Glendale Signs Lease Agreement But Jamison Still Needs Investors

Glendale Signs Lease Agreement But Jamison Still Needs Investors

6:48 am

USATSI_7684627_154224518_lowresPhoenix Coyotes fans got some good news as the city of Glendale signed an arena management deal and lease with the potential owner Greg Jamison.

City manager Horatio Skeete signed off on the deal this week. The deal is worth more than $300 million over 20 years.

Jamison now has until the end of January to come up with the financing to purchase the team. Now, it’s no surprise that Jamison has been having some issues securing the $170 million financing needed to purchase the team the from the NHL.

He has failed to disclose at any meetings who his financial backers (other than Ice Edge) are, and it just got a little more interesting according to David Shoalts of the Globe and Mail.

In his search for investors, Jamison unsuccessfully tried the “Immigrant Investor Program of the U.S. Citizenship and Immigration Services” route.

EB-5 is the official name of the visa, a conditional green card, granted by the U.S. government to wealthy immigrants in exchange for an investment of at least $1-million ($500,000 in rural or high-unemployment areas) in an American business.

Jamison admitted that he looked at it, but won’t be using it.

“I’ve been at this 18 months, I’ve looked at everything,” Jamison said. “I’m aware of the [EB-5] program and what it can do. We did discuss it, but we’re not using it as part of our program, no.”

One source noted that Jamison was travelling the world looking for investors, especially in the Middle East. Another said that he isn’t using the EB-5 as he couldn’t find anyone interested. Another source added that Jamison never talked about the EB-5 option with his only investors, the Ice Edge Group, but at least one of their members looked into it.

The profitability of the Coyotes in Phoenix has many investors not interested. Former owner Jerry Moyes said that he lost more than $300 million on the team before he put them into bankruptcy in 2009.