With stories about relocation of the Phoenix Coyotes to Quebec surfacing, sources very familiar with the Glendale situation have told Sportsnet that a group of Canadian investors are on the verge of finalizing a deal with the NHL to purchase the troubled Arizona hockey team.

The key investor is Albertan George Gosbee, who is leading a small group of investors, including Anthony LeBlanc and his former Ice Edge partners.

They have been in close contact with the league and are considered one of, if not the lead group. Word is they could finalize a proposal as early as the end of next week.

Once a deal in principle is complete with the NHL, it would be at that point that a new lease could be negotiated with the City of Glendale.

Gosbee founded AltaCorp Capital, a new Canadian investment bank in 2010. As well, he is cochair of AIMCo (Alberta Investment Management corp), a $70 billion investment fund.