Title: Arizona Coyotes Approved for $1.2 Billion Sale to Utah Jazz Owners, Relocation to Salt Lake City

In a unanimous decision by the NHL Board of Governors, the Arizona Coyotes have been officially approved for a $1.2 billion sale to Ryan and Ashley Smith, owners of the Utah Jazz. This landmark deal paves the way for the franchise to relocate to Salt Lake City starting next season.

As part of the agreement, if a new arena is constructed within the next five years, Arizona will be entitled to receive an expansion team. The NHL will facilitate the sale, with $200 million serving as a relocation fee, distributed among league owners.

Ryan Smith expressed his enthusiasm for bringing professional hockey to Utah, stating, "We really believe Utah can be an incredible hockey town. You look at all the demographics, we were just talking about the Olympics and you think about the Olympics coming back. It all kind of made sense."

Taking over the franchise's hockey operations, Smith will work alongside current owner Alex Meruelo, who will focus on securing and developing a tract of land in north Phoenix for a new arena. Meruelo will retain ownership of the franchise's AHL affiliate, the Tucson Roadrunners, with plans to move them to Mullett Arena, the Coyotes' temporary home shared with Arizona State University over the past two seasons. Meruelo intends to repay the $1 billion once an expansion team is approved.

NHL Commissioner Gary Bettman affirmed the league's belief in Arizona and thanked Meruelo for his dedication to the Coyotes and the state. He also acknowledged the unwavering support of Arizona's loyal hockey fans over the past three decades.

Although the team will retain its name, logo, and trademark under Meruelo's ownership, Smith's group will be responsible for renaming the franchise. In the meantime, the Coyotes will play their home games at Delta Center, the home arena of the Utah Jazz, until a new arena is constructed.

The sale marks the end of the Coyotes' arduous quest for a permanent home. Following their relocation from Winnipeg, the franchise shared an arena with the NBA's Phoenix Suns, eventually settling in Glendale before moving to Mullett Arena due to a lease agreement falling through.

Meruelo's decision to sell the team stems from his desire to prioritize the construction of a new arena and pursue an expansion team, rather than continuing to play in the inadequate Mullett Arena. He stated, "But this is not the end for NHL hockey in Arizona. I have negotiated the right to reactivate the team within the next five years, and have retained ownership of the beloved Coyotes name, brand, and logo."

The Arizona Coyotes bid farewell to their home state on Wednesday night, celebrating a 5-2 victory over the Edmonton Oilers. Players and fans alike shared heartfelt moments as the chants of "We love you Coyotes!" echoed through the arena.

With the impending move to Salt Lake City, hockey fans in Utah eagerly await the arrival of their new team. The Coyotes' shift to a fresh market signals a new chapter for the franchise and adds an exciting dimension to the sports landscape in Salt Lake City.