Reinsdorf group withdraws from Coyotes competition

Published Jun. 7, 2010 1:00 a.m. ET

A group headed Jerry Reinsdorf has withdrawn from efforts to purchase the Phoenix Coyotes, a move that leaves Ice Edge Holdings as the last potential buyer that would keep the NHL team in Arizona.

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

The Glendale city council is to vote Tuesday night on that memorandum, which gives Ice Edge exclusive negotiating rights for 60 days.

A new lease for the Coyotes to play at Arena is a necessary step before Ice Edge can proceed to try to purchase the team from the NHL.