Published by Puckhead 11 months, 1 week ago
in Phoenix Coyotes.
It looks like Jerry Reinsdorf’s group has pulled out of the bidding for the Phoenix Coyotes. All potential buyers had a deadline of yesterday (Tuesday, 8/25/09) to submit their offer. Reinsdorf’s group gave reasons for withdrawing their offer, such as “an unwilling seller” and “We have faced an organized publicity effort designed to provide negative and misleading information to interested parties,” … “Not only has this stymied negotiations, but it has eroded local market demand for Coyotes tickets, luxury boxes, and sponsorships.”
The only two offers that made it in before the deadline were Jim Balsillie’s $212 million to move the team to Hamilton, and an offer by the NHL. Financial details of the NHL’s offer have not been released at this point.
Judge Redfield T. Baum will now have to decide whether or not Balsillie’s offer is worthy and he is a capable owner, even though the NHL Board of Governors have turned him down with a vote of 26-0. If the Judge decides against Balsillie and favors the NHL and their offer, the NHL says that they will then sell the team to a private investor.
There will be a hearing on September 2nd to work through some documents that Balsillie has filed, including a provision that would allow him to walk away from his offer and the deal if thing are not settled by September 14th. The auction for the sale of the Coyotes is set for September the 10th.
Doesn’t this tell Bettman and the NHL anything?? NO ONE wanted to make an offer to keep the team in Phoenix. Can’t they get a clue??!! An NHL team cannot survive and thrive in Phoenix. Please stop making the other teams in this league financially support your bad decisions, and do what is right for the league, the sport of hockey, and its fans… LET BALSILLIE WIN and LET HIM MOVE THE TEAM TO HAMILTON where Canadian citizen live and breathe hockey.
Tags: auction, balsillie, bettman, bid, bidding, coyotoes, hockey, national hockey league, nhl, phoenix, reinsdorf.
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Published by Puckhead 11 months, 4 weeks ago
in Phoenix Coyotes.
We haven’t had a lot of time over the past few weeks to keep you all up to date. But here’s a quick summary of the latest happenings in the Phoenix Coyotes debacle…
The NHL Board of Governors rejected Jim Balsillie’s bid to purchase the Coyotes (suprise! hah), and gave positive responses to bids put forth by Ice Edge Holdings (a group of U.S. and Canadian investors) and Jerry Reinsdorf. Both bids were to purchase the team and keep them in Phoenix, with the Ice Edge Holdings groups also proposing that the team would play five game in Canada… in Saskatoon, Saskatchewan or Halifax, and Nova Scotia. Ice Edge is offering $150 million and Reinsdorf bid is for $148 million, both much less than Balsillie’s $212 million offer.
However, the most recent news is very good…Judge Baum has decided to let any and all interested parties be involved in the open auction for the team on September 10th, which means that Balsillie will be allowed to take part! The Judge said specifically that the offer from Balsillie would be considered. Balsille also got a little help yesterday… the largest creditor of the Coyotes (which is owned by Michael Dell of Dell Computer) said that they wanted to be paid in full and in cash, and that only Balsillie’s bid would fulfill their request. The Globe and Mail has a great article on all of the latest. Check it out.
Yes, there is still hope for Canada!!
Tags: canada, coyotes, hockey, ice edge holdings, Jim Balsillie, national hockey league, nhl, phoenix.
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