Phoenix bankruptcy/ownership Part XII: For a Few Dollars More
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08-07-2009, 02:40 PM
Join Date: Jul 2006
Originally Posted by
Still, my question stands. If a 20-32 year lease is signed, how does Hamilton protect itself from JB and his lawyers finding a way of breaking it for a better deal somewhere else?
They do it the same way that the Phoenix Coyotes did it. Put clauses in the contract that make it next to impossible, or extremely expensive, to get out of the lease outside of declaring bankruptcy, which can only be done if the team is failing miserably, in which case Balsillie is probably far worse off than the City of Hamilton would be (see Moyes and how much money he has lost).
Also, Balsillie doesn't want to own a team anywhere else (if he did, he'd have a team right now). He wants to own a team in Hamilton.
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