Coyotes staying put: report

(AP files)

(AP files)

QMI Agency

, Last Updated: 1:21 AM ET

The NHL has worked out final details of a deal with the City of Glendale, Ariz., which will allow the Phoenix Coyotes to stay in the desert for at least one more season, according to reports.

TSN's Darren Dreger reported that Glendale city manager Ed Beasley has agreed to cover up to $25 million of the team's operating losses next season if no buyer can be found to keep the franchise in the Phoenix area.

The NHL has owned the Coyotes since last September and has put a reported $170 million into the team already.

The league will now work to make a deal with potential owners Jerry Reinsdorf, Ice Edge holdings or a third interested group, which has not yet been identified.

TSN reported that Ice Edge remains reluctant to re-enter talks with Glendale unless it gets exclusive rights to try to hammer out a lease.

It was widely reported that if a deal could not be reached to keep the Coyotes in Phoenix in the near future, the NHL was ready to sell to True North Sports and Entertainment's Mark Chipman (backed by billionaire David Thomson), who would then have moved the franchise to Winnipeg.


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