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Ice Edge no longer intends to bid for bankrupt Phoenix Coyotes

The Canadian Press
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Jim Balsillie is shown in this file photo. THE CANADIAN PRESS/Dave Chidley Author: The Hockey News

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Ice Edge no longer intends to bid for bankrupt Phoenix Coyotes

The Canadian Press
By:

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.

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.

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Ice Edge no longer intends to bid for bankrupt Phoenix Coyotes