Greg Jamison, who had a provisional deal in place to purchase the Phoenix Coyotes, missed the Jan. 31 deadline to complete the transaction.
"We will not be able to complete our purchase of the Phoenix Coyotes today in time to meet our deadline with the city of Glendale," Jamison said in a prepared statement released late Thursday.
"However, our journey to purchase the Coyotes will continue. We realize this will require additional conversations with the city of Glendale and the NHL. We still believe we can reach an agreement that satisfies everyone. We hope negotiations with the city proceed as smoothly as possible, as everyone involved wants the Coyotes to remain in Arizona."
The Arizona Republic reported on Thursday that a lawyer representing Jamison contacted Glendale mayor Jerry Weiers late Wednesday to ask for an extension.
Weiers told the paper that when questioned, he refused to extend the deadline further, adding Jamison has not spoken to him about the situation. In addition, Weiers revealed two unnamed groups also contacted him about purchasing the Coyotes if Jamison was unable to.
In late November. the City of Glendale gave Jamison the green light to take over the beleaguered franchise -- as long as the transaction was complete by 11:59 p.m. Arizona time on Thursday night -- after its city council approved a new $320 million arena management deal over a 20-year span by a 4-2 vote.
In the interim, four of the seven members of city council when the deal was approved have left office, the paper reported on Friday.
"Today, we were informed by the National Hockey League that Mr. Jamison was unable to close on his purchase of the Coyotes. Mr. Jamison will continue to work with the NHL and the City of Glendale to close a deal that will keep the Coyotes in the Valley," Coyotes chief operating officer Mike Nealy said in a statement issued Friday.
"Although there is no set timetable, hopefully it will be soon. The Coyotes will continue to be owned by the NHL and nothing changes for our organization. We will work hard on and off the ice to provide our fans with a winning team that they can be proud of. We would like to thank all of our great fans and corporate partners for their incredible patience and loyalty throughout this process. We know it's been difficult and we appreciate their support."
The former chief executive officer of the San Jose Sharks, Jamison has pursued ownership of the troubled club for more than a year. He and the league reached a tentative deal to purchase the former Winnipeg Jets back in early May.
The National Hockey League has retained control of the franchise since November of 2009, purchasing it from Jerry Moyes and rescuing the team from bankruptcy.
Bill Daly, deputy commissioner of the NHL, stated to the Republic that the Coyotes "will still be playing here tomorrow and our objectives will remain the same" in trying to keep the Coyotes in the Phoenix area.