News

Ice Edge no longer intends to bid for bankrupt Phoenix Coyotes

PHOENIX – The Phoenix Coyotes appear to have one less potential buyer.

Ice Edge Holdings, a group made up of Canadian and American businessmen, no longer intends to participate in Thursday’s auction for the bankrupt NHL team, according to a court filing Tuesday from NHL Commissioner Gary Bettman.

Ice Edge had initially said it would spend up to US$150 million to buy the team and keep it in Arizona, provided the group could work out a new lease arrangement with the city of Glendale.

READ ALSO:  Why house league hockey is an attractive option

If Ice Edge does not submit a bid, the field of buyers would narrow to Canadian billionaire Jim Balsillie and the NHL.

Balsillie has the highest bid, as much as $242.5 million, and is contingent on moving the team to Hamilton.

The NHL bid $140 million to buy the team and keep it in Glendale after its board of governors voted 26-0 with three abstentions against Balsillie as an owner.