Coyotes owner Jerry Moyes and the NHL have announced today in Bankruptcy Court that they have come to an agreement that will see the NHL owning the Phoenix Coyotes:
The agreement, which still must be approved by Judge Redfield T. Baum, was announced in U.S. Bankruptcy Court on Monday after attorneys met for more than an hour during a recess in a status hearing on the case.
Former coach Wayne Gretzky, who has a $22.5 million claim in the case, has not agreed to the deal.
Moyes' attorney says the decision to make a deal came largely because the costs of running the team in bankruptcy were coming out of the league's $140-million offer.
The league is planning on immediately flipping the franchise. Get your bids ready!