The latest turn in the Coyotes’ ownership saga came swiftly but not unexpectedly. NHL deputy commissioner Bill Daly confirmed Monday that the league had rejected a purchase bid submitted by Darin Pastor on Friday.

“The terms of his proposal were inconsistent with what we had previously indicated were the minimum prerequisites of a serious and realistic bid,” Daly wrote via email.

While Daly declined to offer more details, a source close to the situation said one key sticking point was that Pastor’s bid financed the deal over a 15-year period while the league expects the entire deal to be completed within a three-to-five-year window, with the expected price still listed between $150 million and $170 million.

On Friday, FOX Sports Arizona reported that Pastor had submitted a proposal that was believed to include the highest total purchase price currently offered for the team, less annual commitment from the City of Glendale to manage Jobing.com Arena and an option to purchase the arena over a period of time.

According to sources, the maximum amount Pastor’s group was willing to pay for the team was about $277.5 million, while the group was asking for either $8 million annually from Glendale to manage the arena or 5 percent less than the lowest other bid.

Two sources contended that one of the flaws of Pastor’s bid was that it offered no cash up front, but when reached by phone Monday, Pastor vehemently denied that account.

“That’s an absolute fabrication,” he said. “Who buys a team with no money down? You can’t buy a cup of coffee with no money down.”