Ice Edge gets exclusive negotiating rights with Glendale
by Mike Chen on Jun 4, 2010 11:04 PM CDT
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PrintRemember how Ice Edge Holdings was gettin' all upset about the maybe/sometimes/possibly exclusivity with the City of Glendale? Well, push finally came to shove and the group finally reached an exclusive negotiating agreement with Glendale. Praise Tippett.
Ice Edge, a group of mostly Canadian investors, would have exclusive negotiating rights for 60 days unless another potential buyer gives US$25 million to the city to cover its obligations to the NHL. Ice Edge also has to present a term sheet to the city from a lender proving it has the financial backing to buy the team.
So, if you want to swoop in and buy the Phoenix Coyotes, it'll only cost you $25 million to ante up. For more on this, be sure to check out Five For Howling.
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