The terms of the sale were agreed yesterday and will be submitted to a bankruptcy judge for approval, according to the team’s lawyer Thomas J. Salerno.
“This team is burning through cash,” Salerno said. “Every week you let it go you burn more cash and everyone is just being realistic that things need to be resolved.”
The sale must be agreed to by Phoenix Bankruptcy Judge Redfield T. Baum, who in September rejected a proposed sale that would have paid all creditors in full except Moyes and Wayne Gretzky, the former player who was Coyotes coach and part-owner.
The Coyotes, which moved to Phoenix in 1995, filed for bankruptcy protection in May.
