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Sale of Coyotes to NHL closes

The Associated Press

November 3, 2009 - 1:27PM

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Final papers have been signed closing the sale of the bankrupt Phoenix Coyotes to the NHL.

Notification of the closure was filed Tuesday in U.S. Bankruptcy Court.

Jerry Moyes

Attorneys signed final papers on Monday and $13.3 million was transferred into an account that will hold the money until dispersal is determined.

In all, the NHL paid about $140 million for the team.

The $13.3 million is what is remaining, primarily for owner Jerry Moyes and ex-coach Wayne Gretzky. The figure is expected to drop when additional attorney fees and other administrative costs are determined.

The NHL plans to resell the team, preferably to an owner that would keep the franchise in Glendale.

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