The City of Glendale on Friday entered into a memorandum of understanding (MOU) with Ice Edge Holdings that will allow the group to enter into exclusive rights, with some conditions, for a lease agreement on Jobing.com Arena for the Phoenix Coyotes.
The Coyotes were purchased by the NHL last season, and since, have been unable to broker a deal to sell the team to any prospective buyers that are looking to keep the club in Glendale. The MOU with Ice Edge Holdings is significant due to the group walking away from negotiations prior. According to CBC Sports:
Ice Edge, a group of mostly Canadian investors, would have exclusive negotiating rights for 60 days unless another potential buyer gives $25 million US 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 interested party for the purchase of the Coyotes with the intent to keep them in Glendale was NBA Bulls and MLB White Sox owner Jerry Reinsdorf. In his case, he backed out of purchase interest in early May.
How soon might a lease agreement take place? According to the MOU, approx. 2 months.
"It is the intention of both parties," the memorandum reads, "to proceed with negotiations of the necessary agreements without delay with the desire to have agreements completed for approval within 60 days."
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