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GM Hockey » The other NHL teams » Central » Arizona Coyotes » How Much Longer For The Coyotes in Phoenix?

How Much Longer For The Coyotes in Phoenix?

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Phoenix30
Cronie
PTFlea
SensFan71
SeawaySensFan
shabbs
davetherave
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What next for the Coyotes?

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Total Votes : 18


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Cap'n Clutch


Co-Founder
Co-Founder

wprager wrote:Can I at least have that in my title?

You want Post-Whore in your title? What were you like when you were Pre-Whore? cool)

davetherave


All-Star
All-Star

The drama continues...and becomes more confusing. From CBSSports this evening:

Balsillie sets deadline for ruling on Coyotes

PHOENIX (STATS LLC/CBS SPORTS)-- Jim Balsillie's bid to purchase the Phoenix Coyotes and move the franchise to southern Ontario will be withdrawn if it isn't approved by the U.S. Bankruptcy Court by the end of June.

Balsillie's deadline appeared in documents filed Tuesday by the attorneys for Coyotes owner Jerry Moyes.

The Canadian businessman says the sale must be completed before the end of next month to allow for setting the team's schedule for the coming season, finding sponsors and a television deal, readying its new home arena in Hamilton, Ontario, and resolving other matters.

"A sale cannot drag on through the summer of 2009," the document says.

Balsillie has offered $212.5 million to purchase the team, contingent on moving it to Canada. The NHL wants to find a buyer to keep the franchise in Glendale and says Balsillie needs league approval to purchase and move the team.

A hearing on the sale timeline and other matters is scheduled Wednesday before Redfield Baum, chief judge of the U.S. Bankruptcy Court in Phoenix. Baum has indicated skepticism over such a condensed schedule, saying it would not be fair to other potential buyers.

NHL attorney Tony Clark said in court that there is no way the league's owners could approve the sale and transfer of the team so quickly. According to court documents, Balsillie applied to the NHL for approval to buy the Coyotes last week and will file an application by next Monday to relocate the franchise.

However, Moyes' attorneys contend the judge has the authority under federal bankruptcy law to order the team moved without the NHL's approval.

That possibility has brought the NFL, Major League Baseball and the NBA into the case, each asking the judge to respect the rules and regulations of professional sports leagues.

Baum has scheduled a June 22 hearing for arguments on the relocation issue.

Moyes' filing says that neither Balsillie "nor any other known entity will fund another year of significant losses" operating the team in Arizona. The NHL has funded the team since last August.

Balsillie is the only official bidder for the team.

Phoenix attorney Scott Cohen said last week that his client, Las Vegas-based businessman John Breslow, was interested in submitting a bid that would keep the team in Glendale.

The NHL also said a group headed by Jerry Reinsdorf -- owner of baseball's Chicago White Sox and the NBA's Chicago Bulls -- was ready to submit a letter of intent to purchase the team when Moyes, to the league's surprise, filed for bankruptcy on May 5.

The Coyotes have not made a profit since the franchise moved to Arizona from Winnipeg in 1996. Documents show the team lost $74 million the last two years. Moyes, whose Phoenix-based trucking firm also is in financial trouble, says he has $300 million invested in the Coyotes and would recoup about $100 million under Balsillie's proposal.

Meanwhile, the city of Glendale plans a court fight to hold the Coyotes to the 25 years remaining on their lease to play in Jobing.com Arena. The issue is whether by declaring Chapter 11 bankruptcy the franchise can evade the lease.

Moyes' attorneys proposed a June 12 deadline for submission of competing bids, with the auction and sale of the franchise to be held June 24, two days before the NHL draft.

Any claim by the NHL for additional time to review the ownership and relocation applications "does not outweigh the burden facing Coyotes Hockey's estate and its creditors if the offer [by Balsillie] is lost," Moyes' filing said.

Moyes and the NHL said they had reached agreement on the interim operation of the team. Under the agreement, Moyes and the NHL would have a "point person" to oversee the club's operations. If there's a disagreement between the two, the matter would be turned over to the court.

The NHL contends that proxies signed by Moyes in November gave the league control of the club, and Moyes did not have the authority to take the team into bankruptcy. Moyes' attorneys argue that the NHL never exercised such control, and proxies were only for team's voting rights in the league.

