Coyotes mystery buyer

An undisclosed wealthy buyer is leading an ownership group that is interested in buying the Coyotes. The league has owned the team since October, when it bought the Coyotes via Chapter 11 bankruptcy proceedings.

Details of the ownership group are limited, though Glendale and the NHL could announce details and developments soon, according to sources familiar with the situation. The ownership group has asked for the city and league to keep negotiations private. The suitor would keep the Coyotes in Glendale and is not a household name. In addition, sources say progress on the purchase is serious and substantial.

As the new group has moved forward, another group, Ice Edge Holdings, is taking a backseat in the Coyotes ownership saga. Ice Edge has announced it was focused on bringing an ECHL team to Thunder Bay, Ont. Ice Edge CEO Keith McCullough said in a statement that his investment group could have involvement with the new Coyotes ownership group.

"We understand another party that we have become acquainted with is in advanced negotiations with Glendale and an announcement could happen soon," the statement reads. "If this occurs, we expect to continue to be involved with the Coyotes as an adviser for the foreseeable future."

The mystery buyer is not Chicago White Sox and Bulls owner Jerry Reinsdorf, who has held on-again, off-again talks with the NHL and Glendale regarding the Coyotes.

Glendale spokeswoman Julie Frisoni declined comment on the developments. The NHL has set a Dec. 31 deadline for the Coyotes to be sold to owners who would keep the team in the Phoenix market. If that deadline passes, the NHL would likely sell the team to owners who would move the Coyotes to Canada.

Privately, Glendale officials are confident they can get a deal done by year's end. The city has agreed to cover the Coyotes’ losses and costs up to $25 million this season while searching for a new owner. The NHL threatened to move the team earlier this summer unless Glendale obliged with the subsidy.