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by Staff Writer / Arizona Coyotes
A group headed by Jerry Reinsdorf submitted a bid by Friday's deadline to buy the Coyotes, and an offer by a second group was promised.

"We're very pleased," NHL Deputy Commissioner Bill Daly told in an e-mail Friday night. "Today's filings represent another step forward toward securing the team's future in Phoenix."

Reinsdorf's offer to buy the team for about $148 million was expected. Another group of investors headed by Canadian-born businessman Daryl Jones submitted a letter of intent to submit by Aug. 5, the date set for sale of the team. Both offers would keep the team in Glendale.
Redfield T. Baum, chief judge of the U.S. Bankruptcy Court in Phoenix, had set Friday as the deadline for submitting bids that would keep the team in Glendale.

If no bid is deemed acceptable, the court will shift to a second timeline for bids to relocate the team.

Details of Reinsdorf's bid were not known because the court filings had not been made public.

Reinsdorf, owner of baseball's Chicago White Sox and the NBA's Chicago Bulls, is part of a group of investors who have been negotiating with the city of Glendale to rework the lease agreement to play in Arena.

The NHL wants to keep the team in Arizona and believes the franchise can be successful with better management and a better product on the ice.

Jones, a Connecticut-based investor, heads a group of Canadian and American business people that have expressed increased interest in the team in recent weeks. But since it got a late start in investigating the deal, the group is not ready to submit a formal bid, Jones said in his letter.

It is not clear whether Baum will allow a later bid, although he has indicated in court that his rules would be flexible if a better offer was to come in late.

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