Moyes Agrees to Sell Bankrupt Phoenix Coyotes to NHL

Jerry Moyes, who filed for Chapter 11 bankruptcy protection for the Phoenix Coyotes in early May, has agreed to sell the club to the NHL. The deal still has to be approved by Judge Redfield T. Baum, who is overseeing the bankruptcy procedure. The deal was reached in Baum’s courtroom as a hearing was taking place, updating the court on the on-going process of selling the club to pay secured creditors. Last month, Baum rejected both the NHL’s and Blackberry co-CEO Jim Balsillie’s bids. His ruling knocked down Balsillie’s bid completely, and said that the NHL’s bid did not satisfy all creditors, namely Moyes and minority owner and former coach Wayne Gretzky. As reported by the AZ Republic, the agreed to sale comes after the Balsillie bid was rejected in total. "Once that bid was rejected, this (the NHL's) bid became the new reality," said Steve Roman, a spokesman for Moyes. […] Under the NHL offer, the league would use as much as $11.5 million to purchase 100 percent...