Links - Ice Edge NHL sign letter of intent for sale of Coy - North River Minor Hockey Association

Ice Edge NHL sign letter of intent for sale of Coyotes LOGINREGISTERHELPYOU ARE NOT LOGGED IN NHLNBAMLBCFLNFLCurlingTennisGolfSoccerNASCARFormula OneIndyCar NASCAR Canadian Tire SeriesNationwideCamping WorldAuto RacingWorld JuniorsSpengler CupMenS WHCWomenS WHCHockey CanadaAHLBoxingCanada GamesCHLCISECHLFigure SkatingLacrosseMMANCAASkiingSummer SportsWinter SportsMoreOlympicsFantasyDaily LineShowsTSN TalentCommunityMainScoresScheduleStandingsStatisticsAnaheimCalgaryChicagoColoradoColumbusDallasDetroitEdmontonLos AngelesMinnesotaNashvillePhoenixSan JoseSt LouisVancouverAtlantaBostonBuffaloCarolinaFloridaMontrealNew JerseyNY IslandersNY RangersOttawaPhiladelphiaPittsburghTampa BayTorontoWashingtonTeamsPlayersInjuriesTransactionsDaily LineNHL on TSNTradeCentreDraftCentreeotText SizePHOENIX The Ice Edge Holdings investment group has signed a letter of intent to purchase the financially floundering Phoenix Coyotes from the NHL with a longterm commitment to keep the team in ArizonaThe league and Ice Edge announced the agreement in brief statements FridayDeputy commissioner Bill Daly said much remains to be done before the sale closes but the league pledged to work closely with Ice Edge to bring the sale to conclusion as expeditiously as possibleIce Edge chief executive officer Anthony LeBlanc said Ice Edge has committed to keep the Coyotes in Glendale for the remaining term of the original leaseThere are 26 years left on the Coyotes lease to play at Jobingcom Arena which was built for the team by the city of GlendaleIn an email exchange with The Associated Press LeBlanc said there would be no out clause that would allow Ice Edge to break the leaseWe believe in this team and the demographics of the Valley he said a reference to the sprawling Phoenix metropolitan areaGlendale issued a statement praising the initial agreement and looked forward to the sale closingThe transfer of ownership and possession to Ice Edge Holdings is a major and final step in establishing the longterm presence of hockey in Glendale the city saidThe league bought the team in US Bankruptcy Court for about US$140 million after two other potential bidders including Ice Edge withdrew largely because they could not reach an agreement on a reworked lease with the city of GlendaleThe Ice Edge deal is expected to approach $150 million the amount it had said the group would be willing to spendThe NHL board of governors could act on the ownership proposal at its meeting next weekIce Edge is a group of American and Canadian investors with five majority owners LeBlanc Daryl Jones John Breslow Keith McCullough and Todd JordanLeBlanc is a former executive at Research in Motion the Blackberry manufacturer founded by Canadian billionaire Jim Balsillie Balsillie mounted a spirited persistent bid to buy the Coyotes in bankruptcy court and move the team to HamiltonBreslow is a Las Vega...