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Alex Meruelo Exits Coyotes Ownership

Alex Meruelo has decided to end his pursuit of arena options for the Coyotes following the cancellation of an auction for a 95-acre parcel by the Arizona State Land Department. The need for a Special Use Permit and political opposition were significant hurdles. Consequently, Meruelo sold the team to Utah Jazz owners Ryan and Ashley Smith for $1.2 billion. Meruelo retains the right to reactivate the franchise within five years if an arena is built, requiring repayment of $1 billion. (Source: PHNX)


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