Post by JETStender on Feb 18, 2009 18:52:23 GMT -5
Phoenix Coyotes consider buyout deal
Wednesday, February 18, 2009, 3:02pm MST | Modified: Wednesday, February 18, 2009, 4:32pm
Phoenix Coyotes consider buyout deal
Phoenix Business Journal - by Mike Sunnucks and Chris Casacchia
Phoenix Coyotes owner Jerry Moyes confirmed press reports that the hockey team is hearing pitches from investors to purchase part or a majority interest.
Meanwhile, the city of Glendale is offering some changes and concessions related to the hockey team’s lease at Jobing.com Arena.
In a released statement Wednesday afternoon, the team said Moyes is talking to potential investors “to enable the Coyotes to retire debt and obtain working capital, which will reduce Moyes’ ownership percentage in the team.”
Moyes said he and head coach Wayne Gretzky have talked to potential investors interested in keeping the Coyotes in Glendale.
“I have met with Glendale city management, who expressed strong support for the team, and whose assistance would contribute to helping the Coyotes operate on a positive cash flow basis,” Moyes said.
Canadian sports media outlet TNS and SportingNews reported Wednesday that the Coyotes received an offer from another ownership group and that Glendale was working on lease changes.
Phoenix-area sources, who asked not to be identified, confirmed Glendale is putting together some lease changes to help the team. That could help ensure the Coyotes stay in the Phoenix market rather than being moved by new ownership group. Glendale city officials declined comment.
The Coyotes face financial challenges and have laid off front-office workers.
National Hockey League Commissioner Gary Bettman said earlier this month the league is looking for new investors and perhaps owners to help the team and current owner Jerry Moyes. Bettman dismissed media reports the Coyotes could be moved out of Phoenix. Coyotes CEO Jeff Shumway resigned in January and Moyes took over more executive duties with the team.
One local source with some knowledge of the Coyotes situation said Canadian interests would like to see the team moved back to Canada.
The Winnipeg Jets moved to Phoenix in 1996 to become the Coyotes.
The Coyotes have played in Glendale since late 2003 and have a 30-year lease with the west-side suburb. The city of Glendale owns the hockey arena, which sits at Westgate City Center next to University of Phoenix Stadium.
Wednesday, February 18, 2009, 3:02pm MST | Modified: Wednesday, February 18, 2009, 4:32pm
Phoenix Coyotes consider buyout deal
Phoenix Business Journal - by Mike Sunnucks and Chris Casacchia
Phoenix Coyotes owner Jerry Moyes confirmed press reports that the hockey team is hearing pitches from investors to purchase part or a majority interest.
Meanwhile, the city of Glendale is offering some changes and concessions related to the hockey team’s lease at Jobing.com Arena.
In a released statement Wednesday afternoon, the team said Moyes is talking to potential investors “to enable the Coyotes to retire debt and obtain working capital, which will reduce Moyes’ ownership percentage in the team.”
Moyes said he and head coach Wayne Gretzky have talked to potential investors interested in keeping the Coyotes in Glendale.
“I have met with Glendale city management, who expressed strong support for the team, and whose assistance would contribute to helping the Coyotes operate on a positive cash flow basis,” Moyes said.
Canadian sports media outlet TNS and SportingNews reported Wednesday that the Coyotes received an offer from another ownership group and that Glendale was working on lease changes.
Phoenix-area sources, who asked not to be identified, confirmed Glendale is putting together some lease changes to help the team. That could help ensure the Coyotes stay in the Phoenix market rather than being moved by new ownership group. Glendale city officials declined comment.
The Coyotes face financial challenges and have laid off front-office workers.
National Hockey League Commissioner Gary Bettman said earlier this month the league is looking for new investors and perhaps owners to help the team and current owner Jerry Moyes. Bettman dismissed media reports the Coyotes could be moved out of Phoenix. Coyotes CEO Jeff Shumway resigned in January and Moyes took over more executive duties with the team.
One local source with some knowledge of the Coyotes situation said Canadian interests would like to see the team moved back to Canada.
The Winnipeg Jets moved to Phoenix in 1996 to become the Coyotes.
The Coyotes have played in Glendale since late 2003 and have a 30-year lease with the west-side suburb. The city of Glendale owns the hockey arena, which sits at Westgate City Center next to University of Phoenix Stadium.