Phoenix bankruptcy/ownership Part XIV: The Wrath of Baum
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08-21-2009, 06:02 PM
Business of Hockey
Join Date: Jul 2006
Location: South Mountain
tidbit I don't believe I've seen reported anywhere:
The Coyotes are currently notifying season ticket holders and prospective season ticket holders that the NHL has officially announced they will cover 100% STH refunds in the event the team doesn't play in Glendale for 09-10. I've read a one page letter from Bill Daly stating such, but the letter doesn't appear to be openly linked on the Phoenix or NHL websites.
In a recent NHL court filing alleging mismanagement of the team by the Debtor's, one of the noted items was that the Debtors had yet to guarantee STH refunds, contrary to common practice in similar bankruptcy situations where a team continues to operate under the bankruptcy court. Seems that the NHL has stepped up and said the league will back refunds if necessary. Given the arbitrated joint-management arrangement of the team between the Debtors and NHL I can understand why they might choose to keep this announcement relatively quiet.
Originally Posted by
Bill Daly excerpt
Dear Coyotes Stakeholder,
Over the past few months, the Phoenix Coyotes have been through a series of events that have no doubt been of concern to our loyal business partners, sponsors, suite holders, season ticket holders, and all fans. I think it is important for you to know that with the backing of the National Hockey League, it is still perfectly safe to conduct business With the Coyotes, whether that means purchasing tickets, suites, sponsorships or pursuing other opportunities with the team. The NHL guarantees that any monies paid to the Coyotes prior to or following the bankruptcy will be reimbursed in the event that the team does not play at Jobing.com Arena in the 2009-10 season. While we do not see that happening, we must acknowledge the possibility no matter how remote it might be.
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