WINNIPEG — Ice Edge Holdings has walked away from the table in its bid to purchase the Phoenix Coyotes.
"Talks have broken off," Ice Edge chief operating office Daryl Jones told the Free Press late Monday night.
"We were adamant about needing exclusivity in these negotiations and they haven't provided it. I'm not totally surprised. We've been dealing with this for a while. We thought we had agreed to certain things and expected them in writing. That didn't materialize."
Ice Edge had been working with Glendale city council to draft a lease agreement that was amenable to both parties. Once a lease was agreed upon, Ice Edge had hoped to purchase the Coyotes from the NHL, who purchased the club out of bankruptcy last fall.
Glendale city council is still expected to vote on a request to satisfy a number of NHL demands, including one that would see the city put together a financial guarantee to cover any losses incurred by the Coyotes for the 2010-11 season if the NHL is forced to operate the team for a second season.