Post by jhendrix70 on Jun 15, 2009 11:54:28 GMT -5
With the Penguins parading the Stanley Cup around Pittsburgh today, the attention of hockey fans around the world turns to a court room in Phoenix, where a decision on the future of the Coyotes is expected later in the day.
Judge Redfield T. Baum has been deliberating for the majority of the weekend on the details of the Chapter 11 bankruptcy claim filed by former Coyotes' owner Jerry Moyes and Research in Motion CEO Jim Balsillie's attempt to move the team from Phoenix to Hamilton.
While Judge Baum did not tip his hand prior to last Tuesday's hearing, he did discuss the matter of a relocation fee to be paid to the NHL if the Coyotes are moved to Hamilton.
The NHL's wish all along has been to keep the team in Arizona. Most recently, NHL commissioner Gary Bettman made court filings stating that there were four investor groups who have offered to purchase the team and keep them in Phoenix, including Toronto Argonauts owners Howard Sokolowski and David Cynamon. The league's contention was that NHL rules governing ownership and the potential movement of a franchise took precedent over any court decisions.
Judge Baum has examined a number of documents from the NHL, Balsillie, Moyes, and the other major pro leagues (NFL, MLB, NBA). Baum debated the legalities of Moyes being able to sell the Coyotes, who were operating under bankruptcy protection, to Balsillie.
The critical question facing Baum is whether the Coyotes are a portable asset, whether Moyes has the right to sell to Balsillie (knowing that he wanted to relocate the team) and whether the court has the power or inclination to allow a bankruptcy court-ordered sale to supercede the rules and regulations of a professional sports league.
Phoenix represents Balsillie's third attempt to bring a seventh team north of the border.
The Blackberry billionaire has been pursuing an NHL franchise for some time, coming up empty in plans to acquire the Pittsburgh Penguins and Nashville Predators. Balsillie's $220 million offer for the Predators fell through in 2007 after he started taking season ticket deposits in Hamilton, while his bid to purchase the Penguins in 2006 was withdrawn after receiving notice from the NHL that the league would restrict his control over the team.
His interest in the Coyotes became public on May 5, 2009 when he put in an offer of $212.5 million to owner Jerry Moyes, as well as agreeing to post debtor-in-possession financing of $17 million (U.S.) to enable the team to operate prior to the sale. Once again, Balsillie's offer was contingent on him moving the franchise to Southern Ontario. Balsillie has also set up a website, makeitseven.ca where thousands of hockey fans have expressed their desire to see a seventh NHL team brought to Canada.
Should Judge Baum award the franchise to Balsillie, it is expected that the NHL would appeal thus putting the Coyotes in limbo for the upcoming season.
tsn.ca/nhl/story/?id=281936
Judge Redfield T. Baum has been deliberating for the majority of the weekend on the details of the Chapter 11 bankruptcy claim filed by former Coyotes' owner Jerry Moyes and Research in Motion CEO Jim Balsillie's attempt to move the team from Phoenix to Hamilton.
While Judge Baum did not tip his hand prior to last Tuesday's hearing, he did discuss the matter of a relocation fee to be paid to the NHL if the Coyotes are moved to Hamilton.
The NHL's wish all along has been to keep the team in Arizona. Most recently, NHL commissioner Gary Bettman made court filings stating that there were four investor groups who have offered to purchase the team and keep them in Phoenix, including Toronto Argonauts owners Howard Sokolowski and David Cynamon. The league's contention was that NHL rules governing ownership and the potential movement of a franchise took precedent over any court decisions.
Judge Baum has examined a number of documents from the NHL, Balsillie, Moyes, and the other major pro leagues (NFL, MLB, NBA). Baum debated the legalities of Moyes being able to sell the Coyotes, who were operating under bankruptcy protection, to Balsillie.
The critical question facing Baum is whether the Coyotes are a portable asset, whether Moyes has the right to sell to Balsillie (knowing that he wanted to relocate the team) and whether the court has the power or inclination to allow a bankruptcy court-ordered sale to supercede the rules and regulations of a professional sports league.
Phoenix represents Balsillie's third attempt to bring a seventh team north of the border.
The Blackberry billionaire has been pursuing an NHL franchise for some time, coming up empty in plans to acquire the Pittsburgh Penguins and Nashville Predators. Balsillie's $220 million offer for the Predators fell through in 2007 after he started taking season ticket deposits in Hamilton, while his bid to purchase the Penguins in 2006 was withdrawn after receiving notice from the NHL that the league would restrict his control over the team.
His interest in the Coyotes became public on May 5, 2009 when he put in an offer of $212.5 million to owner Jerry Moyes, as well as agreeing to post debtor-in-possession financing of $17 million (U.S.) to enable the team to operate prior to the sale. Once again, Balsillie's offer was contingent on him moving the franchise to Southern Ontario. Balsillie has also set up a website, makeitseven.ca where thousands of hockey fans have expressed their desire to see a seventh NHL team brought to Canada.
Should Judge Baum award the franchise to Balsillie, it is expected that the NHL would appeal thus putting the Coyotes in limbo for the upcoming season.
tsn.ca/nhl/story/?id=281936