NHL offers $140M to buy Coyotes

The NHL is offering about $140 million US to purchase the Phoenix Coyotes in U.S. Bankruptcy Court, and would accept the existing lease to play in suburban Glendale.

The other bidder that would keep the team in Arizona, Ice Edge Holdings, did not include a figure in its bid, but its Canadian CEO, Anthony LeBlanc, said the partnership will offer up to $150 million US.

However, the Ice Edge bid is contingent on reaching a new lease agreement with Glendale, something LeBlanc said must happen by the end of next week to keep the offer viable.

The NHL offer would not assume the contract of head coach Wayne Gretzky, nor would it provide any money to Coyotes majority owner Jerry Moyes.

Canadian billionaire Jim Balsillie, co-founder and CEO of Research In Motion Ltd., maker of the popular Blackberry mobile device, has submitted the highest bid at $212.5 million US, but it is contingent on moving the team to Hamilton, Ont.