Ice Edge submits its financing proof

QMI Agency

, Last Updated: 9:27 PM ET

A group trying to buy the NHLís Phoenix Coyotes and keep them in Arizona says itís one step closer to doing just that.

A spokesman for Ice Edge Holdings told the Arizona Republic the group has handed over proof of its financing to the City of Glendale, in advance of a Friday deadline.

In a statement, Glendale officials said they were reviewing the documents.

Ice Edge says the next step is to finalize an arena lease agreement.

It also says it had a ďproductiveĒ meeting with the NHL this week. Ice Edge also has to work out a purchase agreement with the league, which owns the team.

The NHL has given Glendale until the end of the year to complete an arena deal with a new owner. The city has agreed to cover up to $25 million in team losses if a buyer isnít found in time for next season.

The NHL says itíll look at moving the franchise, possibly back to Winnipeg, if a buyer canít be found to keep the team in Arizona.

Last week, Ice Edge told the Republic the group intends to borrow about half the teamís purchase price, pegged at between $140 million and $160 million.


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