NHL moves closer to Coyotes sale

December 12, 2009

The Ice Edge investment group has signed a letter of intent to purchase the financially floundering Coyotes from the NHL with a long-term commitment to keep the team in Arizona.

Deputy commissioner Bill Daly said much remains to be done before the sale closes, but the league pledged to work closely with Ice Edge "to bring the sale to conclusion as expeditiously as possible."

Ice Edge chief executive officer Anthony LeBlanc said "Ice Edge has committed to keep the Coyotes in Glendale for the remaining term of the original lease."

There are 26 years left on the Coyotes lease to play at Jobing.com Arena, which was built by the city of Glendale.

The league bought the team in U.S. Bankruptcy Court for about $140 million. The Ice Edge deal is expected to approach $150 million, the amount it had said the group would be willing to spend.

Associated Press

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