Balsillie Bid Gets New Life
August 7th, 2009 at 6:29Jim Balsillie’s bid to buy the Phoenix Coyotes and move them to Hamilton got new life on Thursday (Aug 5). The bankruptcy court judge ruled that Balsillie’s bid would be accepted for the Sept 10 bankruptcy auction.
The NHL board of governors had previously rejected the bid, and had basically said they don’t want Balsillie among their exclusive little club.
This is at least the second interesting twist in the Coyotes affair over the last week. On Monday Coyotes current owner Jerry Moyes released documents showing that the other main bid – the Jerry Reinsdorf bid – included special tax concessions from the city of Glendale, amounting to up to $23 million next year.
Another feature of the Reinsdorf bid had Glendale agreeing to let him move the team without penalty if it continued to lose money for the next five years – either that or pay him $15 million per year for every year of losses.
If this provision makes it to the final Reinsdorf offer it makes it pretty clear that Balsillie’s offer is not the only one that is ultimately going to result in a move. And Balsillie is offering $212 million compared to Reinsdorf’s $148 million.
Tags: Balsillie, Coyotes, hockey, Phoenix, SW Ontario
June 28th, 2010 at 1:43 pm
This is one of the most interesting posts I’ve read in awhile, I’ll be sure to add you to my favorites and include your feed in my aol news reader. Thank you!