That's One Solution: Phoenix Coyotes Being Sold To NHL

The Phoenix Coyotes' ownership woes may start finding a resolution as the NHL has come to an agreement to buy the team.

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Potential Buyer Ice Edge Has No Backup Plan If Things Don't Work Out In Phoenix

After it was reported that owner Jerry Moyes had agreed in principle to a deal with the NHL, potential buyers of the team have started to come forward to make deals with the NHL. The bidder which has the most promise at this point would be Ice Edge Holdings, a Canadian group who is looking to keep the team in Phoenix.

The group is so committed to trying to make the team work in Phoenix, it is not looking for an escape plan:

Q: How do you protect yourself against the possibility you can’t turn the franchise around? Do you negotiate a time frame for success in Glendale?

A: " No we’re not going to do that. I know other parties have tried to do that. We quite frankly don’t have a backup plan. Our plan is to make it work in Phoenix. In our opinion, it’s the wrong way to approach the partnership with Glendale – a “we’ll try it but if it doesn’t work out we’re going to leave.”

Ice Edge Holdings has contemplated having the team play some games in Saskatoon, Saskatchewan but the Coyotes would play the majority of their games in Phoenix.

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Coyotes Are Officially Being Sold To NHL Subject To Approval

Coyotes owner Jerry Moyes and the NHL have announced today in Bankruptcy Court that they have come to an agreement that will see the NHL owning the Phoenix Coyotes: 

The agreement, which still must be approved by Judge Redfield T. Baum, was announced in U.S. Bankruptcy Court on Monday after attorneys met for more than an hour during a recess in a status hearing on the case.

Former coach Wayne Gretzky, who has a $22.5 million claim in the case, has not agreed to the deal.

Moyes' attorney says the decision to make a deal came largely because the costs of running the team in bankruptcy were coming out of the league's $140-million offer.

The league is planning on immediately flipping the franchise. Get your bids ready!

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