Phoenix Coyotes owner Jerry Moyes has agreed to
sell the franchise to the National Hockey League.
The announcement came Monday during a hearing in U.S. Bankruptcy Court, but
judge Redfield T. Baum must approve the transaction.
NHL deputy commissioner Bill Daly released a statement Monday night about the
pending deal and said if there is no objection the sale will hopefully be
closed next Monday.
"In Phoenix today, a tentative agreement was reached among the parties to
amend the NHL's offer to purchase the Coyotes franchise out of bankruptcy, and
a proposed order, mutually agreed to by the parties, will be filed with the
Court seeking approval of the NHL's amended bid.
"It remains the NHL's intention upon taking control of the club to stabilize
the club's operations and, as quickly as possible, to re-sell the club to a
new owner who is committed to operating the Club in the Glendale/Phoenix
market."
It was previously learned on September 23 that the Coyotes would play this
season's schedule in Glendale amid all the turmoil created when Moyes filed
for Chapter 11 bankruptcy in May.
Blackberry mogul Jim Balsillie made a pitch to buy the Coyotes and move the
franchise to Hamilton, Ontario, but the league wanted to purchase the team and
seek out a buyer that would keep the Coyotes in Glendale.
Since moving to the desert in 1996 from Winnipeg, the team has consistently
lost money and has had trouble drawing a fan base. The Coyotes have only made
the playoffs five times since going to the desert and have never made it past
the first round. Also, the team has had just one winning season since last
making the playoffs in the 2002-03 season.
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