The NHL have struck an agreement with Phoenix Coyotes owner Jerry Moyes which will allow the league to buy the franchise.The deal needs the approval of a US bankruptcy court.
Moyes has been listening to offers from prospective buyers for the bankrupt franchise for months.
An offer was made by Canadian business tycoon Jim Balsillie who wanted to move the team to Hamilton, Ontario but his bid was rejected by the court.
Hall of Famer and former head coach Wayne Gretzky has a US$22.5 million (HK$175.5 million) stake in the franchise.
League deputy commissioner Bill Daly said they hope to wrap up the sale by November 2, adding that the NHL want to eventually find a buyer who will keep the team in Arizona.
"The focus now has to shift to getting the club out of bankruptcy and finding a new owner," said Daly.
Since moving to Phoenix from Winnipeg 13 years ago, the team have lost money. The team have made the play-offs just five times since 1976 and have never got out of the first round.
On the ice, Marian Gaborik scored two goals and added an assist as the New York Rangers beat the Coyotes 5-2.
The Rangers netted twice from five shots in the first period as they snapped a three-game losing streak that came on the heels of a seven-game winning run. Defenseman Roman Hamrlik scored 90 seconds into overtime to give the Montreal Canadiens a 3-2 victory over the New York Islanders, their fourth successive win.
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