"NHL Greenlights Arizona Coyotes' $1.2B Sale and Relocation to Salt Lake City"
The NHL has approved the $1.2 billion sale of the Arizona Coyotes to Ryan and Ashley Smith, owners of the NBA's Utah Jazz. The sale involves the transfer of the Coyotes' player and hockey operations to a new NHL franchise owned by the Smith Entertainment Group, which will play in the SEG-owned Delta Center next season. The current owner, Alex Meruelo, will retain the team's name, logos, and other intellectual property, with an opportunity to resurrect the franchise for $1 billion if a new arena project is successful within the next five years.