Hulsizer closing in on deal to own Phoenix Coyotes

Darren Dreger

10/15/2010 2:56:06 PM

Chicago based businessman Matthew Hulsizer, the NHL, and the city of Glendale have conceptually agreed to a deal that would see Hulsizer become the new owner of the Phoenix Coyotes.

However, by no means is this a "done deal."

"We're moving toward an agreement, which we're hopeful can be concluded relatively quickly," NHL deputy commissioner, Bill Daly. "The next step will be proceeding to the NHL ownership approval process.  We are hopeful this represents the beginning of the end of this long process, which if successfully completed, will ensure the long-term future of the Coyotes in Glendale."

There is no written agreement in place, so there remains the possibility that this sale could turn sour once again, however the City of Glendale released a statement on Friday to discuss the potential sale.

"The city and the Hulsizer group have an agreement in principle on a lease which would allow the Hulsizer group to buy the team from the NHL under the terms they requested.  The proposed ownership transaction is subject to formal approval by the NHL Board of Governors."

If negotiations continue to progress, the best case scenario would see a deal close by the end of  November.