June 9, 2010
Press Release (via NHL)
GLENDALE, Ariz. (AP) -The Glendale City Council voted unanimously Tuesday night to approve a memorandum of understanding from Ice Edge Holdings toward purchasing the Phoenix Coyotes and keeping the NHL team at Jobing.com Arena.
The memorandum gives Ice Edge, a group of Canadian and American investors, exclusive negotiating rights for a new arena lease – a necessary step toward buying the team from the NHL. Glendale officials say the memorandum will be forwarded to league officials for a final decision.
A group headed by sports mogul Jerry Reinsdorf withdrew from efforts to purchase the Coyotes on Monday night, leaving Ice Edge as the only potential buyer. Reinsdorf owns the Chicago White Sox and Chicago Bulls.
The NHL bought the team out of bankruptcy last September with the intention of selling it to someone who would keep it in Glendale, where the team has lost tens of millions of dollars in recent seasons.
Yay! Warm weather hockey in a city where they never fill the arena and the fans don’t care about the team will continue!
One comment
Probably a good thing. Hockey fans in Phoenix are strong, but clearly like a winner (as most cities). I would hate to see hockey leave Arizona, as it would really hurt the Glendale/Westgate area. Still, as a White Sox fan, I would have preferred Reinsdorf’s group.