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City of Glendale grants Ice Edge exclusive negiotating rights for 60 days

Jun 9, 2010, 1:40 PM EDT

Perhaps it shouldn’t be a big surprise since the ownership showdown is now really a one-horse race after Jerry Reinsdorf dropped out of the running (at least, if the team is staying in Arizona), but the City of Glendale unanimously approved Ice Edge Holdings for exclusive negotiating rights. TSN provides the news.

The Glendale City Council voted unanimously Tuesday night to approve a memorandum of understanding from Ice Edge Holdings toward purchasing the Phoenix Coyotes and keeping the NHL team at Jobing.com Arena.

The memorandum gives Ice Edge, a group of Canadian and American investors, exclusive negotiating rights for a new arena lease over the next 60 days. A new lease is a necessary step toward buying the team from the NHL. Glendale officials say the memorandum will be forwarded to league officials for a final decision.

Does this mean that Ice Edge only has a two-month window to get the deal done? I’m not sure, but the next 60 days will definitely be a crucial point in these discussions. Here are a few more details behind the potential agreement.

Ice Edge plans to buy the team with their own money and bank financing.

The memorandum outlines terms of the proposed lease, with the hockey team owners getting revenue from parking and from a special taxing district to be formed in the immediate vicinity of Jobing.com Arena.

The story says that Ice Edge expects to get things done pretty soon (or at least “remarkably quick compared to the process thus far”).

According to TSN, the Coyotes haven’t turned a profit since 1996. There have been some doubts about Ice Edge’s ability to put together enough money to be a solid owner, but at this point it’s obvious that it’s Ice Edge or bust. So is it going to work out in the desert? We’ll have to see how the next two months go.

  1. George Fallar - Jun 9, 2010 at 2:11 PM

    A fact that should be mentioned is that if another party provides a $25 million deposit to the NHL, the exclusive agreement with Ice Edge is nullified.
    According to reliable sources, there is another party currently negotiating for the purchase of the Coyotes, keeping them in Glendale for the forseeable future (NOT the True North guys).

  2. Jordan - Jun 9, 2010 at 2:14 PM

    George,
    The latest reports have the third party pulling out because they couldn’t get things moving with any momentum. Not sure where I read it, but it was yesterday or the day before.

  3. George Fallar - Jun 9, 2010 at 2:43 PM

    Jordan…
    Reinsdorf is out, as of last night before the meeting the other party was still alive. It’s still conjecture, but probably from a more reliable source than most of the Canadian press has been quoting incessantly.
    The Ice Edge guys seem very confident at this point.
    By the way, another thing most of the press have not reported on (maybe because they don’t check facts or attend Glendale City Council meetings) is that Ice Edge has 10 days to provide a bank term sheet to Glendale. So, if they don’t have the money the deal can be voided.

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