GLENDALE -- Final papers have been signed closing the sale of the bankrupt Phoenix Coyotes to the NHL.
Notification of the closure of the sale of the bankrupt Phoenix Coyotes to the NHL was filed Tuesday in U.S. Bankruptcy Court.
Attorneys signed papers finalizing the $140-million sale on Monday.
A portion of the profits — $13.3 million — has been set aside, primarily for owner Jerry Moyes and ex-coach Wayne Gretzky.
That money, some of which will have to go to attorney fees and other administrative costs, was transferred into an account, where it will remain until it is divided up.
The NHL plans to resell the team, preferably to an owner that would keep the franchise in Glendale, Ariz.
Monday's sale didn't exactly send people clamouring for Coyotes tickets. The team drew a franchise-record-low announced crowd of 5,855 for their 5-3 loss to Los Angeles.
Just under 6,500 people showed up for the team's game against Anaheim on the weekend.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
