Alex Meruelo walking away from Coyotes' ownership after land auction canceled: report

PHOENIX, ARIZONA - APRIL 19: Coyotes Chairman and Governor Alex Meruelo speaks during a press conference at Hyatt Regency Phoenix on April 19, 2024, in Phoenix, Arizona. (Photo by Christian Petersen/Getty Images)

Alex Meruelo is reportedly walking away from ownership of the Arizona Coyotes.

According to a report from PHNX Sports, Meruelo has no plans to pursue any other arena options in the Valley.

Meruelo had hoped to build a new arena on a plot of land near the Loop 101 and Scottsdale Road. An auction for the land was originally going to be held on June 27. Last week, the Arizona State Land Department announced that the auction was canceled.

"After much consideration, the Arizona State Land Department (ASLD) has determined that it is in the best interest of the Trust to cancel the auction and reorder the steps," ASLD wrote in a news release. "ASLD recently confirmed that the proposed arena will require a Special Use Permit, and as a result we are requesting that the applicant file for and receive a Special Use Permit prior to the auction."

After the auction was canceled, the Coyotes released a statement, saying that the cancelation of the auction "seriously jeopardizes the future of NHL hockey returning to the desert."

The Coyotes relocated to Salt Lake City in April. The NHL says Meruelo has five years to reactivate the franchise if he can build a stadium.