The Associated Press is reporting that Ice Edge Holdings and the NHL are close to signing a letter of intent to buy the Phoenix Coyotes. Ice Edge Holdings is a group of American and Canadian businessmen that have stated that they intend on keeping the Coyotes in Phoenix. The deal could become official this weekend.
Ice Edge On Verge On Buying Phoenix Coyotes
Ice Edge became the only bidder after the NHL became the owner of the team when Research in Motion CEO Jim Balsillie’s bid for the team was rejected. Ice Edge was originally a bidder during the bankruptcy process but stepped aside to see what would happen with the proceedings. The mission statement from Ice Edge’s website:
Ice Edge Holdings, LLC is a company that has been formed to acquire the Phoenix Coyotes. The current Ice Edge ownership group includes individuals with financial and marketing backgrounds who believe that the Coyotes are an undermanaged and underutilized asset. It is the group’s intention to pursue a strategy to keep the team in Arizona for the longer term. Ice Edge Holdings has developed a detailed plan to create a viable hockey future in Arizona.
The Coyotes as a team haven’t been performing on the ice as they are sixth in the Western Conference and third in the Pacific Division. The team hasn’t made the playoffs since 2002.
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