THIS IS BREAKING NEWS...

The National Hockey League has signed a letter of intent to sell the Phoenix Coyotes to Ice Edge Holdings, Inc. The news was relayed by Michael DiLorenzo, Director of Social Media Marketing & Strategy for the NHL via Twitter.

Deputy Commissioner Bill Daly issued the following statement today regarding the proposed sale of the Coyotes to Ice Edge Holdings:

"The NHL and Ice Edge Holdings announced today that they have entered into a Letter of Intent to proceed in attempting to document and close a proposed transaction pursuant to which Ice Edge would purchase the Phoenix Coyotes' franchise. While much remains to be done, the NHL looks forward to working closely with Ice Edge to bring the sale to conclusion as expeditiously as possible. Ice Edge has committed to keep the Coyotes in Glendale, Arizona."

The Coyotes became wards of the league when owner Jerry Moyes declared Chapter 11 bankruptcy. Bankruptcy Redfield T. Baum, approved the $140 million sale of the Coyotes to the league in early November, at which point the league said it would work quickly to sell the club with the intent of selling it to an ownership group willing to keep the team in Glendale, as the city and the Coyotes continue to work on a way to renegotiate the lease for Jobing.com Arena.

long-term future in Arizona."

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Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

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