, but still hopes to buy the team, the official said on condition of anonymity because he wasn't authorized to discuss the situation.
Jamison had until midnight Thursday to complete his purchase of the Coyotes from the NHL under terms of a 20-year, $308 million lease agreement with Glendale for Jobing.com Arena.
New Glendale Mayor Jerry Weiers has said he will not extend the lease deal, opening up the possibility of other potential bidders to compete with Jamison to buy the team.
Copyright 2013 CBS 5 (Meredith Corporation). All rights reserved.