Gary Bettman's favored suitor for the Phoenix Coyotes bowed out leaving the sale of the club in turmoil. As Matt Coller reported Wednesday, Jerry Reinsdorf had emerged as the preferred buyer of the beleaguered team, due in large part to his successful ownership of both the NBA's Chicago Bulls and MLB's Chicago White Sox.

While the league clearly saw advantages with Reinsdorf's proposal for both the NHL and the Phoenix franchise, questions raised by watchdog groups cast doubts on how beneficial the deal would be for Glendale and Arizona. The deal put forward by the new presumptive frontrunner Ice Edge Holdings is far from complete, but is perceived as more likely to keep the team in Glendale.

ESPN.com's Scott Burnside is reporting that a number of hurdles remain including the guarantee of certain conditions to the league regarding who gets to pay for operating losses in the 2010-2011 season.

Looming in the background are the deep pockets of Canadian billionaire David Thomson who would return the team to Winnipeg. The Coyotes were established in Winnipeg as a WHA franchise in 1972. The team played there until 1996.

Unlike Thomson, whose intent is to relocate the franchise, and Reinsdorf who wanted the option to either flip or move the team after five years, Ice Edge appears committed to remain in Glendale for the remainder of the team's lease with Glendale.

The most daunting obstacle to Ice Edge's proposal will be finding investors to pay the estimated $150 million price tag the league has placed on the team.

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The National Hockey League Players’ Association (NHLPA) announced today that Sidney Crosby of the Pittsburgh Penguins, Alexander Ovechkin of the Washington Capitals and Henrik Sedin of the Vancouver Canucks have been selected as finalists for the 2009-10 Ted Lindsay Award. The Ted Lindsay Award will be presented annually to the “Most Outstanding Player” in the NHL, as voted by fellow members of the NHLPA.

On April 29, 2010, the Ted Lindsay Award was introduced, and it remains the only award voted on by the players themselves, carrying on the tradition established by the Lester B. Pearson Award. The Award honours Ted Lindsay, an All-Star forward known for his skill, tenacity, leadership and his role in establishing the original Players' Association.

The Ted Lindsay Award will be presented at the 2010 NHL Awards in Las Vegas on June 23, 2010 to one of the following finalists:

Sidney Crosby, of Cole Harbour, Nova Scotia, Canada, appeared in 81 games for the Pittsburgh Penguins in 2009-10, finishing second in the league in points (109), while his career-high 51 goals tied him with Tampa Bay ’s Steven Stamkos for the “Rocket” Richard Trophy. In just his fifth NHL season, the 22-year-old has proven himself to be a bona-fide superstar, having already won the NHLPA’s “Most Outstanding Player” award (2006-07), the Hart Trophy (2006-07), the Art Ross Trophy (2006-07) and led his club to the 2008-09 Stanley Cup. Crosby is looking to cap off a brilliant season that also saw him score the Olympic gold-medal winning goal for Canada .

Alexander Ovechkin, of Moscow , Russia , appeared in 72 games for the Washington Capitals in 2009-10, finishing amongst the top-three players in the league in points (109) and goals (50). This is the third straight season that Ovechkin has reached the 100-point plateau and tallied more than 50 goals – reaching the 50-goal plateau for the fourth time in his five-year career. The two-time defending recipient of both the NHLPA’s “Most Outstanding Player” award and the Hart Trophy, Ovechkin led the Capitals to their third-consecutive Southeast Division title in 2009-10, as well as the first Presidents’ Trophy in franchise history. Should Ovechkin be selected, he would join Guy Lafleur and Wayne Gretzky as the only players to win the award in three consecutive seasons.

Henrik Sedin, of Ornskoldsvik , Sweden , appeared in all 82 games for the Vancouver Canucks in 2009-10, winning the Art Ross Trophy with a league-high 112 points (29 goals, 83 assists). Playing every game of the season for the fifth consecutive year, Henrik far surpassed the 82 points he registered in 2008-09, establishing a new career-high in points. Henrik also set three different Canucks franchise records in 2009-10: passing Trevor Linden for the club’s all-time assists lead; eclipsing Pavel Bure’s single-season points record; and besting the Canucks single-season assists record, breaking the previous record he set in 2006-07.

The NHLPA also launched the 2009-10 Ted Lindsay Award Contest today on www.nhlpa.com. Fans are encouraged to select the Ted Lindsay Award recipient, just like the players do. A random draw will take place June 24, 2010, following the 2010 NHL Awards in Las Vegas NV , to determine the Grand Prize winner, as well as the second and third-place finishers.

To honour the history of the “Most Outstanding Player” Award, an NHLPA Goals & Dreams equipment donation will also be made in Lester B. Pearson’s name to a Canadian youth hockey organization, which will be selected together with members of the Pearson family. Launched in November 1999, NHLPA Goals & Dreams was created as a way for the players to give back to the game they love, and has donated more than $18-million worldwide to grassroots hockey programs.

SELECT READ MORE TO SEE A COMPLETE HISTORY OF "MOST OUTSTANDING PLAYER" AWARD RECIPIENTS

The Associated Press reported Monday that NHL commissioner Gary Bettman said that the deal for the purchase of the Phoenix Coyotes by a group headed by Jerry Reinsdorf would be beneficial to the franchise and the league.

“It w will be great for this league and that franchise if Jerry is able, with his partners, to consummate that transaction,” Bettman said before Game 2 of the Western Conference semifinals between the Vancouver Canucks and Chicago Blackhawks.

Bettman also said the sale of the team is on the horizon but the commissioner would not give a timetable. “There is much that has to be done with the city of Glendale, both with the league and the prospective owners,” Bettman said.

