Balsillie puts in $212.5 mil offer for the Coyotes
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guyincognito
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- Mar 21, 2007
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this is a bankruptcy sale, their goofy lease is worth pennies on a dollar now. same goofy lease that was a party to breaking the team's back financially.
GKJ
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- Feb 27, 2002
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It sounds like by that, that if there isn't a sale, they will suspend operations.
Semantics
PUBLIC ENEMY #1
Egil
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- Mar 6, 2002
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bleed_oil
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- Aug 16, 2005
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As far as the Coyotes go, its too bad that things had to come to this. Gretzky drank the franchises entire blood....
Does anyone know how this sale goes? Do they have to sell to the highest bidder or does the league have a say. If the league can influence things, I imagine the team will end up in Kansas City.
Does anyone know how this sale goes? Do they have to sell to the highest bidder or does the league have a say. If the league can influence things, I imagine the team will end up in Kansas City.
BigMac1212
I feel...alone.
Im Down
I would love to see Boedker,Turris and all the other young stars from PHX play in a real market
Phoeinix IS a real market.
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Coop
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- Feb 13, 2009
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CBC said in the 1st intermission using one of the unnamed BoG as a source that he needs league approval to move it, and also league approval to join the league
Ward Cornell
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- Dec 22, 2007
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Show me the math on how a 500 million dollar investment (the team plus a rink) in a team in Southern Ontario is expected to make money?
Make money?....Did Balsillie ever come out and said he wanted a hockey team to make money?
Do you think he's concerned?
But yes, IMHO it will make money!
Glendale can still fine the Coyotes up to 790 million for breaking the lease. Let's see how this factors in an outsider buying the team (Evil Jim i'm looking at you!)
Rumor: Reinsdorf looking to buy an NHL team. Has a home in Paradise Valley (NE Phx)
Rumor: Reinsdorf looking to buy an NHL team. Has a home in Paradise Valley (NE Phx)
BigMac1212
I feel...alone.
Which is why they will vote no. The NHL doesn't want to have to deal with the bad PR for losing a team in the Sun Belt.
Backwards thinking for the NHL if your asking me.
NHL removes Coyotes Owner from any decision making duties regarding the Coyotes
The NHL responds...
Apparently, the Chapter 11 filing was done behind the NHL's back.
http://www.nhl.com/ice/news.htm?id=421608&cmpid=rss-.com
Man this is getting good....
The NHL responds...
Apparently, the Chapter 11 filing was done behind the NHL's back.
http://www.nhl.com/ice/news.htm?id=421608&cmpid=rss-.com
Man this is getting good....
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guyincognito
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- Mar 21, 2007
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no they can't. the lease has been obliterated. Glendale is merely a creditor, and to who... who knows? It's not going to be the new owner, he's just providing funds to pay off the creditors.
they will regret that lease in the end. the whole operation of the franchise and the relationship with the city is out of whack. weren't they not even getting a dime of parking money? you can only bleed a turnip for so long...
David_99
Registered User
LadyStanley
Registered User
A Bankruptcy judge (and the BOG) now have the say on which entity the team might be sold to.
I would not be surprised to see a lesser $$ amount accepted that keeps the team in Phoenix.
With the bankruptcy filing, the judge can "null and void" the lease agreement with JOBING.com arena.
guyincognito
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- Mar 21, 2007
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If they cannot find an owner at all, the team will fold. Or "cease operations" if you want to hear it in a fancier way. If they cannot find a *local* owner, the team will move.
Well, it seems they have already found a potential buyer. Trust me, it's much worse PR to ignore the buyer and let a team fold (and not to mention, that means all of the creditors take a bath 100% and you have done a MAJOR disservice to the current ownership), than it is to have a team move.
dubey
$$$$$$$*NICE*$$$$$$$ 69 in 79 $$$$$$$*NICE*$$$$$$$
No, it's game over for Moyes. Bettman has gone on record saying that the Coyotes aren't going anywhere.
ESY16
Registered User
This isn't technically true until the bankruptcy judge decides that the lease is terminated under the bankruptcy proceedings. Now, this is definitely very likely to happen but isn't true yet.
Also, the deal wasn't great but also wasn't nearly as bad as some people make it out to be. Don't forget that Glendale paid a lot of money to help build the arena in the first place.
Hence why they declared bankruptcy and why the current owner isn't going to get anything out of the deal. They can fine the team, but there are only so many assets that the team has.
Reinsdorf has a legitamite chance at buying the team if he plans to keep it in Phoenix. If he doesn't make the deal conditional upon a move (like Balsille); the courts must take that into account and that problably makes a lot more sense for the creditors because it reduces the size of the claims against them.
Zetsyuk
Farewell Nick.
My goodness, this is a soap opera by now. That's 4 headlines. Balsillie makes offer, file for bankruptcy, NHL angry at Balsillie "powerplay" trying to fight him on it in court, NHL angry for unknown bankruptcy plan... looks like Yotes want out but NHL wants them in.
Rickety Cricket
Registered User
BigMac1212
I feel...alone.
There's a condition to the deal with Balsile:
The team moves.
Even for that much of money, the coyotes won't accept it.
Baslise is a fool.
The team moves.
Even for that much of money, the coyotes won't accept it.
Baslise is a fool.
DreamBeaut
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- May 24, 2008
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