Ice Edge Close To Purchasing Coyotes
After winning a long drawn out court battle against Jim Balsillie to purchase the bankrupt Phoenix Coyotes, it appears that the National Hockey League has found a buyer they like. According to TSN, Ice Edge investment group is on the brink of finalizing the deal for the Coyotes franchise. Ice Edge were one of the groups that bid for the bankrupt franchise this past summer but eventually dropped out.
The NHL purchased the Phoenix Coyotes from Jerry Moyes for $140 million. The sale to Ice Edge is reported to be approximately $150 million and the investment group does plan on keeping the team in Phoenix.
The league bought the team in U.S. Bankruptcy Court for about US$140 million after two other potential bidders, including Ice Edge, withdrew, largely because they could not reach an agreement on a reworked lease with the city of Glendale.
The Ice Edge deal is expected to approach $150 million, the amount it had said the group would be willing to spend.
The NHL board of governors could act on the ownership proposal at its meeting next week.
Ice Edge is a group of American and Canadian investors with five majority owners -- Anthony LeBlanc, Daryl Jones, John Breslow, Keith McCullough and Todd Jordan.