Party's over: Coyotes end tenure in the desert with raucous atmosphere before move

TEMPE, Ariz. (AP) — Mullett Arena buzzed like few times in the two years since the Arizona Coyotes moved in, the fans amped for one last desert hurrah.

For 60 minutes, they got one last chance to watch the team they came to love before the franchise as they know it is no more.

The Coyotes are moving to Salt Lake City in a deal that could be signed less than 24 hours after Wednesday night's 5-2 win over Edmonton. Hockey could return, perhaps within five years, but the stark reality is this is the end for the foreseeable future.

“It's sad, it's upsetting,” said Ryan Travis, a Coyotes season-ticket holder since 2001. “I can’t believe it's finally come to an end. I can’t believe this is how it’s going to end.”

Coyotes fans had been dreading this moment, hoping it never would happen.

They remained loyal through multiple ownership changes. They followed the team to three different arenas. They shrugged off the near-constant relocation rumors.

Reality hit this week.

There will be a new owner. Utah Jazz owner Ryan Smith is expected to buy the franchise from current owner Alex Meruelo in a $1.2 billion deal through the NHL, as early as Thursday.

The team is moving. The deal, once signed and approved by the NHL Board of Governors, will turn over the franchise's hockey operations to Smith, who intends to move it to Salt Lake City.

There could be a new arena — eventually. Meruelo had been pursuing a tract of land in north Phoenix to build it. When delays pushed the land auction until June, the NHL and the players' association got cold feet about continuing to play at Mullett Arena, the loud-but-bandbox-sized venue shared with Arizona State University.

Meruelo was adamant about not selling the team despite constant offers since he bought in 2019, but also didn't want the players stuck playing in a 5,000-seat arena — by far the NHL's smallest — that wasn't up to league standards.

With no guarantee he would have an arena and with no other options, Meruelo agreed to sell the franchise.

The caveat: Arizona will get an expansion team if a new arena is built within five years.

A small light at the end of what will likely be a very long tunnel, but with far more darkness than hope.

“It’s been a hard 20-25 years, not knowing where home is going to be,” said Coyotes rookie Josh Doan, who grew up in the Valley during his father Shane's long tenure as Coyotes' captain. "It’s one of those things where you want to send them off on the right note and get the win tonight for them.”

The Coyotes gave their fans just that with the win over the Oilers.

As the players celebrated, the hockey staff poured onto the ice to join them for celebrations and a team photo. A few players tossed their sticks over the glass to fans and everyone passed hugs around as the fans started a chant of “We love you, Coy-otes!”

“It was a little different this morning,” Coyotes forward Clayton Keller said. “Even after the first couple of shifts, it felt weird. Being the last one was a little tough, but we were able to settle in and get going from there.”

It will be a bitter sendoff for the fans.

They rallied when the Coyotes unexpectedly reached the 2012 Western Conference Finals, but the desert has been dry outside of a trip to the NHL's 2020 postseason bubble.

Thanks to moves by general manager Bill Armstrong, the Coyotes appear to be headed back in the right direction. He blew up the team, jettisoning veterans for a slew of draft picks that became the core of a young, talented team.

With the move, Coyotes fans will now have to watch the rebuilding progress from afar instead of in their own backyard.

“Hopefully hockey comes back,” Travis said. "Hockey belongs in the desert. It's thriving right now with youth hockey, so hopefully this is just a pause, not an actual ending."

Pause or ending, Coyotes fans treated the final game at the Mullett with one big party — even if it was a wake.

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This story has been updated to correct that the Coyotes moved into Mullett Arena two years ago instead of three.

AP NHL: https://www.apnews.com/hub/NHL

Arizona Coyotes fans start to find their seats at Mullett Arena prior to the team's NHL hockey game against the Edmonton Oilers on Wednesday, April 17, 2024, in Tempe, Ariz. The team is expected to be sold and moved to Sale Lake City. (AP Photo/Ross D. Franklin)

Arizona Coyotes fans start to gather for what is expected to be the franchise's final NHL hockey game in the Phoenix area, against the Edmonton Oilers, at the main entrance to Mullett Arena on Wednesday, April 17, 2024, in Tempe, Ariz. (AP Photo/Ross D. Franklin)

Arizona Coyotes fans start to gather for what is expected to be the franchise's final NHL hockey game in the Phoenix area, against the Edmonton Oilers, at the main entrance to Mullett Arena on Wednesday, April 17, 2024, in Tempe, Ariz. (AP Photo/Ross D. Franklin)

HONG KONG (AP) — Asian stocks fell Wednesday with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September.

