Apr 14, 2010, 8:20 AM EST
Late last night news came down that the Glendale City Council
unanimously approved the arena lease proposal of Glendale Hockey, LLC,
the group led by Jerry Reinsdorf. Per Rebekah L. Sanders of The Arizona
The decision means that Reinsdorf, a Chicago sports mogul, and his
group of investors will work with the city to hammer out the details of
the lease and that Ice Edge Holdings is essentially out of the running.
It also means that Reinsdorf is on track to owning the team, pending
the approval of the NHL.
This is a very quick turn of events for the sale of the Coyotes
franchise, as Ice Edge Holdings continued to insist they were inching
closer to getting a deal done. It’s likely that Glendale voted on the
Reinsdorf proposal based on reports that Ice Edge would be unable to
come up with the funding necessary to purchase the team.
could still be some issues. Local watchdog group Goldwater stated
last week that they would likely sue the City of Glendale if they
went with the Reinsdorf proposal. The issue at hand is how with the
Reinsdorf proposal the city would take on much higher financial risk
than if Ice Edge purchased the team.
also been reports that negotiations between Glendale and Ice Edge
had broken down over recent weeks after the city wanted to change
conditions of the initial proposal.
At this point, you have to think that Glendale was forced to go
with the group that had a legitimate shot of actually purchasing the
team; if Ice Edge failed to secure funding then the franchise could
likely be sold by the NHL this summer and moved elsewhere.
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