Sole Buyer For Coyotes

The NHL’s Phoenix Coyotes have a frontrunner for their next owner, if only because every other potential buyer has backed off.

The Glendale City Council voted unanimously June 8 to a approve a memorandum of understanding from Ice Edge Holdings, which buy the team and keep it at Arena, according to The Sports Network.

The NHL currently owns the team. Former owner Jerry Moyes, claiming bankruptcy, attempted to sell the team to Jim Balsillie. But Balsillie wanted to move the team to Hamilton, Ontario, so the NHL rejected the offer, bought the team and looked for a new potential buyer.

A group led by Chicago sports entrepreneur Jerry Reinsdorf backed out of his offer June 7, leaving Ice Edge – comprising a group of Canadian and American investors – the sole potential owner.

Ice Edge has 60 days to negotiate a purchase price for the team and for, according to the Network.