Reinsdorf group submits bid to buy Coyotes, second bid promised

Reinsdorf group submits Coyotes bid, 2nd on way

PHOENIX — A group headed by Jerry Reinsdorf submitted a bid by Friday’s deadline to buy the bankrupt Phoenix Coyotes, and an offer by a second bidder was promised.

Reinsdorf’s offer to buy the team for about $148 million was expected. Another group of investors headed by Canadian-born businessman Daryl Jones submitted a letter of intent to submit by Aug. 5, the date set for sale of the team.

Both offers would keep the team in Glendale, where the Coyotes have lost tens of millions of dollars in recent seasons.