Ellman made a $5-million payment toward the purchase on Thursday, and was given until Feb. 15 to close the purchase by the NHL. The NHL ownership group had a problem with Ellman's $60-million insured loan from a Japanese bank, and requested that he find a $20-million loan from elsewhere, a task that Ellman says can be done but will take longer than a few days.

Ellman also signed an agreement with the city of Scottsdale, where the Coyotes hope to build a new $575-million arena and entertainment center.

The agreement holds Ellman to a number of conditions, including resuming demolition of the former mall where the new ice hockey arena is to be built and beginning negotiations with the city on a "terms sheet" that spells out the city's and Ellman's financial partnership on the project.