Post by NHLWinnipeg on Aug 11, 2011 17:50:41 GMT -6
New ownership bid being formulated for Phoenix Coyotes
Phoenix Business Journal - by Mike Sunnucks
Date: Thursday, August 11, 2011, 3:52pm MST - Last Modified: Thursday, August 11, 2011, 3:56pm MST
A new ownership bid is being formulated for the Phoenix Coyotes.
A source familiar with the Coyotes situation as well as the “Roc and Manuch” sports radio show on KDUS-AM 1060 in Phoenix say there is a serious bid by a new Canadian-led ownership group to buy the hockey franchise
The official familiar with the Coyotes situation said the unnamed Canadian group has plenty of cash to make the deal. That same source said the group could put up $100 million, with $40 million to $50 million coming from the city of Glendale via bonds. The NHL could give approval to the deal in the coming days, according to KDUS.
There is also another unidentified ownership group talking to Glendale and the NHL about buying the Coyotes, according to that same source.
The city of Glendale has said recently that it is in discussions with parties interested in the Coyotes.
The Coyotes have lost money since moving to the Phoenix market in 1996, including $37 million last season. Former owner Jerry Moyes put the team into Chapter 11 bankruptcy in 2009. The NHL bought the team during those Chapter 11 proceedings for $140 million.
The latest group comes after Chicago investment executive Matthew Hulsizer pulled his bid for the Coyotes. He cited frustration that Glendale was taking to other groups. Chicago Bulls and White Sox owner Jerry Reinsdorf and business partner and Phoenix lobbyist John Kaites have had on-and-off discussions about the Coyotes with the NHL and Glendale.
A $40 million to $50 million contribution by Glendale towards the purchase could avoid a lawsuit promised by the Goldwater Institute watchdog group. Glendale wanted to make available $100 million worth of bonds to help Hulsizer by the team, but that was deal fell apart in part because of Goldwater's legal opposition.
Glendale paid $25 million to the NHL this past season to help cover the Coyotes losses and has another $25 million at the ready for next year if a new owner isn’t found. The city is unlikely to allocate more money for the franchise after this upcoming season.
Canada’s True North Sports & Entertainment was ready to buy the Coyotes earlier this year but ended up acquiring and moving the Atlanta Thrashers to Winnipeg.
The Coyotes franchise has been owned and operated by the National Hockey League.
www.bizjournals.com/phoenix/news/2011/08/11/new-ownership-bid-being-formulated-for.html
Phoenix Business Journal - by Mike Sunnucks
Date: Thursday, August 11, 2011, 3:52pm MST - Last Modified: Thursday, August 11, 2011, 3:56pm MST
A new ownership bid is being formulated for the Phoenix Coyotes.
A source familiar with the Coyotes situation as well as the “Roc and Manuch” sports radio show on KDUS-AM 1060 in Phoenix say there is a serious bid by a new Canadian-led ownership group to buy the hockey franchise
The official familiar with the Coyotes situation said the unnamed Canadian group has plenty of cash to make the deal. That same source said the group could put up $100 million, with $40 million to $50 million coming from the city of Glendale via bonds. The NHL could give approval to the deal in the coming days, according to KDUS.
There is also another unidentified ownership group talking to Glendale and the NHL about buying the Coyotes, according to that same source.
The city of Glendale has said recently that it is in discussions with parties interested in the Coyotes.
The Coyotes have lost money since moving to the Phoenix market in 1996, including $37 million last season. Former owner Jerry Moyes put the team into Chapter 11 bankruptcy in 2009. The NHL bought the team during those Chapter 11 proceedings for $140 million.
The latest group comes after Chicago investment executive Matthew Hulsizer pulled his bid for the Coyotes. He cited frustration that Glendale was taking to other groups. Chicago Bulls and White Sox owner Jerry Reinsdorf and business partner and Phoenix lobbyist John Kaites have had on-and-off discussions about the Coyotes with the NHL and Glendale.
A $40 million to $50 million contribution by Glendale towards the purchase could avoid a lawsuit promised by the Goldwater Institute watchdog group. Glendale wanted to make available $100 million worth of bonds to help Hulsizer by the team, but that was deal fell apart in part because of Goldwater's legal opposition.
Glendale paid $25 million to the NHL this past season to help cover the Coyotes losses and has another $25 million at the ready for next year if a new owner isn’t found. The city is unlikely to allocate more money for the franchise after this upcoming season.
Canada’s True North Sports & Entertainment was ready to buy the Coyotes earlier this year but ended up acquiring and moving the Atlanta Thrashers to Winnipeg.
The Coyotes franchise has been owned and operated by the National Hockey League.
www.bizjournals.com/phoenix/news/2011/08/11/new-ownership-bid-being-formulated-for.html
Unless they're just saying that to get Buttman's ear before really getting down to business and moving it to the QC! 
