Good news, Coyotes fans. Ice Edge Holdings, the potential ownership group long favored by die-hard supporters of the club, has reportedly agreed to all terms on a new lease agreement with the City of Glendale. The new lease would keep the Coyotes in Arizona, according to Scott Burnside of ESPN.com.
The two sides are expected to sign a letter of exclusivity by early Monday morning, which will formally end the bid of Chicago sports tycoon Jerry Reinsdorf, although sources told ESPN.com that the city has not considered the Reinsdorf bid viable for some time now.
Ice Edge will not, however, agree to have its new memorandum of understanding submitted to the City Council for a vote until Glendale agrees to a number of conditions outlined by the NHL, chief among them that the city will agree to pay any operating losses the Coyotes might incur next season if a deal to sell the team collapses.
Those requirements will be discussed by City Council at its public meeting Tuesday in Glendale.
While it might not seem smart for Glendale to take on those operating losses, which could reach into the tens of millions and beyond, the city wants to keep the team in town. They just built a brand-new arena and if the 'Yotes leave, it'll be an empty, unused brand-new arena.
If Glendale chooses not to pay those losses, the NHL will likely choose to relocate the team -- probably to Winnipeg. That doesn't seem like it will happen at this point, but then again, this whole process has has more plot twists than an episode of LOST.
In the meantime, you can expect Coyotes fans, especially those who frequent SBN's Five For Howling, to make their voices heard at that Council meeting on Tuesday evening.