Tag Archive for 'bankruptcy'

Acting locally, not thinking globally?

It looks like there might be a local bid put forth by the end of this week to keep the Phoenix Coyotes in Phoenix (or Glendale). This news come a week after bankruptcy court Judge Redfield T. Baum ruled against Jim Balsillie’s attempt (and June 29th deadline) to purchase and move the team to Hamilton, Ontario.

The Coyotes organization lost at least $45 million last season, was last in the league with ticket revenue at $18.4-million, and has lost $316 million since moving to Phoenix in 1996. The organization did not even meet enough of the trigger criterion set by the NHL to receive their full ($15 million) league revenue sharing money, which is the highest in the league. The Coyotes also only averaged about 11,000 fans per game last season at Jobing.com Arena.

In other news…
the Montreal Canadiens were sold to the Molson brothers (mmmm, beeer) by George Gillett for perhaps at much as $555 million.

Over the weekend, our favorite mini-commish Gary Bettman made his first appearance at an NHLPA meeting in Las Vegas. The meeting lasted nearly two hours and the biggest topic of discussion had to do with steroid and performance enhancing drug use in the NHL. Bettman and the players seemed to agree that it wasn’t much of an issue in the league, and nothing was decided on the issue of drug testing in the future. For Bettman… typical talk and PR. Furthermore, the NHL’s TV contract also came up in the meeting… it seems as though players want the league to move to ESPN, but the little man sticks to his original terrible decision to put and keep the games on NBC and Versus.


Related Posts:
·  Gary’s Upside Down World
·  Predatory Ownership
·  Human life or more hockey?
·  Bettman screws Canada… again!!!
·  Quality, Not Quantity

Canada, eh?

5/19/09 Update: Bankruptcy judge Redfield T. Baum today ordered the NHL and Phoenix owner Jerry Moyes into mediation until the 27th of this May, pretty much making fun of the fact that the NHL could not handle this outside of his courtroom.

This is a good sign for Balsillie, for the fact that the judge didn’t simply (as many expected) side with the NHL. It could be bad news for Balsillie, however, as this delays the possible transfer of the team, especially with prior concerns by the NHL about it interfering with next year’s schedule.

It sounds to us like the judge just hasn’t researched and learned enough about this case to yet make a decision… but we definitely do like his sense of humor:

“To save the suspense, I’m not going to rule from the bench today,” he said.

Hopefully his decision ends up coming from a bench favored by Hamilton.

Gary Bettman might not want a new NHL team in Hamilton, but he might be willing to let a team move back to Winnipeg. Bettman says that Copps Coliseum (where the Hamilton team would play) is over 30 years old and too old, and that only an expansion team would be allowed in Hamilton (which we all know will never happen). Another reason Bettman has given for not allowing the sale/move of Phoenix to Hamilton this year is because it would interfere with the 2009-2010 NHL schedule… which we don’t believe has been released yet. Either way, Jim Balsillie stated over the weekend that he is willing to delay the move of Phoenix to Hamilton until the 2010-2011 season, if scheduling was such a problem.

While all of this goes on and Bettman and the NHL said they have also been in talks with Chicago White Sox owner Jerry Reinsdorf, about buying the team for $130 million and keeping it in Phoenix… the bankruptcy court showdown between Moyes and the NHL should end tomorrow - Tuesday, May 19th - with a ruling expected.

We do like the fact that Bettman has brought up Winnipeg’s name in the move of the Coyotes to a new place… but doubt that he is serious about it at all, and it is more of a PR stunt. Furthermore, why is he trying to prevent a thriving NHL franchise from existing in Hamilton, when one in Winnipeg already failed??! Once again, little Napoleon won’t let his ego out of the way and do what’s best for this league and sport…


Related Posts:
·  Bettman and Robbin’ (Canada, that is)
·  Music to Hamilton’s Ears!
·  Phoenix (not) rising…
·  Hockey Hero?
·  Elevated Coverage or Elevated Ego?
·  Kansas City, here I come…
·  Bettman screws Canada… again!!!
·  Bettman’s NHL Strikes (out) Again!!


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