In a significant development for the National Hockey League (NHL), the Arizona Coyotes have been granted approval by the NHL's executive committee to move their franchise to Salt Lake City, sources have informed Sportico. The relocation vote will now proceed to the Board of Governors, consisting of all 32 NHL teams. At present, the NHL has not commented on the matter.

Under the completed deal, the Arizona Coyotes' hockey operations department and players will be rebranded and relocated to Utah in time for the 2024-25 season. The anticipated cost for this move is set at an impressive $1.2 billion.

The complex transaction involves Coyotes owner Alex Meruelo selling a portion of the NHL franchise to Ryan Smith, owner of the Utah Jazz. However, Meruelo will retain ownership of the Coyotes' name, logos, and trademarks, as well as the AHL's Tucson Roadrunners. Meruelo also aims to pursue the construction of a new $3 billion arena and entertainment project in North Phoenix. If successful, this venture could pave the way for the resurrection of the franchise. Meruelo has a time frame of five years to accomplish this feat.

As part of the sale, Meruelo is set to receive $1 billion, with the remaining $200 million being paid to the NHL, who is facilitating the deal. The proposed arena in Phoenix holds significant importance in this arrangement, as Meruelo will use the $1 billion to reimburse the league in exchange for the rights to the expansion Coyotes.

In the interim, the current Coyotes team will temporarily play their home games at Utah's Delta Center, while a new downtown hockey arena is being considered in Salt Lake City. The players were informed about the move by general manager Bill Armstrong before a recent game against the Edmonton Oilers.

Meruelo originally acquired the Coyotes in July 2019 for $425 million. However, the team's valuation has recently been reported by Sportico at $675 million, the lowest among all 32 NHL franchises.

The Coyotes have a storied history, having relocated from Winnipeg to the desert in 1996. However, with this move to Salt Lake City, the franchise aims to embrace a fresh start and reemerge as an expansion team.

The NHL's Board of Governors will now have the final say in the Coyotes' relocation, and observers eagerly await their decision. This move could potentially reshape the dynamics of professional hockey in both Phoenix and Salt Lake City, ushering in a new era for the Arizona Coyotes and their dedicated fan base.