Phoenix-based Ellman Cos., headed by Steve Ellman, has been on abarnstorming tour of the country with partner and hockey greatWayne Gretzky to sell shares in the Phoenix Coyotes. Ellman hasraised between $40 million and $50 million, according to those whoattended an investor meeting held in Chicago last week.

Ellman has until Dec. 31 to completed the $87-million purchaseof the team but has maintained all along that the sale would comemuch sooner. His latest date for close is Oct. 15.

Ellman hoped to have the team playing in its new 17,500-seatarena by October 2002, the start of the professional hockey season,but delays in the purchase may have put that proposed date injeopardy. "It doesn't look like they will get in the ground byJanuary," says Gary Roe, Scottsdale's redevelopment director."There are some significant challenges ahead. This is a large casewith enormous public interest."