While Bettman is pleased, conservative watchdog group The Goldwater Institute is not. The group, which tracks public subsadies to private corporations, said the Reinsdorf places too much burden on the Glendale taxpayers and not enough on Reinsdorf’s group. Goldwater was also not happy with Reinsdorf’s option to sell the team after five years.

“He really seems to have insulated himself completely from any financial liability,” Said Carrie Ann Sitren, a Goldwater lawyer, after the proposals were released. “It is not a certain prospect for the team to stick around in the long-term. The Ice Edge deal looks more hard-working, as in let’s be creative and see how this can work.”

The Coyotes are in need of stability in ownership, the city and league appear willing to take the risk of Reinsdorf group opting to sell the team after a few years.

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The National Hockey League Players’ Association (NHLPA) announced today at the Hockey Hall of Fame (HHOF) that the Lester B. Pearson Award is being reintroduced as the Ted Lindsay Award. The Award honours Ted Lindsay, an All-Star forward known for his skill, tenacity, leadership, and for his role in establishing the original Players' Association. The players’ accolade will continue to be presented annually to the "Most Outstanding Player" in the NHL, as voted by fellow members of the NHLPA.

"This is a great honour to have bestowed upon me," said Ted Lindsay. "I took great pride in my hockey career, both on the ice competing towards a championship with my teammates, and off of the ice for the work that we did to ensure our fellow players enjoyed proper rights and benefits.

"I am very proud and appreciative that the most outstanding player each season, as voted by his peers, will receive the award with my name on it."

Lindsay played 14 of his 17 NHL seasons with the Detroit Red Wings, spending the three other seasons with the Chicago Blackhawks. In 1,068 career games, he recorded 379 goals and 472 assists for 851 points, and 1,808 penalty minutes. In 1966, Lindsay was elected to the Hockey Hall of Fame. His jersey, #7, was retired by the Detroit Red Wings in 1991. Lindsay won four Stanley Cups with the Red Wings (1949-50, 1951-52, 1953-54, and 1954-55), captaining the club for the last two of those championships.

Lindsay played on one of the most famous lines in NHL history, playing left-wing on the "Production Line" line with Sid Abel and Gordie Howe. In 1949-50 they combined to finish 1-2-3 in league scoring, with Lindsay recording 78 points in 69 games to earn the Art Ross Trophy. He was also named to the NHL’s first All-Star team eight times in his career (1947-48; 1949-50 through 1956-57).

In addition to his on-ice successes, the NHLPA honours Ted Lindsay with an award in his name for his sacrifice and leadership in establishing the original Players’ Association. With the assistance of fellow players, Bill Gadsby, Doug Harvey, Fern Flaman, Gus Mortson, Jim Thomson and others, Lindsay was instrumental in organizing the original Players’ Association in 1957 to promote, foster and protect the interests of players. Notably, he was the first President of the Association.

Lindsay paid a steep personal price for his efforts on behalf of his fellow players. He was first stripped of his Red Wings captaincy and then, following his best statistical season in the NHL, he was traded from a very strong Red Wings team to the Blackhawks, who at the time were struggling at the bottom of the standings. Though the Association would initially be stifled by management, the efforts of Ted Lindsay and his fellow players laid the groundwork for the formation of the current NHLPA. In 1967, the NHLPA was formally ratified as a labour organization whose members are the players in the NHL.

"All NHLPA members, current and former, owe a great deal of gratitude to Ted for his efforts, so it is only fitting that we name our most outstanding player award after him," said Jarome Iginla, 2001-02 Lester B. Pearson Award Recipient. "The Ted Lindsay Award is a prestigious honour that will continue the tradition set forth by the Lester B. Pearson Award."

"Naming our most outstanding player award after Ted Lindsay is the highest honour our Association can bestow upon him. We are very proud to honour one of the great players of our game and a true pioneer of our Association." said the members of the NHLPA Executive Board.

In a tribute to its namesake, the Ted Lindsay Award trophy reflects many important characteristics of Lindsay’s distinguished hockey career – combining elements of strength, history, individuality and dignity. On the trophy, one plate details how Lindsay began one of hockey’s greatest and long-running traditions. After the Red Wings won the Stanley Cup in 1950 in front of their hometown fans, Lindsay took the Cup in hand and skated around the ice of the Detroit Olympia, sharing the game’s ultimate prize with all those in attendance.

The Ted Lindsay Award trophy was designed by Myros Trutiak of MST Bronze, with creative input from Ted & his wife Joanne, along with Jonathan Weatherdon and Andrew Wolfe of the NHLPA in each step of the process.

Lester B. Pearson’s name will also continue to play an important role within the NHLPA. The official text of the Lester B. Pearson Award is plated on the new trophy and the names of the Pearson Award recipients are engraved onto its wooden panels, maintaining the strong history of the Award. An annual NHLPA Goals & Dreams equipment donation will also be made in the former Prime Minister’s name to a Canadian youth hockey organization, which will be selected together with a member of the Pearson family.

The Ted Lindsay Award will be presented at the 2010 NHL Awards Show in Las Vegas on June 23, 2010 to the 2009-10 recipient.

Ted and his wife Joanne were on hand today at the HHOF for the media conference at the HHOF to unveil the new trophy. The media conference was emceed by Chris Simpson with guest speakers Jamal Mayers, former Executive Board member and a trustee of the NHL Players’ Pension Plan; and Dick Duff, HHOF member. Mike and Marian Ilitch, the owners of the Detroit Red Wings, were also in attendance.

Source: NHLPA

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