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Read Craig Morgan's report: https://gophnx.com/sources-alex-merue...

Alex Meruelo is calling it quits. Multiple sources told PHNX Sports that ownership addressed Coyotes staff on Monday, telling them that they have no plans to pursue further arena options.

The decision comes in the wake of the Arizona State Land Department’s decision to cancel an auction on Thursday. Meruelo had hoped to win that auction and purchase a 95-acre (110 gross acres) parcel of land and build an entertainment district and an arena that would house his hockey team. With that delayed indefinitely, and considerable political opposition in his path, he sees no viable options that would allow him to reactivate the franchise within the parameters set forth in the $1.2 billion sale of the team to Jazz owners Ryan and Ashley Smith.

Meruelo agreed to sell the team in late April (the sale closed on June 13) after securing an exclusive contractual right to reactivate the franchise within five years of the date of the agreement, and trigger an expansion draft if an arena was built. Reactivation would have required him to pay back the $1 billion that he received from the sale (the other $200 million was distributed to other owners as a relocation fee).

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