In the never ending saga that is the Phoenix Coyotes, the latest update is that Jerry Reinsdorf’s bid to purchase the Coyotes has fallen through. Reinsdorf attempted to renegotiate the lease with the city of Glendale in order to purchase the club from the National Hockey League.
With the deal between Reinsdorf and the city falling through, TSN reported this morning that the city of Glendale next move is to open up negotiations with Ice Edge Holdings, the group that the NHL initially awarded the franchise to. According to the report, “Ice Edge wants to make sure the NHL has assurances from Glendale that the city intends to fund losses for next season.”
According to a report on ESPN.com, if the city does not agree to the conditions set forth by the league, the NHL may sell the franchise to David Thomson who would move the franchise back to Winnipeg. Until next time…
Last night, the Glendale City Council approved the measure to pay the NHL up to 25 million dollars in exchange for keeping the franchise in Phoenix for the 2010-2011 season. The money may not be needed if the NHL can find owners for the franchise, but with new owners will come other concessions from the city. The NHL was quoted as saying that the 25 million guarantee is “nothing more than an insurance policy.” The full article can be found here.