Sale of Phoenix Coyotes to NHL closes

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

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

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

The US$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, Arizona.

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