
The Phoenix Coyotes' bumpy six-month journey through U.S. Bankruptcy Court has come to an end with a judge's approval of the sale of the franchise to the NHL.
Judge Redfield T. Baum signed the order on Monday after a quiet, brief hearing in a mostly empty courtroom, a stark contrast to earlier scenes of high drama featuring countless high-priced attorneys locked in often-bitter arguments.
The NHL's bid totals about $140 million. The official figure listed in the sale order is $128.4 million, but that does not include the $11.6 million the NHL has agreed to spend to purchase claims of nearly all the unsecured creditors in the case.
NHL deputy commissioner Bill Daly said the league would work to quickly close the deal and take full control of the Coyotes' business operations.
"The league also will engage immediately in a process to identify - and expedite sale of the franchise to - new ownership that is committed to the club's long-term success in the Phoenix/Glendale area," Daly said in a statement released by the league.
Daly said the NHL hopes Monday's developments "will provide fans further reason to embrace the Coyotes in order to ensure the team's long-term future in Arizona."
The only party who didn't join in the agreement is former coach Wayne Gretzky, who owned a small portion of the team. However, Gretzky did not file a formal objection with the court.
The sale ends a lengthy, contentious court fight pitting the NHL against Coyotes owner Jerry Moyes and Canadian billionaire Jim Balsillie.
Moyes, founder of Swift Transportation, took the team into Chapter 11 bankruptcy on May 5, with a plan to sell the team to Balsillie, contingent on moving the franchise to Hamilton, Ontario. The filing took the NHL by surprise and the league vowed to fight it to the end, accusing the owner and the Canadian of trying to circumvent the NHL's rules for who owns a team and where it plays.
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