City Of Glendale Leans On Ice Edge Holdings To Keep Coyotes In Town; Is A Deal Probable?

Another day, another step closer to keep the Phoenix Coyotes in Arizona.

Ice Edge Holdings, the prospective ownership group long-favored by Coyotes fans to purchase their team, now has a window of exclusivity to negotiate a lease deal with the city of Glendale, Arizona. That town’s council met on Tuesday evening, unanimously approving the measure, known as a memorandum of understanding, that gives Ice Edge exclusive negotiating rights with the city for 60 days.

It appears as though the Phoenix Coyotes will be staying in Glendale for at least one more year. City Council voted unanimously on Tuesday night to insure the team’s operating losses should their current owner, the National Hockey League, not sell the team prior to next season.

The League will still try to sell the Coyotes to a group that will keep them in town, preferably as soon as possible. But if they are unable to do so, they now have the assurances they need from the City to potentially hold on to the team for another year.

Good news, Coyotes fans. Ice Edge Holdings, the potential ownership group long favored by die-hard supporters of the club, has reportedly agreed to all terms on a new lease agreement with the City of Glendale. The new lease would keep the Coyotes in Arizona, according to Scott Burnside of ESPN.com.

While it might not seem smart for Glendale to take on those operating losses, which could reach into the tens of millions and beyond, the city wants to keep the team in town. They just built a brand-new arena and if the ‘Yotes leave, it’ll be an empty, unused brand-new arena.

Jerry Reinsdorf’s bid to own the Phoenix Coyotes has fallen apart and the original Ice Edge Holdings proposal is back on the table, according to 12news in Phoenix. Most of us around the hockey world are completely confused by this entire situation ... still ... so let’s turn to the people who know the situation best, Coyotes fans at SBN’s Five For Howling:

The Phoenix Business Journal is full of all sorts of news after they reported that the NHL had a deal with True North Sports and Entertainment. They are reporting this afternoon that Jerry Reinsdorf will reportedly have an out clause in a potential deal that would allow him to move the Phoenix Coyotes if he cannot get a favorable lease for the team.

While all of this seems to be a slight ploy to get the city of Glendale to negotiate better lease terms to keep the team in Glendale, Phoenix fans still have to be annoyed with the threat of moving being constantly beat over their heads.

On the heels of Monday afternoon’s report that the NHL has a “deal in principle” with a Winnipeg-based group to sell the Phoenix Coyotes, the Winnipeg Free Press is reporting that among other things, the potential deal is only “Plan C” for the NHL and that it’s “not the likely outcome.”

The potential ownership group itself, True North Sports and Entertainment, has gone as far as calling the initial report false.