Baum had ordered the two sides into mediation on the issue, with the status of those talks on the agenda for Wednesday's hearing.

davetherave


All-Star
All-Star

Another chapter in the drama, from Canwest News Service, published yesterday:

Judge to expedite relocation ruling in Coyotes' case

Anxious National Hockey League fans may find out within two weeks time whether the Phoenix Coyotes will be free to relocate, perhaps to southern Ontario.

A judge handling the Phoenix Coyotes' bankruptcy case Wednesday promised to decide whether the NHL team can be relocated soon after a June 9 hearing.

The hearing on whether Canadian billionaire Jim Balsillie could buy the club from team owner Jerry Moyes for $212.5 million US was originally scheduled for June 22.

However, U.S. Bankruptcy Judge Redfield Baum said Wednesday it would be best for all interested parties for him to make a decision quickly in dealing with the "10,000-pound elephant in the room."

After the Coyotes sought Chapter 11 bankruptcy protection on May 5, Balsillie agreed to buy the team from Moyes as long as he could move it to southern Ontario, likely Hamilton.

A report in Wednesday's Arizona Republic indicates that the day before Moyes steered his Coyotes into Chapter 11 bankruptcy protection a New York sports investment was nearing an arrangement to buy the team with Chicago sports magnate Jerry Reinsdorf.

Tony Tavares, the former president of the Montreal Expos, and the frontman for Sports Properties Acquisition Corp., a New York-based firm, was identified in public records obtained by the Arizona newspaper as the money man who was working with Reinsdorf to purchase the cash-strapped franchise before it wound up in bankruptcy court attached to an offer from Balsillie.

The Arizona Republic story does not give a dollar figure for the Tavares/Reinsdorf bid, but does point to a $215 million US fund held by the New York firm for the purpose of buying a sports franchise.

The NHL and Glendale, Ariz., where the team is located, are fighting the sale of the team to Balsillie. The NHL claims it alone can dictate who owns a team and where it plays its game. Glendale, which was on the hook for $180 million US for Jobing.com Arena, claims its lease makes it mandatory the Coyotes play their games there for the next 26 years.

According to the Republic, John Breslow, one of the Coyotes' minority partners, is siding with the NHL in its bid to block the sale.

The Republic reported Tuesday that Breslow, through his lawyer, Scott Cohen, has confirmed that he's a part of a group of potential buyers who want the Coyotes to remain in Phoenix. The lawyer also said that Breslow is not part group that includes Chicago White Sox owner Jerry Reinsdorf, who other than Balsillie is the only suitor who has made public his desire to buy the Coyotes.

The Coyotes claim the team's bankruptcy means the judge should rule in the creditors' best interests instead of those of the NHL and Glendale.

The NHL's fight has received the legal support of Major League Baseball, the National Basketball Association and National Football League, who have all filed briefs on their behalf.

The NHL has promised to appeal any losing ruling to the 9th U.S. Circuit Court of Appeals.

If the Coyotes win their case, Baum has set June 22 for the sale auction. If he rules in favour of the NHL, the auction would be held Sept. 10.

shabbs

shabbs
Hall of Famer
Hall of Famer

Interesting article on the Phoenix situation...

http://www.azcentral.com/sports/coyotes/articles/2009/05/18/20090518biz-coyotes0518.html

Interesting quote:
Unable to meet minimum paid attendance and revenue-growth figures in 2007-08, the NHL docked the team at least $3.6 million, or 25 percent of a full revenue share. This past season, the Coyotes again failed to meet those standards and received a 40 percent cut, or more than a $6 million reduction, according to Shumway.

The NHL last year told the Coyotes to "do whatever they needed to do" to hit the minimum requirements and receive a full share, Shumway said. The team, through an accounting move, then sold Moyes about 1,000 tickets a game and deducted the cost from the millions of dollars in loans he provided the team.

Daly said the NHL, which has contended it has been in control of the team since November, became aware of the situation in January and told the Coyotes to stop.
What the hell was going on there? Selling Moyes 1,000 tickets to inflate attendance numbers? Yikes.

wprager

wprager
Administrator
Administrator

You need to hit certain ticket sale (not attendance) numbers in order to qualify for the profit sharing handouts. That's why they did that. But, hey, the NHL told them to do anything they could, which is what they did.

shabbs

shabbs
Hall of Famer
Hall of Famer

wprager wrote:You need to hit certain ticket sale (not attendance) numbers in order to qualify for the profit sharing handouts. That's why they did that. But, hey, the NHL told them to do anything they could, which is what they did.
I realize what they were doing, but that just shows how desperate things are down there...

wprager

wprager
Administrator
Administrator

I didn't think that was ever in doubt.

davetherave

davetherave
All-Star
All-Star

From the Arizona Republic article:

The NHL last year told the Coyotes to "do whatever they needed to do" to hit the minimum requirements and receive a full share, Shumway said.

