Glendale offers $25-million guarantee to keep Coyotes

The Glendale city council has guaranteed the NHL up to US$25 million to keep the Phoenix Coyotes in Jobing.com Arena for the 2010-2011 season.

GLENDALE, Ariz. — The Glendale city council has guaranteed the NHL up to US$25 million to keep the Phoenix Coyotes in Jobing.com Arena for the 2010-2011 season.

But city manager Ed Beasley and NHL deputy commissioner Bill Daly both told the council that the sale of the Coyotes is still expected to close by the end of June and the payments may never be needed.

Beasley also told the council on Tuesday that both Ice Edge Holdings — a group of Canadian and U.S. investors — and a group headed by Chicago sport mogul Jerry Reinsdorf are talking about buying the Phoenix Coyotes. Reports have had Reinsdorf’s group dropping out in recent days.

The NHL purchased the team out of bankruptcy last September with the stated intention of selling it to a buyer who would keep the franchise in Arizona.