The Phoenix Coyotes File For Bankruptcy...May Move Back to Canada!!! - Sitcoms Online Message Boards

Brian Damage · 05-06-2009, 01:27 AM

The Phoenix Coyotes filed for Chapter 11 reorganization today in a move that could allow the franchise to be sold and moved to southern Ontario, Canada.

The National Hockey League team, which has played in metro Phoenix since 1996, has habitually lost money in the desert, first when they shared an arena with the Phoenix Suns in downtown Phoenix and most recently at Jobing.com Arena in Glendale.

The filing included a proposed sale of the franchise for $212.5 million to PSE Sports & Entertainment LP, which would move the franchise back to Canada, to southern Ontario, Canada.
Jim Balsillie, who is co-chief executive officer at Research In Motion, maker of the BlackBerry wireless device, would become the team's new owner.

The team came to Phoenix from Winnipeg, Manitoba.

The move is not a certainty, because other investors will have an opportunity to outbid PSE's offer.

"Extensive efforts have been undertaken to sell the team, or attract additional investors, who would keep the team in Glendale," said Jerry Moyes, Coyotes' chief executive officer and managing member.

Moyes is the team's largest unsecured creditor at nearly $104 million, according to bankruptcy records.

The city of Glendale, which receives lease payments from the team to play at Jobing.com Arena, is an unsecured creditor in the bankruptcy filing. The city would have to make a claim with the court to receive any payments, according to the team's bankruptcy lawyer.

"At the end of the day, you have a team that was not making money. It has not made money since it has been here, and he (Moyes) received an offer," said Thomas Salerno, the bankruptcy attorney for the Coyotes. "We feel it (offer) maximizes the value of the team for the assets and in such a way that sets up a process where other people can bid."

PSE's price of $212.5 million provides funds to pay secured creditors in full. Approximately $80 million would go to SOF Investments LP and $35 million to the NHL, which had loaned the team money earlier this year.

That would leave $97.5 million to unsecured creditors. Coyotes owners would receive nothing for their equity investment, including $206.5 million in preferred and common equity that will not be recovered by Moyes under the current offer.

Moyes said, "Creating a process under the supervision of a judge assures that anyone wishing to purchase the team will have the opportunity to bid."

"Likewise, the City of Glendale, which has been very cooperative with efforts to keep the team in Glendale, will be able to provide potential buyers assurances of the City's willingness to offer incentives to keep the team as a tenant in the Jobing.com arena, the lease for which is subject to rejection in bankruptcy," Moyes said. "The process assures that the identities of the new owner and the team's location will be known by June 30, 2009, thus enabling the NHL to include the team in its 2009-10 schedule."

The National Hockey League, meanwhile, said it has removed Moyes as the team owner.

"We have just become aware of today's bankruptcy court filing purportedly made on behalf of the Phoenix Coyotes. We are investigating the circumstances surrounding the petition, including the propriety of its filing,” the league said in a statement Tuesday night.

“ We have removed Jerry Moyes from all positions of authority to act for or on behalf of the club. The league will appear and proceed before the bankruptcy court in the best interests of all of the club's constituencies, including its fans in Arizona and the league's 29 other member clubs.”

http://www.azcentral.com/business/ar...yotes0506.html

Darren J. · 05-06-2009, 02:18 AM

I'd rather see them in Winnipeg. That's where they belong and they are known to longtime fans as the Jets.

Brian Damage · 05-06-2009, 08:20 AM

Quote:

Originally Posted by Darren J.

I'd rather see them in Winnipeg. That's where they belong and they are known to longtime fans as the Jets.

I agree, no offense to anybody from Arizona, but Hockey just doesn't belong there.

robyrob · 05-06-2009, 11:13 AM

although Winnepeg is doing great with the Manitoba Moose, they just aren't a viable option for an NHL team in this day and age; with the player's salaries and what they would have to sell tickets at there is just no way it would work, and there is no way the NHL is going to move the team to a city that has such a slim chance of being a success

...even with a bonehead like Bettman running things.

Dianne3 · 05-06-2009, 02:01 PM

This is going to be an interesting soap opera to follow.

This is Jim Basille's third attempt to buy an NHL team. It looks like there is a personal vendetta between Basille & Bettman. The last thing Bettman wants is a team in Canada but his power is not as strong this time with the bankcruptcy.

To move the team back to Winnipeg, there has to be a potential owner willing to do so.

MrCleveland · 05-06-2009, 03:04 PM

Maybe to Kansas City...they are hungry for an NHL team over there.

Too bad the NHL has no interest in Cleveland, because I can see a new Ohio rivalry...Cleveland vs. Columbus.

