Reinsdorf group withdraws from Coyotes competition
Monday, June 7, 2010
PHOENIX (AP) -- A group headed Jerry Reinsdorf has withdrawn from efforts to purchase the Phoenix Coyotes, a move that leaves Ice Edge Holdings as the last potential buyer that would keep the NHL team in Arizona.
Reinsdorf, owner of the Chicago White Sox and Chicago Bulls, issued a statement Monday night saying "it was time to move on."
The Reinsdorf group once was the front-runner to buy the team but had fallen out of favor in recent weeks while Glendale officials worked out a memorandum of understanding with Ice Edge, a group of Canadian and American investors.
The Glendale city council is to vote Tuesday night on that memorandum, which gives Ice Edge exclusive negotiating rights for 60 days.
A new lease for the Coyotes to play at Jobing.com Arena is a necessary step before Ice Edge can proceed to try to purchase the team from the NHL.