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Phoenix Coyotes Move Closer to Agreement

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The Glendale City Council announced that they have agreed on a new Memorandum of Understanding (MOU) with the Ice Edge Holdings group for exclusive negotiating rights for a potential (maybe… future.. maybe…kinda) purchase of the Phoenix Coyotes. From Azcentral:

But for the next 60 days, Glendale agrees to negotiate exclusively with Ice Edge, as long as the group of American and Canadian investors shows a term sheet from a lender that demonstrates their financial capacity to purchase the team.
The exclusivity clause would be canceled if another potential buyer makes a $25 million deposit with the NHL to buy the team.

Or get your lawyer on and read the whole document here. Report back with what it actually says, thanks much.