05-06-2009, 01:27 AM	#1
Brian Damage I'm Rich Bitch Forum Icon Join Date: Feb 03, 2002 Location: What Ain't No Country I Ever Heard Of...They Speak English in What? Posts: 63,107	The Phoenix Coyotes File For Bankruptcy...May Move Back to Canada!!! The Phoenix Coyotes filed for Chapter 11 reorganization today in a move that could allow the franchise to be sold and moved to southern Ontario, Canada. The National Hockey League team, which has played in metro Phoenix since 1996, has habitually lost money in the desert, first when they shared an arena with the Phoenix Suns in downtown Phoenix and most recently at Jobing.com Arena in Glendale. The filing included a proposed sale of the franchise for $212.5 million to PSE Sports & Entertainment LP, which would move the franchise back to Canada, to southern Ontario, Canada. Jim Balsillie, who is co-chief executive officer at Research In Motion, maker of the BlackBerry wireless device, would become the team's new owner. The team came to Phoenix from Winnipeg, Manitoba. The move is not a certainty, because other investors will have an opportunity to outbid PSE's offer. "Extensive efforts have been undertaken to sell the team, or attract additional investors, who would keep the team in Glendale," said Jerry Moyes, Coyotes' chief executive officer and managing member. Moyes is the team's largest unsecured creditor at nearly $104 million, according to bankruptcy records. The city of Glendale, which receives lease payments from the team to play at Jobing.com Arena, is an unsecured creditor in the bankruptcy filing. The city would have to make a claim with the court to receive any payments, according to the team's bankruptcy lawyer. "At the end of the day, you have a team that was not making money. It has not made money since it has been here, and he (Moyes) received an offer," said Thomas Salerno, the bankruptcy attorney for the Coyotes. "We feel it (offer) maximizes the value of the team for the assets and in such a way that sets up a process where other people can bid." PSE's price of $212.5 million provides funds to pay secured creditors in full. Approximately $80 million would go to SOF Investments LP and $35 million to the NHL, which had loaned the team money earlier this year. That would leave $97.5 million to unsecured creditors. Coyotes owners would receive nothing for their equity investment, including $206.5 million in preferred and common equity that will not be recovered by Moyes under the current offer. Moyes said, "Creating a process under the supervision of a judge assures that anyone wishing to purchase the team will have the opportunity to bid." "Likewise, the City of Glendale, which has been very cooperative with efforts to keep the team in Glendale, will be able to provide potential buyers assurances of the City's willingness to offer incentives to keep the team as a tenant in the Jobing.com arena, the lease for which is subject to rejection in bankruptcy," Moyes said. "The process assures that the identities of the new owner and the team's location will be known by June 30, 2009, thus enabling the NHL to include the team in its 2009-10 schedule." The National Hockey League, meanwhile, said it has removed Moyes as the team owner. "We have just become aware of today's bankruptcy court filing purportedly made on behalf of the Phoenix Coyotes. We are investigating the circumstances surrounding the petition, including the propriety of its filing,” the league said in a statement Tuesday night. “ We have removed Jerry Moyes from all positions of authority to act for or on behalf of the club. The league will appear and proceed before the bankruptcy court in the best interests of all of the club's constituencies, including its fans in Arizona and the league's 29 other member clubs.” http://www.azcentral.com/business/ar...yotes0506.html
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05-06-2009, 11:13 AM	#4
robyrob certified wackball#3 Moderator Forum Icon Join Date: Aug 03, 2003 Location: hiding under the third booth at Arnold's Posts: 58,214	although Winnepeg is doing great with the Manitoba Moose, they just aren't a viable option for an NHL team in this day and age; with the player's salaries and what they would have to sell tickets at there is just no way it would work, and there is no way the NHL is going to move the team to a city that has such a slim chance of being a success ...even with a bonehead like Bettman running things.
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05-06-2009, 03:04 PM	#6
MrCleveland Drew Carey from Hell Forum Star Join Date: Nov 10, 2007 Location: The City of Cleveland, in The State of Cleveland, in The United States of Cleveland Posts: 14,235	Maybe to Kansas City...they are hungry for an NHL team over there. Too bad the NHL has no interest in Cleveland, because I can see a new Ohio rivalry...Cleveland vs. Columbus.
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05-06-2009, 02:18 AM	#2
Darren J. Member Forum Regular Join Date: Mar 19, 2009 Posts: 692	I'd rather see them in Winnipeg. That's where they belong and they are known to longtime fans as the Jets.

05-06-2009, 02:01 PM	#5
Dianne3 Member Senior Member Join Date: Aug 07, 2002 Posts: 1,060	This is going to be an interesting soap opera to follow. This is Jim Basille's third attempt to buy an NHL team. It looks like there is a personal vendetta between Basille & Bettman. The last thing Bettman wants is a team in Canada but his power is not as strong this time with the bankcruptcy. To move the team back to Winnipeg, there has to be a potential owner willing to do so.