Ice Edge Holdings, once spurned as a buyer of the Phoenix Coyotes, is now the leading contender to land the troubled franchise, with the Glendale City Council set to discuss lease on Tuesday.
Despite the best efforts of the NHL to position Jerry Reinsdorf as the buyer of the team, Ice Edge Holdings now represents the best chance for Glendale to keep the team in jobing.com Arena.
The group would rename the team to the Arizona Coyotes and play some games outside Glendale (probably in Winnipeg). The complicated deal would give Ice Edge Holdings the right to buy the arena for $180 million should Glendale sell it; set up a bonding district to cover losses encountered by Ice Edge; and give Ice Edge an out in the contract in five years should proceeded from the bonding district not cover team losses. (The out specifies that Ice Edge look for a buyer to keep the team in Glendale before the team can be moved.) In other words, Ice Edge Holdings would be virtually guaranteed to make money on the deal in some manner.
If the City Council agrees to this contract, the next move is for Ice Edge to actually buy the Coyotes from the NHL.