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Judge: Coyotes Staying Put
June 15, 2009 @ 9:05 PM ET
The Phoenix Coyotes are staying in Arizona--at least for now.
US Bankruptcy Court Judge Redfield T. Baum ruled that the proposed sale of the Coyotes to Canadian billionaire Jim Balsillie could not go through as there was not sufficient time to resolve all of the issues before a June 29 sale deadline imposed by Balsillie.
“Simply put, the court does not think there is sufficient time (14 days) for all of these issues to be fairly presented to the court given that deadline,” Judge Baum wrote as part of a 21-page decision.
Balsillie wanted to move the franchise to Hamilton, Ontrario, a move opposed by the NHL which wants to give the franchise more time to succeed in Arizona.
The Coyotes moved to Phoenix from Winnipeg before the 1996-97 season. They have reportedly lost more than $300 million since that time.
Current Coyotes' owner Jerry Moyes claims that the team is not viable in Arizona, a non-traditional hockey market. His decision to file for bankruptcy protection and sell to Balsillie shocked the NHL. The league had given Moyes money to keep the Coyotes afloat during the 2008-09 season.
The league was concerned that placing a team in Hamilton would infringe on the territorial rights of the Toronto Maple Leafs and Buffalo Sabres. There are also concerns about losing a major television market in the United States as the league continues to expand its visibility and popularity in the US.
The NHL argued that they wanted to explore all possible buyers who would keep the team in Phoenix before agreeing to sell to a new owner who wanted to move the franchise. The league said they had four interested parties including Toronto Argonauts owners Howard Sokolowski and David Cynamon, and Chicago White Sox and Bulls owner Jerry Reinsdorf. Moyes had argued that none of the other bids were worth more than Balsillie's and he would not be able to pay back all of his creditors.
Balsilie has now made three attempts to purchase an NHL team but has been denied by the league each time. He earlier tried to buy the Pittsburgh Penguins and Nashville Predators.
The Coyotes will stay in the desert in 2009-10. The league has even indicated it would fund the team if necessary.
