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Deja vu: Coyotes situation feels awfully familiar

The Phoenix Coyotes must be feeling like they are stuck in the movie Groundhogs Day. Every few weeks it seems like a ‘new’ storyline emerges in their ownership saga that mirrors one we’ve previously heard. The only thing that seems to be missing is Bill Murray replacing the team’s television sideline reporter.

The latest case of Déjà vu comes courteous of a potential owner backing out and the Glendale City Council holding a vote.

According to the Phoenix Business Journal, Ice Edge Holdings has pulled out as a minority stake holder in Matthew Hulsizer’s bid to purchase the beleaguered franchise. The group, who once had attempted to purchase the team on their own, stated that the lengthy process is the reason they have decided to step away.

The paper is also reporting that the Glendale City Council, for the second time in as many years, is likely to approve covering the team’s loses, up to $25 million, in order to keep them in Arizona next season.

Tonight’s council vote involves Glendale covering $25 million worth of the hockey team’s losses next season, giving the city and the National Hockey League more time to sell the Coyotes. It’s expected to be approved by a 4-3 vote.

There are some indications that if Glendale approves the $25 million outlay, it might help the NHL and city close the sale of the team soon to Chicago investment executive Matthew Hulsizer.

In the movie Murray’s character goes crazy after experiencing the same thing over and over again. After two years, it’s starting to seem like fans are getting to that point.

In the end Murray’s character broke the cycle by finally getting everything right in his life. Hopefully the City of Glendale, the NHL and Matthew Hulsizer can get things right sooner or later. Otherwise, as long as the City Council votes yes tonight, we’re all going to have to re-live these kind of headlines for at least another year.