The Arizona Coyotes are officially heading to Salt Lake City.
The National Hockey League Board of Governors unanimously approved the US$1.2 billion sale of the team from Alex Meruelo to Utah Jazz owners Ryan and Ashley Smith, paving the way for moving the franchise to Utah next season.
The deal includes a clause allowing Arizona to get an expansion team if a new arena is built within five years. The agreement also provides for a transfer fee of $200 million paid to NHL team owners.
Smith takes control of the franchise’s hockey operations, while Meruelo will continue his work in Arizona in hopes of purchasing and developing a parcel of land north of Phoenix.
Meruelo also remains owner of the Tucson Roadrunners, an American Hockey League farm club, and hopes to move them to Mullett Arena, the Coyotes’ temporary home at Arizona State University for the past two seasons. He plans to repay the $1 billion once he secures an expansion team.
He will also retain the rights to the trademark, the Coyotes name and their logo, meaning Smith will have to rename the team.
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