The team, through an accounting move, then sold Moyes about 1,000 tickets a game and deducted the cost from the millions of dollars in loans he provided the team.

---

According to Shumway, the NHL never told the Coyotes to sell the tickets to Moyes. The decision, again, according to Shumway, was the team's.

shabbs

shabbs
Hall of Famer
Hall of Famer

davetherave wrote:According to Shumway, the NHL never told the Coyotes to sell the tickets to Moyes. The decision, again, according to Shumway, was the team's.
I'm sure that's true.. but reading between the lines of "do whatever you need to do" was not too hard.

davetherave

davetherave
All-Star
All-Star

Again, from the same Arizona Republic article:

The NHL last year told the Coyotes to "do whatever they needed to do" to hit the minimum requirements and receive a full share, Shumway said.

The team, through an accounting move, then sold Moyes about 1,000 tickets a game and deducted the cost from the millions of dollars in loans he provided the team.

(NHL Deputy Commissioner Bill) Daly said the NHL, which has contended it has been in control of the team since November, became aware of the situation in January and told the Coyotes to stop.

shabbs

shabbs
Hall of Famer
Hall of Famer

davetherave wrote:Again, from the same Arizona Republic article:

The NHL last year told the Coyotes to "do whatever they needed to do" to hit the minimum requirements and receive a full share, Shumway said.

The team, through an accounting move, then sold Moyes about 1,000 tickets a game and deducted the cost from the millions of dollars in loans he provided the team.

(NHL Deputy Commissioner Bill) Daly said the NHL, which has contended it has been in control of the team since November, became aware of the situation in January and told the Coyotes to stop.
ie: when word got out... they had to "put an end to it" to save face.

Wink

davetherave

davetherave
All-Star
All-Star

shabbs wrote:they had to "put an end to it" to save face.

Wink

How Much Longer For The Coyotes in Phoenix? - Page 11 Shabbs13

shabbs

shabbs
Hall of Famer
Hall of Famer

davetherave wrote:
shabbs wrote:they had to "put an end to it" to save face.

Wink

How Much Longer For The Coyotes in Phoenix? - Page 11 Shabbs13

Sweet!

davetherave

davetherave
All-Star
All-Star

Shabbs...always a player!

How Much Longer For The Coyotes in Phoenix? - Page 11 Shabbs14

wprager

wprager
Administrator
Administrator

How Much Longer For The Coyotes in Phoenix? - Page 11 Invisible


Bettman says Coyotes can be turned around

http://slam.canoe.ca/Slam/Hockey/News/2009/05/30/9626441-cp.html

He compares the situation in Phoenix with Pittsburgh 10 years ago. He neglects to mention that Pittsburgh was filing for bankruptcy in a no-cap league. Phoenix has no such excuse.

"We didn't walk out on
Pittsburgh, we fought to fix their problems. We're fighting for Phoenix
because of our covenant with the team and the fans there."

"Covenant"? Who does he think he is, Abraham??!

There are some interesting other tid-bits in there, too:

Bettman said the league will
eventually look at the possibility of a second team in Toronto: "It's
not something that we've studied. If we're going to either relocate a
franchise ... or we decide to expand, if there's suitable ownership and
a suitable arena situation it's something we're going to have to take a
look at."

The decision to start the Stanley
Cup with games on consecutive nights was made a year ago. "We wanted to
try something different, we wanted to try and build an intense start to
the series," said Bettman.

He isn't concerned that the KHL's
decision to hold a draft including 17-year-olds will affect the number
of players coming to the North America: "This is where the best players
want to be."

I didn't even know about that. Wow, 17 year olds being drafted on a regular basis.

davetherave

davetherave
All-Star
All-Star

Will Jim Balsillie still be able to afford the Coyotes once the legal mess is sorted out? According to this March article from The Globe & Mail "Globe Investor: Report On Business", his net worth apparently plunged (from the $3B previously reported), by almost half in the last year:

Being a billionaire is a lot lonelier this year

GORDON PITTS, The Globe and Mail, Wednesday, March 11, 2009

It's bad enough that the energy collapse has stripped Alberta of jobs, housing riches, and oil sands projects. Now comes the ultimate indignity: The province is losing billionaires.

