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Group would keep team in Arizona

Updated: June 27, 2009, 12:01 AM ET
Associated Press

PHOENIX -- A group led by Chicago Bulls and Chicago White Sox owner Jerry Reinsdorf has offered to buy the Phoenix Coyotes for $148 million and keep the team in Arizona.

The offer, submitted in bankruptcy court documents on Friday afternoon, is $64.5 million less than the bid by Canadian billionaire Jim Balsillie, who wants to move the franchise to Southern Ontario.

Reinsdorf's offer calls for a new Jobing.com Arena lease with the city of Glendale and unspecified new agreements with ...

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