The National Hockey League and the owner of the league's Phoenix franchise have struck an agreement which will allow the league to buy the Coyotes.
Coyotes owner Jerry Moyes has been listening to offers from prospective buyers for the bankrupt franchise for several months.
Nothing is official and the deal can't go through without the approval of a US bankruptcy court which announced the pending sale on Monday.
One of those offers came from Canadian business tycoon Jim Balsillie who wanted to move the team to Hamilton, Ontario. Balsillie's bid was rejected by the court.
Hall of Famer and former head coach Wayne Gretzky has a 22.5 million stake in the franchise.
Bill Daly, deputy commissioner of the league, said they hope to wrap up the sale by November 2. He said the NHL wants to eventually find a buyer who will keep the team in Arizona.
"Obviously, the pieces fell into place," Daly said. "The focus now has to shift to getting the club out of bankruptcy and finding a new owner. I'm pleased with the outcome today."
Copyright 2009 AFP American Edition
