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Patrick
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PostPosted: 6/16/2009, 8:47 am    Post subject: Judge Says No to Proposed Coyotes' Sale Reply with quote

http://sports.espn.go.com/nhl/news/story?id=4261699

Quote:
The Coyotes are staying in Phoenix, at least for now.

A bankruptcy judge has rejected the proposed sale of the franchise to Canadian billionaire Jim Balsillie, who would have moved the team to Hamilton, Ontario.

Judge Redfield T. Baum issued a 21-page ruling late Monday afternoon, concluding the June 29 deadline imposed by Balsillie did not allow enough time to resolve the complex case.

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Patrick
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PostPosted: 8/25/2009, 9:47 am    Post subject: Reply with quote

http://sports.espn.go.com/nhl/news/story?id=4420636

Balsille has renewed his bid.

Quote:
Canadian billionaire Jim Balsillie has submitted an amended proposed agreement to buy the bankrupt Phoenix Coyotes for $212.5 million and immediately move them to Hamilton, Ontario, with or without the NHL's consent.

The document filed Monday in U.S. Bankruptcy Court says Balsillie can walk away from the deal if the contentious issues in the complex case have not been resolved in his favor by Sept. 14. That's four days after the scheduled auction of the team and one day before the Coyotes are to play their first preseason game.

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angryfans
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PostPosted: 8/25/2009, 3:49 pm    Post subject: Reply with quote

As much as I want Balsillie to defeat Bettman and bring a team back to Canada where it belongs, I don't think it's going to happen. There is just no way possible for Balsillie to relocate the team for this season. Time constraints aside, where would they play? Copps Coliseum is in need of extensive renovations before it is NHL worthy.
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Patrick
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PostPosted: 8/26/2009, 8:59 am    Post subject: Reply with quote

The NHL and another group are jumping into the fray:

http://sports.espn.go.com/nhl/news/story?id=4422520
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Patrick
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PostPosted: 8/27/2009, 9:34 am    Post subject: Reply with quote

http://sports.espn.go.com/nhl/news/story?id=4425169

The NHL offer is reportedly at $140 million.
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angryfans
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PostPosted: 8/28/2009, 8:32 am    Post subject: Reply with quote

Patrick wrote:
http://sports.espn.go.com/nhl/news/story?id=4425169

The NHL offer is reportedly at $140 million.


Yup, that is true. The other proposal from Ice Edge Holdings wants to have 5 games a year in Canada. It's pretty bad when they need to have regular season games in Canada in order to offset losses in the desert. Why not just play all the games in Canada and be a financially viable team?

I understand the NHL in fighting for this as they want control over where teams are located. But from a financial standpoint they are looking terrible. Balsillie getting the team would:

1) Raise the re-sale value of every team in the league. If the worst financially sound team in the league is getting 240M then every other team is going to be worth more.

2) A Hamilton franchise would bring another very successful and profitable team to the league. Good for everyone.

I really hope the judge dosen't side with Bettman and his string of hockey mobsters. It's time to put the pride away and give the team to Balsillie. Hockey in Phoenix is never going to work.
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Patrick
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PostPosted: 9/10/2009, 11:34 am    Post subject: Reply with quote

Ice Edge has withdrawn their bid: http://sports.espn.go.com/nhl/news/story?id=4458692

Meanwhile, Balsillie is back with a new offer: $192.5 million for the team and $50 million to the city of Glendale.

http://sports.espn.go.com/nhl/news/story?id=4455535
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Patrick
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PostPosted: 9/11/2009, 10:12 am    Post subject: Reply with quote

http://sports.espn.go.com/nhl/news/story?id=4462437

The judge says that he could reject both bids.
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