Forbes magazine's annual list of the world's most affluent people shows two oilmen heavily associated with Alberta's spectacular wealth gains of the previous decade have tumbled out of the billionaire class.

Absent from the 2009 rankings are Calgary financier Murray Edwards, who last year ranked No. 843 in the world with an estimated net worth of $1.4-billion (U.S.); and energy veteran Clay Riddell, last year's No. 897 with $1.3-billion in wealth.

Alberta's loss of stature is typical of a harsh global economy that has been brutal in reshuffling the uber-rich ranks.

Forbes says the number of world billionaires fell to 793 from 1,125 the previous year, marking the first time since 2003 that the billionaire ranks have shrunk from one year to the next.

Those clinging to billionaire status are worth $2.4-trillion in total, down 45 per cent from $4.4-trillion in 2008. The average billionaire is valued at $3-billion, having seen $900-million sliced off his or her 2008 riches.

Canada's wealthiest person, David Thomson, lost almost $6-billion in net worth. That leaves Mr. Thomson and his family, whose media and information interests include part ownership of The Globe and Mail, with a net worth of $13-billion. Still, that reduced sum puts him at No. 24 globally – up from No. 31.

Typical of this crazy year, the only Canadian billionaire who augmented his net worth runs a circus. Guy Laliberté, owner of Cirque du Soleil, soared to the 261st spot globally – from No. 707 in 2008 – on the strength of a fortune of $2.5-billion, up from $1.7-billion.

That puts Mr. Laliberté in fifth place among Canadians, ahead of such perennial entries as Jimmy Pattison, now worth an estimated $2.1-billion, down more than 60 per cent from last year's $5.5-billion. Mr. Laliberté also beats Research In Motion Inc.'s duo of Mike Lazaridis ($1.8-billion, down 50 per cent) and Jim Balsillie ($1.7-billion).

Inside the stark numbers are changes in bragging rights. Bill Gates is back on top, having supplanted his friend Warren Buffett as the world's richest man, with a net worth of $40-billion. And that's after losing $18-billion over the past year.

Mr. Buffett, who took on the role of global economic saviour last fall, has paid for his apparent rashness. He lost $25-billion in wealth, sinking to a paltry $37-billion.

It was also a hard year for Carlos Slim Helu, the Mexican telecom magnate who lost $25-billion but still comes in at No. 3 at $35-billion.

The Canadian oil elite is not totally absent from the billionaires' club. The three Irving brothers of New Brunswick clock in with a total net worth of $3.9-billion, down from $6.7-billion – but enough to salvage the 146th spot.

The one surviving Alberta billionaire, Daryl Katz, is not an oilman but a pharmacy titan. Mr. Katz did not have a great year, losing $600-million in wealth, but he hangs on to 468th position globally with a nest egg of $1.5-billion.

In terms of nations, Russia is a big loser, having lost nearly two-thirds of its billionaires, reducing the ranks to 32. Despite its own catastrophic economy, the U.S. has recaptured dominance of the top 20.

And information tycoon Michael Bloomberg is a big winner – the only member of the global top 20 to enhance his net worth, despite a $1-a-year salary as mayor of New York. His new $16-billion net worth, up $4.5-billion, results from a re-evaluation of Bloomberg LP.

Among the poignant absences is that of Canadian communications czar Ted Rogers, who last year was the 173rd richest billionaire. Mr. Rogers died in December, and none of his heirs made this year's list.

http://www.globeinvestor.com/servlet/story/RTGAM.20090311.wrbillionaires0312/GIStory/

Cap'n Clutch

Cap'n Clutch
Co-Founder
Co-Founder

How can someone who's not an owner, apply for relocation? scratch . Seriously. Doesn't he have to own the team first?

http://www.tsn.ca/nhl/story/?id=280535


_________________
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shabbs

shabbs
Hall of Famer
Hall of Famer

Cap'n Clutch wrote:How can someone who's not an owner, apply for relocation? scratch . Seriously. Doesn't he have to own the team first?

http://www.tsn.ca/nhl/story/?id=280535
I think it's all tied together with his application for ownership, which was done last week.

Strange way to go about it, but maybe it's "the rules" in the NHL.

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