Coyotes owner to sell franchise to NHL

PHOENIX, Oct. 26 (UPI) -- Phoenix Coyotes owner Jerry Moyes has agreed to sell the franchise to the National Hockey League.

Moyes agreed to the sale during a hearing in U.S. Bankruptcy Court in Phoenix Monday. The deal needs the approval of Judge Redfield T. Baum.

Bill Daly, NHL deputy commissioner, said it was hoped the sale could be completed in a week.

Moyes filed for Chapter 11 bankruptcy in May.

Baum had rejected an offer by Canadian billionaire Jim Balsillie to buy the team and move it to Canada.

The NHL had said it wanted to acquire the Phoenix club and find a buyer who will keep it in Arizona.

A statement from the league said:

"It remains the NHL's intention upon taking control of the club to stabilize the club's operations and, as quickly as possible, to re-sell the club to a new owner who is committed to operating the club in the (Phoenix) market."