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Coyotes Owner Speaks-Out On Reinsdorf Bid
by Paul on 06/29/09 at 09:04 PM ET
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from Rebekah L. Sanders of the Arizona Republic,
Coyotes owner Jerry Moyes is blasting the latest bid for his bankrupt team as illegitimate.
Chicago sports mogul Jerry Reinsdorf and Valley attorney John Kaites together recently offered $148 million to keep the NHL team playing in Glendale.
Moyes says it appears to be a no-cash bid that would assume $118.5 million in secured debt but would fail to pay creditors….
Moyes points out that the new Reinsdorf bid requires renegotiation of contracts with Glendale and the other vendors, an arm-twisting approach Moyes was unable to accomplish before turning to bankruptcy.
“The current structure of our agreements with Glendale and other parties is a money loser no matter how well the team plays,” Moyes said in a statement. “Simply put, the Reinsdorf bid wants to only assume the team’s debt and then restructure all agreements, which is what I have been trying to do for the last year.”
read on
Filed in: NHL Teams, Phoenix Coyotes | KK Hockey | Permalink
Tags: Jerry+Moyes, Jerry+Reinsdorf,
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