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NHL Trying To Find New Investors For Phoenix
by Paul on 12/23/08 at 04:07 PM ET
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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
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