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.
- Flyers keep faint playoff hopes alive with win over Rangers 18
- Trade: Blackhawks acquire Vermette from Arizona for Dahlbeck, first rounder 48
- Jagr earns high praise in his Panthers debut 0
- Bruins maintain four-point edge in playoff race, hand Coyotes ninth straight loss 4
- NHL on NBC: Rangers look for a fourth straight win against the Flyers 7
- Ducks score four third-period goals, come back to beat rival Kings 9
- Blackhawks aren’t done talking trades, will look to add another forward 13
- Flyers trade Kimmo Timonen to Blackhawks 39
- Video: Couture fined $5K for slew-footing Smith 22
- Time to start winning — Bruins’ next four games are against non-playoff teams 17
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (69)
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs (66)
- Lindros files $3M defamation lawsuit against ex-referee Stewart (Updated: Now $250K) (65)
- The plummeting Coyotes are threatening to fall below the Oilers into 29th place (55)