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Stanley Cup Final

NHL's offer for Coyotes is $140 million

Wednesday, 08.26.2009 / 9:01 PM / News

Associated Press

PHOENIX (AP) -The NHL is offering about $140 million to purchase the Phoenix Coyotes in U.S. Bankruptcy Court and would avoid a sticky issue still facing the case by accepting the existing lease to play in Glendale.

The other bidder that would keep the team in Arizona, Ice Edge Holdings, did not include a figure in its bid, but its CEO Anthony LeBlanc said the partnership will offer up to $150 million.

However, the Ice Edge bid is contingent on reaching a new lease agreement with Glendale, something LeBlanc said must happen by the end of next week to keep the offer viable.

The NHL offer would not assume the coaching contract of Wayne Gretzky, nor would it provide any money to Coyotes owner Jerry Moyes.

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