Oil prices were lower and U.S. futures were mixed.

Tokyo’s Nikkei 225 index lost 0.4%, down to 38,271.77 after the country’s factory activity experienced a milder shrink in April, as the manufacturing purchasing managers’ index from au Jibun Bank rose to 49.6 in April from 48.2 in March. A PMI reading under 50 represents a contraction, and a reading of 50 indicates no change.

The yen continues to struggle. On Wednesday, the U.S. dollar rose to 157.88 Japanese yen from 157.74 yen.

Australia’s S&P/ASX 200 dipped 1.1% to 7,581.90. Other markets in the region were closed due to the Labor Day holiday.

On Tuesday, the S&P 500 tumbled 1.6% to cement its first losing month in the last six, and ended at 5,035.69. Its momentum slammed into reverse in April — falling as much as 5.5% at one point — after setting a record at the end of March.

The Dow Jones Industrial Average dropped 1.5% to 37,815.92, and the Nasdaq composite lost 2% to 15,657.82.

Stocks began sinking as soon as trading began, after a report showed U.S. workers won bigger gains in wages and benefits than expected during the first three months of the year. While that’s good news for workers and the latest signal of a solid job market, it feeds into worries that upward pressure remains on inflation.

It followed a string of reports this year that have shown inflation remains stubbornly high. That’s caused traders to largely give up on hopes that the Federal Reserve will deliver multiple cuts to interest rates this year. And that in turn has sent Treasury yields jumping in the bond market, which has cranked up the pressure on stocks.

Tuesday’s losses for stocks accelerated at the end of the day as traders made their final moves before closing the books on April, and ahead of an announcement by the Federal Reserve on interest rates scheduled for Wednesday afternoon.

No one expects the Federal Reserve to change its main interest rate at this meeting. But traders are anxious about what Fed Chair Jerome Powell may say about the rest of the year.

GE Healthcare Technologies tumbled 14.3% after it reported weaker results and revenue for the latest quarter than analysts expected. F5 dropped 9.2% despite reporting a better profit than expected.

McDonald’s slipped 0.2% after its profit for the latest quarter came up just shy of analysts’ expectations. It was hurt by weakening sales trends at its franchised stores overseas, in part by boycotts from Muslim-majority markets over the company’s perceived support of Israel.

Helping to keep the market’s losses in check was 3M, which rose 4.7% after reporting stronger results and revenue than forecast. Eli Lilly climbed 6% after turning in a better profit than expected on strong sales of its Mounjaro and Zepbound drugs for diabetes and obesity. It also raised its forecasts for revenue and profit for the full year.

Stocks of cannabis companies also soared after The Associated Press reported the U.S. Drug Enforcement Administration will move to reclassify marijuana as a less-dangerous drug in a historic shift. Cannabis producer Tilray Brands jumped 39.5%.

The earnings reporting season has largely been better than expected so far. Not only have the tech companies that dominate Wall Street done well, so have companies across a range of industries.

In the bond market, the yield on the 10-year Treasury rose to 4.69% Wednesday from 4.61%.

Benchmark U.S. crude fell 75 cents to $81.18 a barrel. Brent crude, the international standard, lost 65 cents to $85.68 a barrel.

In currency trading, the euro cost $1.0655, down from $1.0663.

FILE - A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, on April 22, 2024. Asian stocks fell Wednesday, May 1, 2024 with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September. (AP Photo/Eugene Hoshiko, File)

FILE- A person looks at an electronic stock board showing Japan's stock prices at a securities firm in Tokyo, on April 30, 2024. Asian stocks fell Wednesday, May 1, 2024 with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September. (AP Photo/Eugene Hoshiko, File)