PHOENIX (AP) -Ice Edge Holdings has exclusive rights, with some conditions, to negotiate a lease agreement for the Phoenix Coyotes with the city of Glendale under a memorandum of understanding to be presented to the city council next week.
The memorandum agreed to by Ice Edge and city offficials is a significant step toward purchase of the Coyotes from the NHL. It was presented to the council in a close-door session on Friday, then the item was posted on the agenda for the council's regularly scheduled meeting next Tuesday.
Ice Edge, a group of mostly Canadian investors, would have exclusive negotiating rights for 60 days unless another potential buyer gives $25 million to the city to cover its obligations to the NHL. Ice Edge also has to present a term sheet to the city from a lender proving it has the financial backing to buy the team.
The only other potenial buyer has been a group headed by Chicago sports mogul Jerry Reinsdorf.