Ice-Edge Over and Out: Group Pulls out of Bidding for the Coyotes

Posted: 9th September 2009 by Mark Ritter in NHL
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Written By: Mark “The Hard Hitter” Ritter

And then there were two. Ice Edge Holdings has pulled out of the bidding war for the rights to the Phoenix Coyotes, I for one couldn't be happier!

The Ice Edge group, who many never took seriously, had forwarded a bid of $150 million to the bankruptcy court. As of Wednesday morning the bid is officially off the table, which means the battle for the Coyotes will now include the NHL and Jim Balsillie exclusively.

Jim Balsillie came out firing on Tuesday morning, raising his bid from $212.5 million to $242.5 million. Add that to the rumored $100 million to $200 million re-location fee that is sure to be attached to the winning bid and clearly the Ice Edge group was well over their heads.

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Article written by Mark Ritter

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