In May, 2010, the city of Glendale, Arizona assured the NHL it would pay up to $25 million to the league to keep the Phoenix Coyotes in the city for the 2010-2011 NHL season. The NHL currently owns the Coyotes, and that money would be used to cover all operating losses incurred by the Coyotes for the upcoming season.
Reports coming from Glendale indicate that a potential buyer for the team has placed $25 million in escrow as a show of good faith, potentially freeing the city of its obligation to the NHL. If the sale of the team does not go through, Glendale will need to put their $25 million back in escrow for the NHL.
Glendale has until December 31, 2010 to come up with a new owner for the Coyotes. If the city fails to do so, the NHL has indicated that they would seek to relocate the team. The NHL is said to already have an agreement in place with a group of investors in Winnipeg to move the team to that Canadian city.
Before the franchise was known as the Coyotes, they were the Winnipeg Jets. The team relocated from Winnipeg to Arizona in 1996.
Multiple reports out of Glendale indicate that the potential buyer is Chicago Investor Ma ...
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Article written by Trent Reinsmith
Phoenix Coyotes: Does The NHL Have a Buyer For The Team?
September 19th, 2010 by Trent Reinsmith Leave a reply »
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