Reinsdorf group withdraws from Coyotes competition

You have to wonder how long before the NHL final says Phoenix you're out? Just move the team back to Winnipeg where it belongs.

(AP) — PHOENIX - A group headed Jerry Reinsdorf has withdrawn from efforts to purchase the Phoenix Coyotes, a move that leaves Ice Edge Holdings as the last potential buyer that would keep the NHL team in Arizona.

Reinsdorf, owner of the Chicago White Sox and Chicago Bulls, issued a statement Monday night saying "it was time to move on."

The Reinsdorf group once was the front-runner to buy the team but had fallen out of favor in recent weeks while Glendale officials worked out a memorandum of understanding with Ice Edge, a group of Canadian and American investors.

The Glendale city council is to vote Tuesday night on that memorandum, which gives Ice Edge exclusive negotiating rights for 60 days.

A new lease for the Coyotes to play at Jobing.com Arena is a necessary step before Ice Edge can proceed to try to purchase the team from the NHL.