Finally, it’s over.
After four years of up-in-the-air status, bankruptcy court, and numerous failed bids -- the Phoenix Coyotes have been sold.
The NHL announced the Board of Governors approval of the sale of the team to the IceArizona group (aka: Renaissance Sports & Entertainment). Commissioner Gary Bettman released this statement about the sale.
“The National Hockey League believes in Arizona as an NHL market and that these new owners can provide the Coyotes the opportunity to secure a stable, long-term future in Glendale,” Commissioner Gary Bettman said. “We thank Mike Nealy, Don Maloney, Dave Tippett, team captain Shane Doan and all the players and staff for consistently going ‘above and beyond’ on behalf of the franchise during this long and complex process. We thank the Coyotes’ devoted fans for their patient, perseverant support. We are extremely pleased that a positive resolution has been achieved for the fans, the city, the Coyotes and the League.”
With the Board of Governors approval, the deal the City of Glendale made with IceArizona goes into effect to help manage Jobing.com Arena and ease the financial stress of purchasing the team.
Of course, that city-approved deal also has a five-year out-clause that allows IceArizona to sell the team if they lose $50 million over that time.
While that might be a story further down the road, for now the Coyotes saga is at an end and for the first time since Jerry Moyes declared bankruptcy and attempted to sell the team to Jim Balsillie, they have a real ownership group in place.
