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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And you just know there’ll be plenty of demand because the team is a massive moneyloser locked into a dead-end lease and the league is so desperate to keep the team out of Canada they bought it themselves.
Wait, that’s not quite right.
by Benjamin Massey on Oct 26, 2009 9:20 PM EDT reply actions
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