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Balsillie puts in $212.5 mil offer for the Coyotes
I think that it would be wise for the NHL to accept the offer unless there are other people who want to buy the team. The guy who use to own the Chicago Bulls is interested also.
But where will they play if they move? It takes 2-3 years to build an arena.
There are obstacles regarding the lease agreement that he woud have to overcome. The price may be too much for him to pay unless he can negotiate something with the city. Anyway I hope he is successful.
Whoa, thats a big-time offer. As much as the NHL is an "old-boys" club and Bettman is blindly against moving a franchise, they may have to let the current owner out of the team with the money they've been losing.
RIM has had some really good results lately so the timing makes sense.
You would think he would have waited until the franchise gets out of the lease (with that penalty which has been discussed in the other Coyotes thread).
There are obstacles regarding the lease agreement that he woud have to overcome. The price may be too much for him to pay unless he can negotiate something with the city. Anyway I hope he is successful.
I sure he pets the purchase price out with the cost to break the lease...but hey the guy is worth zillions, I'm sure he'll have it all buttoned down.
Hmm very intresting. This should officially spell the end for the Coyotes in Pheonix. Bettman's going to hate this but I still bet Kansas City will get the team with the arena already being built
Hmm very intresting. This should officially spell the end for the Coyotes in Pheonix. Bettman's going to hate this but I still bet Kansas City will get the team with the arena already being built
Sigh. I'm sick and tired of arguing against Balsillie. At this point, all I can say is as long as he doesn't put in Hamilton. I don't want another NHL team in Buffalo's backyard. Put it somewhere a bit further west or north.
On a related note, I'm planning on buying a smartphone when my current contract runs out next year. I'm so fed up with Balsillie's antics and his efforts to relocate various American teams, that I've decided I'll get an iPhone instead of a Blackberry. Petty? Perhaps, but that's one of the deciding factors.
Hmm very intresting. This should officially spell the end for the Coyotes in Pheonix. Bettman's going to hate this but I still bet Kansas City will get the team with the arena already being built
Phoenix Coyotes File for Bankruptcy Court-Approved Sale
Dewey Ranch Hockey, LLC and its affiliates Arena Management Group, LLC, Coyotes Holdings, LLC and Coyotes Hockey, LLC (collectively "Coyotes" ), owner of the National Hockey League (NHL) team the Phoenix Coyotes filed for Chapter 11 reorganization to implement a court-approved sale of the team under the federal bankruptcy code. The filing included a proposed sale of the franchise to PSE Sports & Entertainment, LP, a Delaware limited partnership ("PSE" ), which would move the franchise to southern Ontario, Canada.
"Extensive efforts have been undertaken to sell the team, or attract additional investors, who would keep the team in Glendale," said Coyotes' Chief Executive Officer and Managing Member Jerry Moyes.
...
"Creating a process under the supervision of a judge assures that anyone wishing to purchase the team will have the opportunity to bid. Likewise, the City of Glendale, which has been very cooperative with efforts to keep the team in Glendale, will be able to provide potential buyers assurances of the City's willingness to offer incentives to keep the team as a tenant in the Jobing.com arena, the lease for which is subject to rejection in bankruptcy," Moyes stated. "The process assures that the identities of the new owner and the team's location will be known by June 30, 2009, thus enabling the NHL to include the team in its 2009-10 schedule."
It is anticipated that the judge will hold a hearing within several days to establish a sales procedure, which will include authorizing continuance of the selling activity in an effort to attract higher bids. The PSE price is $212.5 million, which provides funds sufficient to pay secured creditors in full (approximately $80 million to SOF Investments, L.P. and $35 million to the NHL) and $97.5 million to unsecured creditors, whereas the owners of the Coyotes would receive nothing for their equity investment, including $206.5 million in preferred and common equity that will not be recovered by Moyes under the current offer.
"As Managing Member of the Coyotes, I have a duty to seek a transaction that will return the most in sale proceeds to the secured and unsecured creditors," Moyes said. "No other proposal to acquire the team provided nearly as much payment to the creditors as that offered by PSE, with the understanding that the procedure is in place for other parties to offer more, particularly if the City of Glendale provides financial incentives to keep the team in Glendale. Overbids must exceed the PSE proposal by $5 million and must be fully funded at closing without a financing contingency."
I can only speculate to Randy Turner's (Winnipeg Free Press) elation and sarcastic bile when he reads this. As a Winnipegger, I'm even embarrassed by his snarky thumb-in-mouth pouting over losing the Jets.
If he was smart he would bring the club to Québec city, people want a team over there, people in Hamilton are already Leafs fans, no team closer to my home would make me take away my love for the Habs...
If he brings the team to Hamilton, get ready for $50 nosebleed seats.
That arena is a complete dump.
By the way, the Bulldogs averaged about 4600 per game during the regular season in a so called hockey market...
San Antonio had over 5000 per game...
It's not as great as people think.
Toronto can't keep an OHL team and the Marlies don't have the greatest attendance. I guess Toronto doesn't deserve an NHL team either..I could care less about AHL or OHL. I live 10 minutes from where the Barrie Colts pay. But instead of paying $10 for Colts tickets in my own backyard, I would rather pay $50 for NHL tickets and drive the hour and a half to Hamilton for a game...
The ticket prices are going to be insane if they move to Hamilton even temporarily. If the team stinks then this team will lose just as much as money as the Coyotes are.
If he was smart he would bring the club to Québec city, people want a team over there, people in Hamilton are already Leafs fans, no team closer to my home would make me take away my love for the Habs...
I disagree. An English-speaking owner going to Quebec is bound to have problems later on. He's from Ontario anyways.
The ticket prices are going to be insane if they move to Hamilton even temporarily. If the team stinks then this team will lose just as much as money as the Coyotes are.
