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by Staff Writer / Arizona Coyotes
The Coyotes lost 5-2 to the Rangers on Monday in New York, but the bigger story was taking place across the country in Arizona.

Phoenix owner Jerry Moyes agreed to sell the bankrupt franchise to the NHL.

The agreement must be approved by a judge, and former coach Wayne Gretzky, who has a $22.5 million claim in the case, has not agreed to the deal.

Moyes was left with few options after his attempt to sell the team to Canadian billionaire Jim Balsillie was rejected by the court.

The case has generated more than 1,000 pages in court filings and considerable rancor among the parties.

But NHL Deputy Commissioner Bill Daly said that once the deal closes, the league will immediately look to sell the team, preferably to an owner who will keep the club in Arizona. The league hopes to close on the sale on Nov. 2.

Daly confirmed that NHL officials, including commissioner Gary Bettman, met Monday with representatives of Ice Edge, a group that has said it plans to keep the team in Glendale, a Phoenix suburb.

Daly said other potential buyers have also expressed interest, but he didn’t identify them.

The agreement between the NHL and Moyes is expected to be submitted to the court as early as today.
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