PHOENIX (AP) - The city of Glendale says a prospective buyer of the Phoenix Coyotes, "in a show of good faith," has deposited $25 million in an escrow account.
The figure is equal to the amount of city funds Glendale had deposited, at the NHL's insistence, to cover potential losses for the coming season while a local buyer was sought.
Glendale, in a news release Friday, said the buyer has asked for confidentiality because negotiations are ongoing, but there have been multiple reports the city has been in talks with Chicago investor Matthew Hulsizer.
The city said that the would-be buyer's move shows Glendale has met the NHL deadline for finding a qualified purchaser to keep the team in Arizona, a condition for releasing the $25 million the city deposited in escrow.
The NHL bought the team out of bankruptcy a year ago in hopes of finding a buyer to keep the Coyotes playing at Glendale's Jobing.com Arena.