Bankruptcy court judge Redfield T. Baum has approved the NHL's bid to purchase the Phoenix Coyotes for $140 million.
Wayne Gretzky, who owned a small portion of the team, was the only party not to join in the agreement. However, Gretzky did not formally object to the sale. The NHL is expected to attempt to sell the Coyotes to an owner who will not relocate them in the near future. Phoenix reportedly lost $67 million last season and it remains to be seen if the team can become financially viable. |