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Post by jhendrix70 on Jul 9, 2009 13:10:40 GMT -5
It looks like Jerry Reinsdorf won't be the only bidder for the Phoenix Coyotes. According to a report in The Globe and Mail, the NHL disclosed in a court filing on Wednesday that they had been approached by a potential bidder that would look to keep the team in Phoenix.No other details were provided. "The League has been informed that this bidder will submit an application for transfer of ownership, but does not know whether the prospective purchaser will submit a definitive bid by July 24," the NHL said in the filing in the Arizona bankruptcy court, according to the Globe. Reinsdorf's offer, submitted to a Phoenix bankruptcy judge over two weeks ago, calls for a new Jobing.com Arena lease with the city of Glendale and unspecified new agreements with other creditors, including the NHL, which has been funding the club. The offer is US$64.5-million less than the bid by Canadian billionaire Jim Balsillie, who wants to move the franchise to Hamilton Ontario. According to a sale schedule adopted by bankruptcy Judge Redfield T. Baum , Aug. 5 is the deadline for a sale to a local buyer. If that doesn't happen, the judge set a "fallback" deadline of September 10 to sell to someone who might relocate the team. Files from the Globe and Mail and Canadian Press were used in this report. tsn.ca/nhl/story/?id=284161
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Post by bromine on Jul 9, 2009 16:11:03 GMT -5
weird. Something smells fishy.
Perhaps the Reinsdorf deal is actually dead or dying. There's no evidence of that yet, but this could be a sign the NHL is trying to be proactive and bringing in another buyer before word gets out that Reinsdorf has pulled the plug. Just speculation.
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Post by Hobble on Jul 9, 2009 16:22:01 GMT -5
Maybe the Reinsdorf deal was just a trick to make the courts happy and stall for enough time until a real buyer came along...
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Post by bromine on Jul 9, 2009 16:34:51 GMT -5
It's also possible that they have realized Reinsdorf's zero-cash bid will not hold up in bankruptcy court.
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Post by bromine on Jul 9, 2009 16:51:03 GMT -5
They all meet in court on Monday, so we'll probably know more then. www.thespec.com/Sports/article/596108Coyotes sale saga continues The Hamilton Spectator (Jul 8, 2009) An Arizona bankruptcy court will convene Monday in the latest chapter of the Phoenix Coyotes sale saga. Coyotes owner Jerry Moyes is expected to argue the court needs to examine Chicago sports magnate Jerry Reinsdorf's $148-million bid to buy the bankrupt team and keep it in Phoenix. Moyes also wants the court to take a look at the role the National Hockey League took in helping to put the Reinsdorf ownership bid in place. The bankruptcy court is scheduled to hold a sales auction Aug. 5 for all bidders who wish to buy the team and keep it in Phoenix. So far, Reinsdorf has emerged as the only bidder wishing to do just that. If that proposed sale auction fails to satisfy the court, a Sept. 10 sales auction would be held for bidders hoping to buy and relocate the team. So far, Waterloo billionaire Jim Balsillie's $212.5-million conditional offer to buy and relocate the Coyotes is the only relocation bid on the table.
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Post by roosta604 on Jul 9, 2009 19:57:28 GMT -5
They all meet in court on Monday, so we'll probably know more then. www.thespec.com/Sports/article/596108Coyotes sale saga continues The Hamilton Spectator (Jul 8, 2009) An Arizona bankruptcy court will convene Monday in the latest chapter of the Phoenix Coyotes sale saga. Coyotes owner Jerry Moyes is expected to argue the court needs to examine Chicago sports magnate Jerry Reinsdorf's $148-million bid to buy the bankrupt team and keep it in Phoenix. Moyes also wants the court to take a look at the role the National Hockey League took in helping to put the Reinsdorf ownership bid in place. The bankruptcy court is scheduled to hold a sales auction Aug. 5 for all bidders who wish to buy the team and keep it in Phoenix. So far, Reinsdorf has emerged as the only bidder wishing to do just that. If that proposed sale auction fails to satisfy the court, a Sept. 10 sales auction would be held for bidders hoping to buy and relocate the team. So far, Waterloo billionaire Jim Balsillie's $212.5-million conditional offer to buy and relocate the Coyotes is the only relocation bid on the table. That's right...so far
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Post by bromine on Jul 10, 2009 11:02:30 GMT -5
www.thestar.com/sports/article/663763New group gives Coyotes close look Possible bidders say they would keep club in its current desert home Jul 10, 2009 04:30 AM Comments on this story (3) Kevin McGran SPORTS REPORTER Another group of investors who'd like to keep the Coyotes in Phoenix has emerged, although whether it will actually get a bid into bankruptcy court is anyone's guess. Daryl Jones, managing director with Research Edge LLC, confirmed his company is investigating the possibility of investing in the bankrupt hockey team in concert with other investors who don't want to be named at this point. "We are involved in evaluating the Coyotes, which we are interested in investing in ourselves, but it's subject to us finalizing our due diligence, which is something we've just started," said Jones. "We're considering putting capital into this situation, and the people we are working with and for are evaluating it themselves." Jones would only categorize the others interested in the Coyotes as "experienced" businessmen, but he did say the idea would be to keep the team in Glendale, Ariz. "Our plan and idea is to keep it in Phoenix," said Jones. "We have a lot of work to do before we're ready to make the bid, or before we can make any recommendation in that regard. We do like the long term potential and viability of having a team in Phoenix, the demographic of the area and things like that." Jones, who previously worked for Toronto-based Onex Corp., which specializes in takeovers, has hockey connections. A defenceman from Bassano, Alta., he played four seasons with Yale University, a teammate of Jeff Hamilton, who played last season with the Maple Leafs. It's unclear how Jones' bid would go forward, as the application for ownership transfer deadline has already passed. Qualified bids have to be registered with the court by July 24. The auction set for Aug. 5. Judge Redfield T. Baum has told all parties that he'd be ready to ignore any and all deadlines if a viable buyer came to him at the last minute and gave him an offer he couldn't refuse. Wayne Gretzky, the Coyotes coach and a minority owner of the team, has hired lawyers to represent him in the bankruptcy case. He is owed about $9 million (U.S.) and would not receive any money if a bid by Chicago sports magnate Jerry Reinsdorf is approved. At a golf tournament is Thornbury, Ont., that bears his name, Gretzky told reporters there has been a lot of interest from unnamed potential bidders. "There's four or five bidders that are still involved, that are quietly trying to do this without having media focus and media attention," Gretzky said. "There's always people looking to buy the team. I know personally there's three or four people that have been in Phoenix and worked with the city of Glendale and met with the NHL. But because there's so much hoopla around, they probably don't want to be in the public eye at this point. You can't blame them for that."
