Under a gag order, Meruelo has yet to publicly discuss the sale, but he received a five-year exclusive window to prove he can build an arena to bring back the Coyotes. It starts with winning the auction on June 27. Full payment must follow 30 days later. He keeps the intellectual property and the business operations. He also asked for and apparently received observer status on the Board of Governors, even though he's no longer an owner of a team. Some sources have indicated that if he accomplishes everything asked of him, he gets Coyotes 2.0, as long as he returns the $1 billion. On Thursday the league confirmed Meruelo is still approved as an NHL owner and does not need any new clearance.
There are some guardrails timelines he must reach. Bettman told Sportsnet's Caroline Cameron that Meruelo's ownership of the now-inactive team is not transferable. (Apparently, there are limits to the percentages he can offer to any minority partners in the team and/or a new arena.)
It is believed, however, Meruelo was surprisingly emotional about selling the Coyotes' hockey operations, and on Thursday made that very clear to his peers.
- Elliotte Friedman