Yahoo! Sports has a very descriptive article on the developments...
"The NHL filed court papers Wednesday that included a draft letter from commissioner Gary Bettman proposing discipline against Madison Square Garden, L.P., that could lead to suspension or termination of its ownership of the Rangers. The Garden responded by accusing the NHL of using “bullying tactics.”
In its court filing, the NHL asked a judge to agree Madison Square Garden breached its contract by challenging league rules."
Dubi at The Blueshirt Bulletin has his take on the situation here.
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