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TSN: Glendale & NHL reach agreement for financial losses

More great news for hockey fans in Arizona, as TSN is reporting today that the NHL and the City of Glendale have come to an agreement on the one sticking point that would likely have meant the team departing for Canada.

According to TSN, the City of Glendale has reached an agreement with the NHL to cover any losses the team may have next season, up to $25 million. From the report:

Sources say Glendale city officials also talked with representatives from Ice Edge Holdings on Friday, however, according to source, Ice Edge remains reluctant to engage in further discussions with the city without exclusivity.

The NHL was more than willing to do what it takes to keep the team in Arizona, but was no longer willing to eat the financial losses of the team in the area. With the City continuously failing to reach an agreement with any potential buyer, there was more than a good chance that the NHL would retain ownership of the team into next season. With the City fighting the “cover the losses” requirement, the NHL took steps necessary to move the team should a sale not happen before June.

As talks broke down with Jerry Reinsdorf and then Ice Edge Holdings, the City held a vote in which the council agreed to cover possible losses for next year.