Due to an uncooperative owner in Jerry Moyes, a targeted media attack, and a failure to reach a deal wit the City of Glendale, AZ Jerry Reinsdorf and his investment group have withdrawn their bid for the Phoenix Coyotes.
Now there are just two bidders whom come with NHL approval and a third that is contingent on the immediate relocation of the franchise to Hamilton, Ontario.
The first bid will be from the NHL itself and is believed to be for around 140 million dollars. These bids offer no money to owner Moyes, and does not include any liability towards Head Coach Wayne Gretzky’s eight million dollar a year contract.
The big plus for Coyotes fans is this bid will accept the current lease of the Coyotes for Jobbing.com Arena. However it is very likely that at some point the league would have to sell the team to either regional investors or to a group who would relocate it.
The second bid is from Ice Edge Holdings and CEO Anthony Leblanc. While not offering a specific number this group’s bid is believed to be for 150 million and is contingent on reaching a new lease for the Coyotes arena.
This group also plans to stage several Coyotes home games at Canadian venues against Canadian teams. It is a plan to help add revenue to a team that is in desperate need of it.
The third bid, is from Canadian business man Jim Balsillie, and is contingent on immediately relocating the team to Hamilton, Ontario. In a recent vote by the NHL Board of Governors they voted 26-0 to not allow Balsillie the right to buy a NHL franchise.
It seems the NHL does not want the team to move to Canada or for Balsillie to obtain ownership of nay NHL franchise.
A federal bankruptcy Judge will determine which bid is to be accept by September 14th.
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