It looks like things in Phoenix may finally be edging towards a conclusion. Coyotes owner Jerry Moyes agreed to sell his franchise to the National Hockey League, making the announcement Monday in Phoenix bankruptcy court.

The deal still has to be approved by presiding Judge Redfield T. Baum. It also has to be approved by former Coyotes coach Wayne Gretzky, who has a $22.5 million claim in the case.

The deal came about not as a result of the NHL amending its bid, as ordered by Judge Baum, but rather because Moyes became tired of losing money through the Coyotes. It was an attempt to stop the fiscal bleeding, in other words, and the NHL’s bid was the only one on the table. Moyes, who would have had to have made payroll and other team expenses, simply threw in the towel.

This means that, when the league gets approval for the sale, the search for a new owner will begin. The NHL has already hinted at a few potential suitors, including the ever-popular Ice Edge group. There is also mention of a group out of Canada that includes the co-owners of the Toronto Argonauts football team, David Cynamon and Howard Sokolowski.

The NHL confirmed on Monday that it had met with the Ice Edge group in New York. The Ice Edge group, in turn, confirmed meetings with officials from the city of Glendale that would have them reworking the lease agreement. The NHL, to continue the saga, has yet to confirm the reworking of any lease.

As of the time of this writing, nobody has heard from Wayne Gretzky about the deal or about the Coyotes in general. He has put in a claim as a creditor, meaning the deal will have to satisfy him on some level. With the door left open by Judge Baum for the NHL to sweeten the pot and make things better for Gretzky and Moyes, Gretzky’s response to the NHL’s lack of amendment to the deal could be telling.

The league is hoping the deal will close on by Monday and that they can get on with things. The court still has to approve the sale, as mentioned, and any creditors will have until Friday to voice any further concerns. If Gretzky is going to say something, now would be a good time.

Posted by Jordan Richardson.

Tags: Gary Bettman, jerry moyes, phoenix coyotes, sale, wayne gretzky

This entry was posted on Tuesday, October 27th, 2009 at 5:14 pm and is filed under NHL, NHL Notes, Team Ownership. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.