NHL Coyotes file for bankruptcy and will move to Canada

[Finger Laker]

from what i've been reading it sounds like glendale is willing at this point to make concessions and had outlined some of them in the court proceeding

how they make good on that and what they entail is yet to be seen

this whole situation was just handled so poorly by all parties

[azriverfan.]

Originally Posted by Finger Laker

from what i've been reading it sounds like glendale is willing at this point to make concessions and had outlined some of them in the court proceeding

how they make good on that and what they entail is yet to be seen

this whole situation was just handled so poorly by all parties

That's good to know and it makes sense because I can't believe Glendale would be that stubborn because it's really a life or death type of situation for them. Having a renter and making concessions is better than having no renter at all. At least things are moving in the right direction

[Finger Laker]

agree - losing an anchor tenant would be a big blow to them - it would devalue the land around the stadium and lower the tax revenues they collect 41 nights a year including everything from ticket sales to drinks at the yard house - they would also presumably assume operating costs of the building on a full time basis which would be costly ...... they may need to drop a nickel to make a dime

[Howest2008]

Originally Posted by Finger Laker

agree - losing an anchor tenant would be a big blow to them - it would devalue the land around the stadium and lower the tax revenues they collect 41 nights a year including everything from ticket sales to drinks at the yard house - they would also presumably assume operating costs of the building on a full time basis which would be costly ...... they may need to drop a nickel to make a dime

The court system in the phoenix AZ area blocked the move to Hamilton Ontario Canada.....

[ibarrio]

Originally Posted by Howest2008

The court system in the phoenix AZ area blocked the move to Hamilton Ontario Canada.....

It is only temporary. The Judge also issued an auction of the team. Local first then open for anyone including Balsillie.

Reinsdorf, who owns the Chicago White Sox and Chicago Bulls, has offered to pay up to $148-million (all figures U.S.) for the Coyotes and keep the team in Phoenix. However, his offer carries several conditions, including negotiating a new lease with the City of Glendale, the Phoenix suburb that built the arena where the Coyotes play.

Bankruptcy court judge Redfield T. Baum plans to hold an auction for the Coyotes on Aug. 5 but only for bidders who will keep the club in Phoenix. If that auction does not yield a satisfactory offer, the judge will hold a second round in September for bidders like Balsillie who want to move the club.

[Finger Laker]

the reinsdorf deal will work

moyes is pissed, but i don't feel anything for him

he's basically saying that all the reinsdorf bid does is take over obligations from secured creditors and doesn't pay all the unsecured stuff

well jerry ........ the secured creditors are a key concern in a bankruptcy issue (you know that thing you entered so you could try to profit and run), a lot of the unsecured creditors will be taken care of by revised contracts and modifications that they will find suitable (and more appealing than the scraps they would of gotten under the blackberry offer)

the main person who wouldn't be enriched, is you and I doubt the courts will have much sympathy given how you've been costing the team money by having it contracted to your other companies and then loaning personal funds to cover those losses - you tried to be too cute and failed

i think there will probably be some modifications and concessions that are worked out, i don't see it failing though unless there is some kind of major shock

[kuzer]

Well said and couldn't agree more. Moyes tried to backdoor the league to better himself and I can't blame him for trying. New ownership and concessions from Glendale will make this work. There have been many other teams in worse shape nice the Coyotes that are very successful now (ex..Pittsburgh, Buffalo, Edmonton, Calgary).

[Howest2008]

The Phoenix Coyotes are now offically owned by the NHL as of November 3rd 2009 which plans on selling the team to a ownership group that are duty bounded to keep the team in Phoenix AZ.

On October 26, 2009, Jerry Moyes reached a deal to sell the Coyotes to the NHL for $140 million.[35] “It remains the NHL’s intention upon taking control of the club, to stabilize the club’s operations and, as quickly as possible, to resell the club to a new owner who is committed to operating the club in the Glendale/Phoenix market,” said Bill Daly.[36] The sale was made official on November 3, 2009.[37]