PHOENIX(AP) -- 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.
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, Ariz.
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