Kukla's Korner Hockey
Relocation Talk In The NHL Bid
by Paul on 08/27/09 at 08:30 AM ET
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from David Naylor of the Globe and Mail,
The NHL offers $140-million (all currency U.S.) for the team, plus up to 20 per cent of whatever profit (not to exceed $20-million) the league might earn by reselling the team within two years of the closing date of its purchase from the bankruptcy court.
Since the NHL states in its bid that it “does not anticipate there would be a net profit upon a resale of the team to a Glendale buyer,” its own interests, and those of the creditors, would likely be best served by relocating the team to a market where its value could be maximized beyond $140-million.
The league’s apparent openness to relocating the Coyotes flies in the face of its commitment to Glendale, dating back to when the team’s troubles surfaced last season and throughout the league’s four-month fight with Canadian billionaire Jim Balsillie…
added 8:48am, from Dan Bickley of the Arizona Republic,
...the NHL’s plan is nothing but a stay of execution. In the short term, it will give Glendale one last chance to lure a local investor or bring Reinsdorf back into play. If it doesn’t work, the Coyotes will be off for greener pastures.
Along the way, a horrible falsehood has spread across the globe, the myth that hockey can’t work in the desert. Wrong. The Valley can support hockey, and has supported hockey in the past. This is a Glendale problem, one born from bad teams and long commutes and a bad decision to build an arena in a cotton field. This is not an Arizona problem.
Filed in: NHL Teams, Phoenix Coyotes, NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
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