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Phoenix/NHL Deal Could Be Finalized Next Week
by Paul on 10/26/09 at 08:56 PM ET
Comments (5)
via NHL.com,
The National Hockey League has purchased the Phoenix Coyotes from owner Jerry Moyes in a deal that could be finalized by early next week.
Deputy Commissioner Bill Daly made the following statement about the pending deal on Monday night:
“In Phoenix today, a tentative agreement was reached among the parties to amend the NHL’s offer to purchase the Coyotes franchise out of bankruptcy, and a proposed order, mutually agreed to by the parties, will be filed with the Court seeking approval of the NHL’s amended bid.
“If there is no objection from the parties involved, and subject to any potential objections and a hearing if necessary, the parties hope to close the sale of the Club to the NHL by Monday, Nov. 2.
“It remains the NHL’s intention upon taking control of the Club to stabilize the Club’s operations and, as quickly as possible, to re-sell the Club to a new owner who is committed to operating the Club in the Glendale/Phoenix market.”
Filed in: NHL Teams, Phoenix Coyotes | KK Hockey | Permalink
Comments
You have to hand it to the NHL. I ttakes a special kind of stupid to not only make the idiotic decision to put a team in Phoenix, but to then throw good money after dumb money and try and keep one there.
What dedication.
I’m sure there is a long line of people willing to pay actual dollars for the Coyotes, considering the last guy who owned the team was losing 30+ mil a year easy.
Posted by HockeyinHD on 10/26/09 at 08:29 PM ET
Good news for the Coyotes and the NHL. Too bad it didn’t happen last spring when the NHL brought a proposal to Moyes to sell to Reinsdorf. The result more money for Moyes than he is getting today, the franchise would not have been trashed in bankruptcy, Balsillie would not have set Canadians against Americans and against the NHL, Gretzky might have had a chance to get paid, there would be a heck of a lot more fans at games than there are today, and the City of Glendale would have most likely renegotiated the lease to help the team. As they said in this article, there are no winners in this.
Posted by Timbits on 10/26/09 at 10:27 PM ET
Moyes’ lawyer says the decision to make a deal came largely because the expenses of running the team in bankruptcy were being paid from the league’s $140-million offer. Moyes was left with few options after his attempt to sell the team to Canadian billionaire Jim Balsillie was rejected by the court.
...what?!?
That’s pretty unbelievable. The deal looks really shady with this information now made public. What options does Reinsdorf have when the only offer gets smaller and smaller every day? The only winners here are Gary and his cronies. I think Bettman might just be the most stubborn human living today.
Posted by Flames Fan on 10/27/09 at 12:02 AM ET
Does this mean that the NHL’s 29 other franchises are officially subsidizing the Coyotes’ yearly multi-million dollar operating losses? Revenue sharing, I understand. Buying a currently insolvent franchise, I don’t.
Posted by George James Malik from South Lyon, MI on 10/27/09 at 04:12 AM ET
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I’m really glad to see this coming to an end (hopefully) I can imagine how tough it’s been for the Coyotes the last few months. I really didn’t want to see them move to Canada and away from their fan base. However, I thought they may have to when I saw the attendance that they were getting in the first few games. I really hope that get’s better and it’s really nice that they’ll be able to stay in the Phoenix area.
Posted by Eric on 10/26/09 at 08:10 PM ET