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.
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