What's holding up Coyotes deal?
Coyotes goaltender Mike Smith reacts after giving up the game-winning goal to the Capitals in overtime on Nov 18, 2014, in Glendale, Ariz. (Mark J. Rebilas/USA TODAY Sports)
The clock is ticking on a deal to bring a fresh injection of cash to the Arizona Coyotes.
With just over a week to go until the new year, the NHL is still waiting for prospective owner Andrew Barroway to finalize his purchase of the Coyotes.
Barroway, a Philadelphia hedge-fund manager, is reportedly spending $155 million to purchase 51% of the team from Anthony LeBlanc and George Gosbee, and become the controlling owner of the financially-struggling franchise.
But a report in the New York Post in early December suggested Barroway was on the verge of backing out of the deal, although NHL commissioner Gary Bettman and the team denied the rumour.
During the league's board of governors meeting on Dec. 8 in Boca Raton, Fla., Bettman told reporters the deal was "ongoing and on track" to be finalized by the end of the year.
"Commissioner Bettman provided a detailed update on the transaction to the board, including the fact that the paperwork was finalized late last week," LeBlanc, the Coyotes CEO, told Fox Sports Arizona two weeks ago. "We will be working with the league to finalize this process and are on track to close before year-end."
Reports also suggested Barroway was only interested in purchasing the franchise to flip it to another buyer who wanted to relocate the team elsewhere, with Las Vegas as a potential landing spot.
Barroway's purchase was orginally announced Oct. 3.