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Reinsdorf Group Drops Out Of Coyotes' Process, Cites OMG! Drama As Reason

Cue soap opera music: Jerry Reinsdorf’s group has removed itself from the saga to buy the Phoenix Coyotes, leaving Ice Edge Holdings as the only potential buyer. via The Canadian Press: (I’m sure they know hockey, and whatnot)

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 favour in recent weeks while Glendale officials worked out a memorandum of understanding with Ice Edge, a group of Canadian and American investors.

In the statement, the Reinsdorf group, known as Glendale Hockey, called the decision to pull out “a difficult one because of our respect for the mayor, the council and management of the city.”

“Ultimately we came to the conclusion it was time to move on,” Reinsdorf said. “We were happy to serve a critical role for the City to keep the team in Glendale and we look forward to assisting the city in the future on other projects both as a company and individually.”

The statement concluded with the Reinsdorf group wishing “Glendale, its citizens and the fans of the Coyotes the best.”