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Another Coyotes bidder emerges
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According to reports out of Canada, another bid to keep the Phoenix Coyotes in the Valley has emerged.
The Globe and Mail and Hamilton Spectator both say the National Hockey League let the court know of the bid yesterday. They didn’t provide any further details, nor did they offer up any explanation for why this new party did not meet the June 26 deadline.
Potential offers were due to U.S. Bankruptcy Court by June 26, and on that day the only bid that was submitted was a $148 million bid from Chicago sports magnate Jerry Reinsdorf.
Reinsdorf’s bid hinges on a new lease agreement with the City of Glendale, which owns Jobing.com Arena, and with renegotiating new agreements with creditors. His final bid is due to the court July 24.
Coyotes owner Jerry Moyes put the team into bankruptcy on May 5, just moments before NHL Commissioner Gary Bettman was to let Moyes know of Reinsdorf’s intent to purchase the team.
There will be an auction on August 5 for bidders who wish to keep the team in Arizona. If Judge Redfield T. Baum doesn’t feel like the offers at that auction are sufficient to satisfy the creditors, then there will be a second auction in September open to those who wish to relocate the team.
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