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Coyotes inch closer to sale

Apr 9, 2010, 6:15 PM EDT

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The saga of the Phoenix Coyotes going from potentially being sold and moved to Hamilton, Ontario to being bought by the NHL and earning home ice in the first round of the playoffs came a little bit closer to coming full circle as Ice Edge Holdings announced today they’ve signed a memorandum of understanding to purchase the Coyotes from the NHL.

What this means is that Ice Edge is hammering out a new lease on Jobing.com Arena with the City of Glendale so they can clear the path to buy the team. With stuff like this you either need a lawyer or a road map to figure out which way things are going, but for fans of the Coyotes this means the team is just a little bit closer to staying in Arizona for the foreseeable future. As always, there are stipulations still to be worked out.

The city council is to vote on the proposal next Tuesday. Chief executive officer Anthony LeBlanc calls it a first step and says there is much work still to be done to secure a final lease agreement.

The lease has always been the sticking point to selling the Coyotes as the City of Glendale doesn’t want to get stuck holding the bag if some whimsical millionaire wants to haul the team out of town should things again fall by the wayside. Not that we know anyone that has ever tried to do that before.

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