The Arizona Coyotes’ sale and relocation to Utah have been approved by the NHL, the league announced on Thursday.
Ryan and Ashley Smith of Smith Entertainment Group, who also own the Utah Jazz of the NBA, purchased the club. The team will play in the Delta Center in Salt Lake City.
What is the deal?
For $1.2 billion, Smith Entertainment bought the team’s assets; of that amount, $1 billion went to Alex Meruelo, the owner of the Coyotes, and $200 million was set aside as a relocation fee that would be divided among the current NHL owners.
The Coyotes franchise is no longer active as a result of the sale, although Meruelo is still the owner of the team’s trademarks, branding, and logos. He also has the option to bring the team back to life if he can build a new arena that satisfies NHL regulations within five years.
The Coyotes have played their last two seasons at Arizona State University‘s less-than-ideal 4,600-seat Mullett Arena.
Meruelo stated in a statement, “But this is not the end for NHL hockey in Arizona.” “I have acquired ownership of the cherished Coyotes name, brand, and logo in addition to the right to resurrect the team within the following five years.
Following approval of the transaction, officials and past players of the Coyotes were invited to Salt Lake City to view the facilities and get a sense of the area.
Even if the new Utah squad doesn’t have a nickname when the season begins, Smith has said he isn’t in a rush to design the team’s own logos, marks, and branding.