X

Ice-Edge Over and Out: Group Pulls out of Bidding for the Coyotes

Mark RitterSenior Writer ISeptember 9, 2009

GLENDALE, AZ - JUNE 25:  Fans of the Phoenix Coyotes line up outside of Jobing.com Arena during an open house on June 25, 2009 in Glendale, Arizona.  (Photo by Christian Petersen/Getty Images)

Written By: Mark “The Hard Hitter” Ritter

And then there were two. Ice Edge Holdings has pulled out of the bidding war for the rights to the Phoenix Coyotes, I for one couldn't be happier!

The Ice Edge group, who many never took seriously, had forwarded a bid of $150 million to the bankruptcy court. As of Wednesday morning the bid is officially off the table, which means the battle for the Coyotes will now include the NHL and Jim Balsillie exclusively.

Jim Balsillie came out firing on Tuesday morning, raising his bid from $212.5 million to $242.5 million. Add that to the rumored $100 million to $200 million re-location fee that is sure to be attached to the winning bid and clearly the Ice Edge group was well over their heads.

The NHL’s bid is still listed at a measly $140 million, leading many to believe that the bankruptcy court will have no choice but to award the Coyote’s franchise to Jim Balsillie, regardless of NHL by-laws and the 26-0 vote to excluded Balsillie from NHL ownership.

It is expected that if Balsillie does get the nod form the courts that the NHL will file a grievance with the court, possibly leading to months of legal battles.

Mr. Bettman, Mr. Balsillie, take five strides, draw your guns and come out firing, clearly this is going to be a showdown for the ages!

Until next time,

Peace!

slash iconYour sports. Delivered.

Enjoy our content? Join our newsletter to get the latest in sports news delivered straight to your inbox!