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Report: New ownership group close to a deal for Phoenix Coyotes

Aug 30, 2010, 5:26 PM EDT

Thumbnail image for coyotes1.bmpRight when you think things are starting to get dire with the City of Glendale’s search for a new buyer for the Coyotes, something always comes up to reinvigorate chatter. Consider today to be that day. The Phoenix Business Journal reports that, once again, a new and unknown group demanding secrecy to better negotiate with Glendale has come out of nowhere to express serious interest in buying the Coyotes.

An undisclosed wealthy buyer is leading a new ownership group that is interested in buying the Coyotes from the NHL. The league has owned the team since October when it bought the Coyotes via Chapter 11 bankruptcy proceedings.

Details of the new ownership group are very limited, though Glendale and the NHL could announce details and developments soon, according to sources familiar with the situation. The ownership group has asked for the city and league to keep negotiations private. The new buyer would keep the Coyotes in Glendale and is not a household name. In addition, sources say progress on the purchase is serious and substantial.

If you’ve been keeping up with this agonizing saga all along, you know that Ice Edge Holdings is the current front runner for the team and that they’ve been remarkably quiet all summer long in regard to buying the team. Don’t worry, they know all about this supposed new buyer and Ice Edge CEO Keith McCullough issued this statement:

“We understand another party that we have become acquainted with is in advanced negotiations with Glendale and an announcement could happen soon. If this occurs, we expect to continue to be involved with the Coyotes as an adviser for the foreseeable future.”

As always with news that concerns interested parties in buying the Coyotes stay tuned for further action, or inaction as things go. At least some folks can have some fun with the news, or lack thereof, when it comes to the Coyotes dealings as ESPN’s Scott Burnside had the Tweet of the Day:

No truth to reports out of Gong-dale that ‘mystery’ buyers for Coyotes include Santa Claus, Tooth Fairy, Easter Bunny and Dos Equis dude.

Stay thirsty for a new owner, my friends.

  1. NYRFTW - Aug 30, 2010 at 7:18 PM

    I hope a deal doesn’t get done. Hockey in Phoenix is like basketball in Winnipeg! Get that embarrassing garbage out of our game ASAP. FLA, ATL, NASH, PHO, CAR just need to go. I hope These teams can win a cup 10 straight years and no one would care!

  2. Desert Yote - Sep 6, 2010 at 5:03 PM

    I beg to differ….. Look back at Chicago’s arena 5 years ago… and Pittsburgh…. The Coyotes can and WILL be a Viable profitable team. Years of poor management, Poor product and a poor economy have hurt the yotes. Another year like last year and this team will turn a profit. IF the coyotes win the cup it will create a dynasty, this creating life long fans. THUS making the product succesful and profitable. As a fan of the Jets before they moved to Phoenix. I don’t want them to go back. The yotes have a place in the desert.

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