Soap opera writers take note.

After months of battling to convince the City of Glendale to accept its proposal, the investment group Ice Edge Holdings has backed out of their deal with the city to purchase the Phoenix Coyotes. Just days after rejecting the Reinsdorf Group, headed by Chicago Bulls and Chicago White Sox owner Jerry Reinsdorf, the city now stands alone with no agreement and no buyer for the Coyotes.

Ice Edge was expected to agree to terms with the city today and complete the sale of the team in around eight weeks. Instead, the city and group failed to reach an agreement and Ice Edge backed out.

"We were adamant about needing exclusivity in these negotiations and they haven't provided it,” Ice Edge chief operating officer Daryl Jones told the Winnipeg Free Press. “I'm not totally surprised. We've been dealing with this for a while. We thought we had agreed to certain things and expected them in writing. That didn't materialize."

ProHockeyTalk’s Brandon Worley reported that a major hold up is the NHL’s desire for insurance from the city that any deal would cover the losses for the team next season.

According to the Free Press, Glendale city council is still expected to vote on a request to satisfy a number of NHL demands, including one that the city would put together a financial guarantee to cover any losses incurred by the Coyotes for the 2010-11 season if the NHL is forced to operate the team for a second season.

The only remaining option may be finalizing a sale with David Thompson and True North Sports & Entertainment Ltd. and moving the team back to Winnipeg.

OTHER NEWS FROM THE BUSINESS OF SPORTS NETWORK

(THE BIZ OF BASEBALL)

• Toms: Realignment is a Must for the Blue Jays
  
• Sources: MLB to Seize Control of the Texas Rangers This Week
  
• LWIB: MASSIVE MLB Report - Manfred, Cubs, Reinsdorf, Beavers, Bryce Harper, Ratings on FOX
  
• The Gloves Come Off....
  
• MLB Attendance Through April, Early May Down 2%
  

Matthew Coller is a staff member of the Business of Sports Network, and is a freelance writer. He can be followed on Twitter

Follow the Business of Sports Network on Facebook