Ryan Smith owner of the Utah Jazz has purchased the Arizona Coyotes and will move the team to Utah (Patrick T. Fallon)

The NHL has given the green light to the Arizona Coyotes sale and move to Utah, the league said on Thursday.

The franchise was bought by Ryan and Ashley Smith of Smith Entertainment Group, who also own the NBA's Utah Jazz and will play at the basketball team's Delta Center in Salt Lake City.

The Utah team has yet to decide on a name but the deal does include all the hockey assets of the Coyotes -- meaning the existing players and coaching staff will move to Utah.

Arizona had struggled to find a suitable arena but as part of the deal, owner Alex Meruelo retains the name and record of the Coyotes franchise and has a five-year window to try to build a venue and create a new team.

Ryan Smith said he was confident the new team would draw big crowds and be competitive from the outset.

"The one thing I do know about Utah is, people show up. We just had the NCAA Tournament here for basketball, and the entire arena was full," he said.

"It's just different here. I mean, (the Jazz have) 291 straight sellout games at the Delta Center. I think every concert that's come into town has sold out. It's just what we do. We show up. I have a lot of faith in the people of Utah."