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TSN: Glendale & NHL reach agreement for financial losses

May 21, 2010, 8:15 PM EDT

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More great news for hockey fans in Arizona, as TSN is reporting today
that the NHL and the City of Glendale have come to an agreement on the
one sticking point that would likely have meant the team departing for
Canada.

According to TSN, the City of Glendale has reached an
agreement with the NHL to cover any losses the team may have next
season, up to $25 million. From the report:

Sources say Glendale city officials also talked with representatives
from Ice Edge Holdings on Friday, however, according to source, Ice Edge
remains reluctant to engage in further discussions with the city
without exclusivity.

The NHL was more than willing to do what it takes to keep the team in
Arizona, but was no longer willing to eat the financial losses of the
team in the area. With the City continuously failing to reach an
agreement with any potential buyer, there was more than a good chance
that the NHL would retain ownership of the team into next season. With
the City fighting the “cover the losses” requirement, the NHL took steps
necessary to move the team should a sale not happen before June.

As talks broke down with Jerry Reinsdorf and then Ice Edge Holdings,
the City held a vote in which the council agreed to cover possible
losses for next year.

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