A group led by Jerry Reinsdorf submitted a bid for the Coyotes on Friday.
In addition, an offer by a second bidder was promised.
Reinsdorf's offer to buy the team for about $148 million was expected, and a group headed by Canadian-born businessman Daryl Jones plans to submit an offer by Aug. 5.
Both offers would keep the team in Glendale.
Reinsdorf Group Enters $148M Coyotes Bid