Nov 3 2009
The sale is finally agreed upon. After all the long drawn out drama for the future of the Phoenix Coyotes, Judge Redfield T. Baum agreed to sign the sale order on Monday after lawyers made minor modifications to the deal. None of the changes significantly altered the NHL’s agreement to pay about US$140 million to buy the team from owner Jerry Moyes. The sale ends nearly six months of an often-bitter court battle pitting the NHL against Moyes and Canadian billionaire Jim Balsillie. The league plans to resell the team, preferably to a buyer that would keep the team in Glendale. The city vehemently opposed Balsillie’s bid.
Moyes has contended that the NHL never will succeed in the desert, but the league says the team can succeed with a better product on the ice. The Coyotes are off to a good start this season, but crowds at Jobing.com Arena have been sparse. Ice Edge, formed by a group of investors from the United States and Canada, says it still is interested in buying the team. The owners of the CFL’s Toronto Argonauts, Howard Sokolowski and David Cynamon, also reportedly have interest in purchasing the team.