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The Ongoing Phoenix Coyotes Situation
by Paul on 05/27/09 at 08:50 AM ET
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from Kevin McGran of the Toronto Star,
Sports Properties Investment Corp. – a New York investment firm that’s flush with cash – was working with Chicago sports magnate Jerry Reinsdorf to buy the Phoenix Coyotes one day before the team filed for bankruptcy protection.
According to documents obtained by the Arizona Republic, Tony Tavares, a former baseball executive who runs Sports Properties Acquisition Corp., signed an agreement May 4 with the city of Glendale, where the Coyotes play their home games at Jobing.com Arena.
The document did not reveal a purchase price, but the Republic says Sports Properties has $215 million (all figures U.S.) in a trust account to buy “sports and leisure properties.” The publicly traded firm refers to itself as a “blank check” business that last month was trying to acquire the NHL’s Florida Panthers, according to published reports.
Filed in: NHL Teams, Phoenix Coyotes, NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
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