U.S. Bankruptcy Court Judge Redfield T. Baum confirmed that he has approved the sale of the Phoenix Coyotes on Monday, transferring ownership to the NHL. The agreement was reached last Monday during a recess in court proceedings. NHL Deputy Commissioner Bill Daly stressed the following statement:
"We are pleased and very encouraged by today's developments in court. Now that approval of the proposed sale has been entered by the Court, the National Hockey League will work to close the transaction quickly and assume 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. We do not intend to comment publicly on that process. The NHL thanks Coyotes fans for their continued support of the franchise and hopes that today's developments will provide fans further reason to embrace the Coyotes in order to ensure the team's long-term future in Arizona."
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