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.