According to reports, the NHL has rejected a bid submitted by California businessman Darin Pastor to buy the Phoenix Coyotes.
In a FoxSportsArizona.com article, Craig Morgan writes that NHL deputy commissioner Bill Daly said the bid was not up to standards set by the league.
"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.
Pastor's bid was submitted Friday, and was reported to be worth more than any other for the league-owned franchise.
According to Morgan's story, though, Pastor is not viewing this latest setback as an end to his group's quest to purchase the team, which has been without an owner since 2009. The plan is to rework the numbers in hopes of finding an offer that the NHL would deem to be satisfactory.