Although nothing has been signed, the city of Glendale and Ice Edge Holdings have agreed to an exclusivity arrangement, assuring the city will not negotiate any further with Jerry Reinsdorf's group.
This agreement is merely a step in the process and Ice Edge still requires certain assurances before agreeing on any deal with Glendale.
It has been widely speculated one of the main stumbling blocks is a concern over whether or not Glendale will cover losses for next season. However, what the National Hockey League is looking for is an assurance, if the league foregoes the relocation option for next season, and either the City or new ownership breaches or doesn't close, Glendale will then assume the risk of losses for next year.
Sources say the NHL is simply looking for an insurance policy and nothing more.
Providing this process does not hit any snags, Ice edge and the City of Glendale could reach full agreement as early as the middle of next week.