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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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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!
Oct 26 8:53p by Zachary Zielonka - 1 comment
Read More: phoenix coyotes sale, Phoenix Coyotes
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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:
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.
Oct 27 8:40p by Zachary Zielonka - 0 comments