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."
| Additional News Stories | |
CHICAGO, Dec. 18 (UPI) --
The Chicago Cubs finally traded volatile outfielder Milton Bradley Friday for Seattle Mariners' right hander Carlos Silva.
|
NEW YORK, Dec. 18 (UPI) --
"Avatar," James Cameron's eagerly awaited science-fiction movie opus, was the subject of David Letterman's Top 10 list in New York Thursday night.
|
CLINTON, N.Y., Dec. 18 (UPI) --
Residents of Louisiana and Hawaii ranked highest, and residents of New York and Connecticut lowest, in a study of happiness in the United States, authors said.
|
|