The latest turn in the Coyotes’ ownership saga came swiftly

but not unexpectedly. NHL deputy commissioner Bill Daly confirmed Monday that

the league had rejected a purchase bid submitted by Darin Pastor on Friday.

Article continues below ...

“The terms of his proposal were inconsistent with what we

had previously indicated were the minimum prerequisites of a serious and

realistic bid,” Daly wrote via email.

While Daly declined to offer more details, a source close

to the situation said one key sticking point was that Pastor’s bid financed the

deal over a 15-year period while the league expects the entire deal to be

completed within a three-to-five-year window, with the expected price still listed

between $150 million and $170 million.

On Friday, FOX Sports Arizona reported that Pastor had submitted a proposal

that was believed to include the highest total purchase price currently offered

for the team, less annual commitment from the City of Glendale to manage

Jobing.com Arena and an option to purchase the arena over a period of

time.

According to sources, the maximum amount Pastor’s group was willing to pay for

the team was about $277.5 million, while the group was asking for either $8

million annually from Glendale to manage the arena or 5 percent less than the

lowest other bid.

Two sources contended that one of the flaws of Pastor’s bid was that

it offered no cash up front, but when reached by phone Monday, Pastor

vehemently denied that account.

“That’s an absolute fabrication,” he said. “Who buys a team

with no money down? You can’t buy a cup of coffee with no money down.”

Pastor declined further comment until he had had a chance to

speak to Daly, but a source familiar with the bid said Pastor would have had approximately $42 million cash at close on his desired date of June 15.

Pastor does not view Monday’s setback as the end

of his bidding process; the group will be reworking the numbers to see

if it can arrive at a bid that will satisfy the league, including a shorter time frame for purchase.

In the meantime, sources confirmed that Renaissance Sports

and Entertainment, the group headed by George Gosbee and Anthony LeBlanc, met

with the league for most of the day Saturday, with lawyers for both sides

present. The group has long been viewed as the leading candidate to purchase the team.

Additional meetings involving both parties as well the City of Glendale, which were

originally scheduled for last week to begin hammering out an arena management deal with the city, are expected to be rescheduled shortly once

more details have been ironed out.

When asked if the Gosbee/LeBlanc group is the only one still in the running, Daly said, “There continue to be a

number of groups we are talking to.”

Follow Craig Morgan on Twitter