Kukla's Korner Hockey
Next entry: The Kane Line
Previous entry: Bettman Opens Up A Bit
NHL Trying To Find New Investors For Phoenix
by Paul on 12/23/08 at 04:07 PM ET
Comments (3)
from Scott Burnside of ESPN,
The NHL hasn’t taken over control of the Phoenix Coyotes, but it is taking an active role in trying to find new investors or ownership for the financially strapped franchise and is being kept apprised of any “significant” financial decisions the team makes, ESPN.com has learned from team and league sources.
The league also is trying to help broker changes to the existing lease with the city of Glendale in the hopes of making the situation more attractive new investors or owners.
Coyotes owner Jerry Moyes is in dire financial straights, with his outside business interests—most notably Swift Transportation, a large trucking firm—having been hammered by high gasoline costs, followed by the dramatic downturn in the economy.
added 11:08pm, from David Shoalts of the Globe and Mail,
It appears the league is now the only benefactor to which the Coyotes can turn.
Financial documents obtained by The Globe and Mail show the team has pledged the franchise and all its assets, including all forms of revenue (with the possible exception of arena-naming rights), as collateral for loans from New York company SOF Investments LP.
SOF Investments is a subsidiary of the MSD Capital hedge fund, which is controlled by computer tycoon Michael Dell.
Filed in: NHL Teams, Phoenix Coyotes | KK Hockey | Permalink
Comments
Well, I dunno that Winnipeg was a viable option by that point, either.
I think the real answer is, “shoulda moved to Scottsdale instead,” at least based on what people I know from the area tell me.
Posted by Doogie2K from Calgary on 12/24/08 at 03:14 PM ET
I agree, there is nothing in Glendale. Scottsdale has been one of the most economically vibrant areas in the US for years.
What a colossal screwup.
The irony is that the Phoenix Roadrunners have been reborn over and over again as a WHL franchise, a WHA franchise, IHL franchise, CHL franchise and still carry on as an ECHL franchise.
Now what?
Posted by davetherave from Ottawa, Canada on 12/24/08 at 10:27 PM ET
Add a Comment
Please limit embedded image or media size to 575 pixels wide.
Add your own avatar by joining Kukla's Korner, or logging in and uploading one in your member control panel.
Captchas bug you? Join KK or log in and you won't have to bother.
Most Recent Blog Posts
Roenick Talks Current Affairs In The NHL
Possible 3rd Jersey For Panthers
The Play Of Tomas Fleischmann Goes Unnoticed
About KK Hockey
Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.
Email Paul anytime at
Kukla’s Korner is always a free service for readers, but it costs some money to maintain. If you’re ever in a position to donate a few dollars to help out, we’d be very appreciative.
Hockey Links
Oh, you know, they’re just ‘looking for new investors’…
Should’a kept ‘em in the Peg. Would have cost less… :/
Posted by George James Malik from South Lyon, MI on 12/23/08 at 08:28 PM ET