BillsSabresB.C.T. Fan
06-05-2010, 11:26 AM
Ice Edge Holdings has exclusive rights, with some conditions, to negotiate a lease agreement for the Phoenix Coyotes with the city of Glendale under a memorandum of understanding to be presented to the city council next week.
The memorandum agreed to by Ice Edge and city officials is a significant step toward purchase of the Coyotes from the NHL. It was presented to the council in a close-door session on Friday, then the item was posted on the agenda for the council's regularly scheduled meeting next Tuesday.
Ice Edge, a group of mostly Canadian investors, would have exclusive negotiating rights for 60 days unless another potential buyer gives $25 million to the city to cover its obligations to the NHL. Ice Edge also has to present a term sheet to the city from a lender proving it has the financial backing to buy the team.
The only other potential buyer has been a group headed by Chicago sports mogul Jerry Reinsdorf and there was no indication it was willing to make that commitment.
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.
Purchase of the team is contingent on a new lease agreement with Glendale for the Coyotes to play at Jobing.com Arena.
http://www.buffalonews.com/2010/06/04/1071528/ice-edge-glendale-reach-coyotes.html
The memorandum agreed to by Ice Edge and city officials is a significant step toward purchase of the Coyotes from the NHL. It was presented to the council in a close-door session on Friday, then the item was posted on the agenda for the council's regularly scheduled meeting next Tuesday.
Ice Edge, a group of mostly Canadian investors, would have exclusive negotiating rights for 60 days unless another potential buyer gives $25 million to the city to cover its obligations to the NHL. Ice Edge also has to present a term sheet to the city from a lender proving it has the financial backing to buy the team.
The only other potential buyer has been a group headed by Chicago sports mogul Jerry Reinsdorf and there was no indication it was willing to make that commitment.
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.
Purchase of the team is contingent on a new lease agreement with Glendale for the Coyotes to play at Jobing.com Arena.
http://www.buffalonews.com/2010/06/04/1071528/ice-edge-glendale-reach-coyotes.html