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Jerry Reinsdorf Pulls Out of Coyotes Deal |
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For up-to-the-minute Coyotes and NHL news, stats, and updates 24/7, be sure to follow Ken Beckett on Twitter @KenBeckett
The Phoenix Coyotes ownership situation has taken another dramatic turn, as potential owner Jerry Reinsdorf has withdrawn his bid to buy the Coyotes.
The Chicago business tycoon withdrew his offer late Monday night issuing a statement saying that he believed it was time to explore other options.
"Ultimately we came to the conclusion it was time to move on," Reinsdorf said. "We were happy to serve a critical role for the City to keep the team in Glendale and we look forward to assisting the city in the future on other projects both as a company and individually."
The move comes as the Glendale City Council is set to meet Tuesday and discuss a memorandum of understanding that gives Ice Edge Holdings 60 days to exclusively negotiate with the city over a new lease.
Ice Edge's exclusivity deal could be broken however if another interested buyer gives Glendale $25 million to cover the money the city has pledged to the NHL to cover the team's losses next season if a sale is not worked out.
If no sale is reached with Ice Edge or any interested parties looking to buy the Coyotes and keep them in Glendale, the NHL has said it would look to move the franchise. Possibly to Winnipeg where Canadian businessman David Thompson has been mentioned as being a possible buyer.
As of Tuesday, Ice Edge Holdings are the only prospective buyers with a memorandum of understanding on the table that would keep the Coyotes in Glendale. Their proposal also includes a provision that would see the Coyotes change their name to either the Arizona or Glendale Coyotes.
For up-to-the-minute Coyotes and NHL news, stats, and updates 24/7, be sure to follow Ken Beckett on Twitter @KenBeckett
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