Brian Damage
03-30-2010, 10:10 PM
The National Hockey League is working on a backup plan with Toronto billionaire David Thomson and Winnepeg-based True North Sports and Entertainment that could send the Phoenix Coyotes back to Canada if a deal with Ice Edge Holdings or Jerry Reinsdorf to keep the team in Arizona falls through.
Two sources with knowledge of the Coyotes finances and ownership said a deal between Thomson and the NHL has been completed in principle and could have the Coyotes back in Winnipeg next season if necessary. Thomson, also considered a possible buyer of the Atlanta Thrashers, is a partner in True North and chairman of Thomson Reuters. True North owns the Manitoba Moose of the American Hockey League and MTS Centre in Winnipeg, which seats 15,100.
The sources said, however, the NHL still wants to work out a deal to keep the Coyotes in the Phoenix market. The league bought the Coyotes, still in Chapter 11 bankruptcy reorganization, for $140 million in October fending off a $242 million bid by Research in Motion CEO Jim Balsillie, who wanted to move the team to Hamilton, Ontario.
League officials said during bankruptcy proceedings last year that if a deal could not be finalized by June 2010 it would be open to a sale that would involve a move from the team’s home in Glendale.
Scott Brown, communications director for True North Sports and the Manitoba Moose (who play in Winnipeg), declined comment.
“Due to the possible impact on both the Coyotes and our own AHL product here in Manitoba, we’ve actually been hesitant to engage in any discussion publicly about the situation in Phoenix as far back as last summer when rumors began to surface of the team’s possible departure. It is our understanding the NHL is working very hard to keep the team where it is in Phoenix,” Brown said.
Glendale city spokeswoman Julie Frisoni also declined comment as did NHL spokesman Kerry McGovern.
The NHL and Glendale are still working with Ice Edge Holdings to keep the team in Arizona with some games to be played in Saskatoon, Saskatchewan, but there have been reports of financing challenges.
Ice Edge COO Daryl Jones said he optimistic about financing the Coyotes sale. “Ice Edge feels very comfortable with their financing. Our banks are very interested in this deal,” Jones said. He told a Toronto radio station recently, however, he wanted Glendale to move faster in getting a lease deal.
Glendale officials also have been talking to Chicago Bulls and White Sox owner Jerry Reinsdorf and his business partner John Kaites, who previously made a bid for the Coyotes.
The Coyotes have qualified for the NHL playoffs for the first time since 2002 and are seeing a late-season boost in attendance.
The Coyotes moved to Phoenix in 1996 from Winnipeg, where they played as the Winnipeg Jets. The franchise has lost more than $300 million since moving to the Valley and were put into Chapter 11 bankruptcy by former owner Jerry Moyes last year.
http://www.bizjournals.com/phoenix/stories/2010/03/29/daily2.html
Two sources with knowledge of the Coyotes finances and ownership said a deal between Thomson and the NHL has been completed in principle and could have the Coyotes back in Winnipeg next season if necessary. Thomson, also considered a possible buyer of the Atlanta Thrashers, is a partner in True North and chairman of Thomson Reuters. True North owns the Manitoba Moose of the American Hockey League and MTS Centre in Winnipeg, which seats 15,100.
The sources said, however, the NHL still wants to work out a deal to keep the Coyotes in the Phoenix market. The league bought the Coyotes, still in Chapter 11 bankruptcy reorganization, for $140 million in October fending off a $242 million bid by Research in Motion CEO Jim Balsillie, who wanted to move the team to Hamilton, Ontario.
League officials said during bankruptcy proceedings last year that if a deal could not be finalized by June 2010 it would be open to a sale that would involve a move from the team’s home in Glendale.
Scott Brown, communications director for True North Sports and the Manitoba Moose (who play in Winnipeg), declined comment.
“Due to the possible impact on both the Coyotes and our own AHL product here in Manitoba, we’ve actually been hesitant to engage in any discussion publicly about the situation in Phoenix as far back as last summer when rumors began to surface of the team’s possible departure. It is our understanding the NHL is working very hard to keep the team where it is in Phoenix,” Brown said.
Glendale city spokeswoman Julie Frisoni also declined comment as did NHL spokesman Kerry McGovern.
The NHL and Glendale are still working with Ice Edge Holdings to keep the team in Arizona with some games to be played in Saskatoon, Saskatchewan, but there have been reports of financing challenges.
Ice Edge COO Daryl Jones said he optimistic about financing the Coyotes sale. “Ice Edge feels very comfortable with their financing. Our banks are very interested in this deal,” Jones said. He told a Toronto radio station recently, however, he wanted Glendale to move faster in getting a lease deal.
Glendale officials also have been talking to Chicago Bulls and White Sox owner Jerry Reinsdorf and his business partner John Kaites, who previously made a bid for the Coyotes.
The Coyotes have qualified for the NHL playoffs for the first time since 2002 and are seeing a late-season boost in attendance.
The Coyotes moved to Phoenix in 1996 from Winnipeg, where they played as the Winnipeg Jets. The franchise has lost more than $300 million since moving to the Valley and were put into Chapter 11 bankruptcy by former owner Jerry Moyes last year.
http://www.bizjournals.com/phoenix/stories/2010/03/29/daily2.html