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Post by WJG on Jul 10, 2009 11:06:58 GMT -5
That's a very smart approach.
They obviously have intentions to bring the team to Canada (or another market, ex. KC) eventually, but for now they're saying all the right things (ie. "we want to keep the team in Phoenix").
That's how Balsillie should've handled things starting with Pittsburgh (meaning don't go and apply for a lease for an arena in Hamilton when you claim you want to keep a team in Pittsburgh!)
I don't know what the intentions of this group are in terms of relocation, but I'm guessing either Winnipeg, Hamilton, Toronto or possibly QC (if not some other American market)
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Post by WildJetsFan on Jul 10, 2009 11:58:07 GMT -5
Anyone who wants to buy the team and keep it there, they've been watching this movie a few too many times...
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Post by jaylon1970 on Jul 10, 2009 21:53:06 GMT -5
Anyone who wants to buy the team and keep it there, they've been watching this movie a few too many times... brewster's millions? that was probably the worst film richard pryor ever made...
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Post by roosta604 on Jul 11, 2009 0:29:08 GMT -5
www.thestar.com/sports/article/663763New group gives Coyotes close look Possible bidders say they would keep club in its current desert home Jul 10, 2009 04:30 AM Comments on this story (3) Kevin McGran SPORTS REPORTER Another group of investors who'd like to keep the Coyotes in Phoenix has emerged, although whether it will actually get a bid into bankruptcy court is anyone's guess. Daryl Jones, managing director with Research Edge LLC, confirmed his company is investigating the possibility of investing in the bankrupt hockey team in concert with other investors who don't want to be named at this point. "We are involved in evaluating the Coyotes, which we are interested in investing in ourselves, but it's subject to us finalizing our due diligence, which is something we've just started," said Jones. "We're considering putting capital into this situation, and the people we are working with and for are evaluating it themselves." Jones would only categorize the others interested in the Coyotes as "experienced" businessmen, but he did say the idea would be to keep the team in Glendale, Ariz. "Our plan and idea is to keep it in Phoenix," said Jones. "We have a lot of work to do before we're ready to make the bid, or before we can make any recommendation in that regard. We do like the long term potential and viability of having a team in Phoenix, the demographic of the area and things like that." Jones, who previously worked for Toronto-based Onex Corp., which specializes in takeovers, has hockey connections. A defenceman from Bassano, Alta., he played four seasons with Yale University, a teammate of Jeff Hamilton, who played last season with the Maple Leafs. It's unclear how Jones' bid would go forward, as the application for ownership transfer deadline has already passed. Qualified bids have to be registered with the court by July 24. The auction set for Aug. 5. Judge Redfield T. Baum has told all parties that he'd be ready to ignore any and all deadlines if a viable buyer came to him at the last minute and gave him an offer he couldn't refuse. Wayne Gretzky, the Coyotes coach and a minority owner of the team, has hired lawyers to represent him in the bankruptcy case. He is owed about $9 million (U.S.) and would not receive any money if a bid by Chicago sports magnate Jerry Reinsdorf is approved. At a golf tournament is Thornbury, Ont., that bears his name, Gretzky told reporters there has been a lot of interest from unnamed potential bidders. "There's four or five bidders that are still involved, that are quietly trying to do this without having media focus and media attention," Gretzky said. "There's always people looking to buy the team. I know personally there's three or four people that have been in Phoenix and worked with the city of Glendale and met with the NHL. But because there's so much hoopla around, they probably don't want to be in the public eye at this point. You can't blame them for that." LOL how can you say that without cracking up laughing... I thought 13 years - 200 million speaks for itself
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Post by edog37 on Jul 11, 2009 0:33:31 GMT -5
weird. Something smells fishy. Perhaps the Reinsdorf deal is actually dead or dying. There's no evidence of that yet, but this could be a sign the NHL is trying to be proactive and bringing in another buyer before word gets out that Reinsdorf has pulled the plug. Just speculation. the Reinsdorf offers very little money up front & relies upon renegotiating leases....this was a red herring to begin with....
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Post by Dcmac on Jul 12, 2009 19:32:52 GMT -5
what? I thought the deadline for local bidders was long gone?? I'm guessing this is a relocation bid intended for a 2nd auction?
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Post by bromine on Jul 12, 2009 20:15:55 GMT -5
what? I thought the deadline for local bidders was long gone?? I'm guessing this is a relocation bid intended for a 2nd auction? No, this is to keep the Coyotes in Glendale. Apparently Judge Baum has said he is willing to entertain bids after the deadline to facilitate a sale. We'll probably know more tomorrow.
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