Final funds found for Coyotes sale

Wayne Gretzky and partner Steve Ellman have secured an additional loan of $20 million needed to complete their $87-million purchase of the Phoenix Coyotes, according to a report in the Arizona Republic.

By securing the loan, Ellman, a Phoenix real-estate developer, and Gretzky may be able to finalize the sale and take control of the team within the next two weeks.

The NHL gave them until Feb. 15 to complete the final paperwork and assume control of the franchise.

Ellman secured the $20 million from Societe Generale, the same the French bank outgoing owner Richard Burke used to bankroll his purchase of the Coyotes six years ago.

Ellman and Gretzky scrambled to get the cash after the Sumitomo Bank of Japan decided to reduce its loan to them from $60 million to $40 million less than a week before the Dec. 31 closing date.

The NHL's Board of Governors approved the sale of the team to Ellman and Gretzky last month, pending the final closing transaction.